HISTORY-MAKING WEEK FOR AUCTION SALES

HISTORY-MAKING WEEK FOR AUCTION SALES

1 Mar 2017 By: Greg Hocking 0 Comment

Congratulations vendors.

If you went to auction this week you just wrote your property sales into the Victorian real estate industry record books!

According to national data company CoreLogic – and all the local press – a string of records fell in the week ending Sunday, February 26, including:

 

  • More auctioned properties across Australia’s capital cities (3,232) than has ever been recorded in the final week of February;
  • Auction numbers in Melbourne (1,613) were higher than any other final week of February;
  • The combined capital city clearance rate – the percentage of auction properties that sold – was 78.6%. That is a new high for 2017 and a 7.2% rise on last week.
  • More than four in every five Melbourne vendors who auctioned this week sold (80.1%). In the same week in 2016, 1,347 auctions returned a clearance of 74.8%.

 

The atmosphere at our public auctions was electrifying this weekend. There is no other way to put it.

Buyers have returned this year more motivated than I have ever seen them, thrilled to see new stock on the market, eager to secure their next homes and investments while interest rates are historically low.

Usually the biggest volumes of New Year auctions occur in March so to see numbers this big, this early, is remarkable.

But let me stress to future vendors, even this influx of supply is not meeting demand from Melbourne’s influx of new residents and re-investing locals.

According to the Australian Bureau of Statistics, Australia’s population grows by a net total of one person every one minute and 24 seconds; Victoria attracts the lion’s share.

In my seasoned opinion, clearance rates will stay high for the foreseeable future, even with stock levels scheduled to stay north of 1,000 weekly auctions during autumn – which, by the way, begins next week.

 

If you are considering selling in 2017, call us today to arrange an obligation-free property appraisal.

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Greg Hocking

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