AUCTIONS SHINE ON FIRST 2017 SUPER SATURDAY

AUCTIONS SHINE ON FIRST 2017 SUPER SATURDAY

21 Feb 2017 By: Greg Hocking 0 Comment

If anybody doubts the New Year Melbourne housing market, it is my pleasure to report it has passed its first big test with flying colours.

A whopping 1,103 auctions were scheduled for the week ending Saturday, February 18.

Almost 77% sold under competitive conditions, according to national data collector CoreLogic.

To borrow a popular headline, February 18 was a “Super Saturday”, which is a Saturday promising more than 1,000 public auctions.

It was the first of the New Year. Listing numbers were almost double the volume of the previous week (556) and only two fewer than 12 months ago, when 1,105 properties went to auction in the third week of 2016.

If you too have a hunger for numbers, here are a few more to whet your appetite.

Melbourne’s suburban housing market moved 76.7% of its auction listings over this weekend.

It tops last week’s 75.9% clearance rate (and, remember, there was about half as many auction last week) and last year’s 74.1%.

The highest clearance was recorded in the city’s north east corridor. Preliminary figures show 85.5% of the region’s 91 advertised auctions resulted in sales.

What this raw data tells me is we still have more demand than supply.

There is plenty of heat in the market and buyers are chomping at the bit to see new listings.

The outlook is rosy for vendors going to auction as it continues to prove the best sale method for producing fair and competitive results for all concerned.

 

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

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Greg Hocking

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