THE LOCAL PROPERTY MARKET IS A GOOD NEWS STORY

THE LOCAL PROPERTY MARKET IS A GOOD NEWS STORY

7 Feb 2017 By: Greg Hocking 0 Comment

You would be forgiven for dreading going online this week. My PC news feed has been unsettling to say the least.

US President Donald Trump has dominated headlines. Street protests have erupted in Australia and overseas.

Aussie politicians have made international bulletins.

Change is afoot.
And with so much uncertainty filling our digital and print media, it is with relief I can report excellent news from our local market.

Melbourne’s property market has started its 2017 selling season and news feeds are already showing outstanding results for property owners.

When I opened an email from the Real Estate Institute of Victoria (REIV) today, I smiled.

Its first sale results’ report since December 19, 2016 confirmed 416 auctions took place during the six weeks to February 4, 2017 – even with most agents and buyers on a well deserved holiday!

Tellingly, 79% of these properties sold.

National property results’ company CoreLogic delivered further good news to my PC.

For the week ending February 5, Melbourne posted a robust 77.5% clearance of the 255 property auctions held in the past seven days.

That’s almost double the stock auctioned during the previous week, when 82.4% of 137 properties sold.

Auction activity is now scheduled to ramp up to about 1,400 listed auctions by the final week of February.

So, to my ears, it sounds like summer in the Melbourne property world is gearing up to be continual good-news feed.

 

Call us today to arrange your obligation-free property appraisal.

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Greg Hocking

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