20 Mar 2017 By: Greg Hocking 0 Comment
Melbourne’s real estate industry has returned to full-strength after its Labour Day long weekend.
Latest results reveal renewed spring in its collective step.
According to national data collector CoreLogic, Victoria’s capital city was scheduled to hold 1,415 auctions in the week ending March 19.
That is more than anywhere else in Australia.
A preliminary clearance (or sold) rate of 75.9% was recorded by March 18. A year ago, in the week after Labour Day 2016, there were 1,788 auctions and 72.1% of them sold.
What this tells me is Melbourne still has enormous appetite for residential property.
Buyers want properties and there is still a stark undersupply of listings to meet demand.
This makes autumn 2017 an excellent time to sell, and here is why I believe so.
Summer days are now a fading memory.
With only two weeks more of daylight saving, some potential vendors think they must wait until next spring’s longer, brighter days to go to market.
In my expert view, this is usually a costly misconception.
We advise prospective clients to switch this out-dated thinking on its head.
In reality, when most sellers are watching and waiting for warmer days, savvy vendors know go to market.
Because today’s market is full of motivated and under supplied buyers, every commentator says so, and any time this supply-demand imbalance occurs two things happen … listings spend less time on market, and prices tend to rise.
If thinking of selling in 2017, I would use counter-seasonal thinking to my advantage this autumn.
Call us today to arrange an obligation-free appraisal this season.