1 Jun 2017 By: Greg Hocking 0 Comment
As Melbourne braces to enter winter proper this week, its property market continues to emit summer-like heat.
The city’s auction clearance rate has not dropped below 75% since January 1; a truly remarkable result underlining the robust health of local economics and lifestyle.
Weekly auction numbers remain consistently above 1,000, 1,350 this week, according to CoreLogic. Of those reported, 77.3% successfully sold.
Earlier this year some pundits incorrectly predicted that as stock levels grew it was inevitable demand levels would ebb, and we would see softening sale results and prices.
Some future buyers waited, thinking if they sat back a time would come when the market would cool and they could avoid highly competitive market conditions.
Clearly that has not happened and instead multiple buyers regularly attend almost every auction in all parts of the city, accepting the fact they must bid for listings if they see intrinsic value.
I honestly see no reason this demand will dissipate as 2017 moves towards its second half. Political stability, record low interest rates and a growing population show no sign of disappearing.
So if I wanted to buy in the next 12 months and was ready to do so, I would start getting to suitable property auctions and having a go.
We may have just begun a long, cold winter season but property market forecasts point to an extended long hot spell.
Call us today if you would like an obligation-free appraisal of your property.