20 Dec 2016 By: Greg Hocking 0 Comment
Records continued to fall this week as Australia’s property market entered its final days of 2016.
Nationally the combined auction clearance remained above 70%, according to CoreLogic. An epic 2,722 auctions were conducted across the country in the week up to December 18.
That’s a rise of more than 902 auctions on the same week a year ago, when only 1,818 properties faced the gavel and returned a 59.4% sale rate.
Again, Melbourne led the charge. In our final full-throttle auction week of the year 1,286 properties went to auction.
A preliminary clearance rate of 75.7% was joyful music to the ears of vendors and buyers wishing for pre-Christmas sales.
It confirms how confident the property market has been this year compared to 2015, when only 875 properties faced auctioneers’ hammers a week out from the Christmas weekend to return 65.7% clearance.
Across Melbourne’s sub-regions, its inner south had the top return – 84.4% of 113 auctions sold this week.
The Mornington Peninsula came in next with 82.5% of 52 auction properties finding new owners.
Geoff White, chief executive of the Real Estate Institute of Victoria, says this final week of the real estate years has been “significant” because with one week to go until Santa arrives the December record for auction sales looks set to be broken this month.
It was set back in 2007 when 2,537 auctions took place across our great city. I’m with Geoff on his prediction.
Buyers can see the excellent outlook for Victoria and, with record-low interest rates a property purchase is this year’s must-have gift.
Call us to today to discuss how we can help you reach the market in 2017.