RECORDS FALL AS MARKET POWERS ON TO CHRISTMAS

RECORDS FALL AS MARKET POWERS ON TO CHRISTMAS

12 Dec 2016 By: Greg Hocking 0 Comment

Hot, hot, hot.

Three little words sum up the summer property market, less than two weeks in.

While in past years the volume of auction listings and level of buyer interest usually winds back about a fortnight out from Christmas, like most things in 2016, this year is not following the rule book.

According to data from CoreLogic, there is no evidence auction activity is slowing this the festive period.

National auction numbers and sales reached their highest levels since March this year in the week to December 11.

There were 3,411 residential property auctions ringing up a clearance rate of 74.6%, up from 72.3% a week ago and smashing the same period of 2015 when 58.2% of auction properties sold.

If we stick with the countrywide outlook, the overall clearance rate has stayed above 70% for the past 20 weeks; above 75% for 11 of those weeks. That’s the first time that’s happened since 2009.

But wait, there is much more.

Melbourne is again leading the countrywide charge.

In our city this week we watched an epic 1,683 auctions and returned with 80.2% sold, up from 77.3% final clearance of last week’s 1,416 auctions and beating last year’s 1,572 property auctions and 64.9% clearance by more than 15%. So much for 2016 coming up short against last year!

If you were one of this week’s successful vendors and buyers, this Christmas just got a whole lot cheerier.

But it’s not too late to ride this wave of activity into early summer 2017.

 

Call us today for an obligation-free appraisal if you want a smile from ear-to ear-in the New Year.

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Greg Hocking

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