29 Nov 2016 By: Greg Hocking 0 Comment
I am still buzzing from this weekend’s Super Saturday.
Not only did the Victorian real estate industry and vendors host their biggest auction weekend of 2016, we also returned a whopping 77% clearance rate.
Almost four out of every five listed properties have sold.
For the week ended Sunday, November 27, 1,618 auctions were booked across the state – more than any other weekend this year.
According to CoreLogic data, a massive 76.9 per cent sold. This figure is backed up by the Real Estate Institute of Victoria, which says 77% of auctioned properties found buyers.
What this means is the housing market begins summer on Thursday stronger than a year ago – and last year was a thumping year too.
On the final weekend of 2015, 1,876 auctions lined up and returned 65.9% clearance.
Vendor listings remain super tight across Melbourne as we draw towards the final weeks of the auction calendar and this fundamental lack of stock is creating buying heat because anyone wanting to purchase faces an especially tight market.
Naturally, competition puts upward pressure on prices as bidders reach higher to buy the property for sale.
Property owners are clearly holding off Upgrades or downsizes right now.
It is a trend we have noted all year at Greg Hocking and with interest rates still at record lows and the local population growing, I see no reason to think current market conditions will change this summer.
There really has never been a better time give yourself a ‘super Saturday’ next year.
If you plan an early 2017 sale, call our team today for an obligation-free appraisal of your property.