31 Jan 2017 By: Greg Hocking 0 Comment
Everything continues to point to a bumper year for property owners in Melbourne.
As I predicted last week, the Australia Day week returned an auction clearance rate of almost 85% across Victoria.
Yes, listing numbers were relatively few, just 147, according to data collected by CoreLogic.
But that is completely typical for the final weekend of January. Melbourne’s auction year doesn’t return to full-tilt until February, when thousands of properties are already scheduled to go under the hammer.
And, to be honest, that 147 properties we saw presented to the auction buying market this week is actually more than I would expect to see this early in a new year.
I have been selling real estate for 40-odd years in 2017. Such strong figures bode very well for the 12 months ahead.
Most of the properties trading hands right now are located in holiday house hubs including Sorrento, Rosebud and Rye.
I’d bet most of the buyers are Melburnians. Yes, the sun has been shining in recent weeks. The beach has beckoned.
It is easy to see why many buyers see value in coastal homes.
But it is more than that.
The general market in Melbourne is upbeat and I believe many vendors are finally ready to make 2017 the year they upgrade, downgrade or make lifestyle moves to one of Victoria’s lovely seaside towns or another part of Melbourne.
With our growing population, low interest rates, strong property values and still low stock numbers, it is easy to see why.
There has never been a better time to move.
If you are considering making a change, call us to today to discuss your property’s market value.