1 Mar 2017 By: Greg Hocking 0 Comment
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:
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.