14 August 2013
Clearance Rates And Prices Are Up; Interest Rates Down As predicted, the Reserve Bank´s recent decision to drop official interest rates by another 25 basis points to 2.5 per cent is further incentive to buyers who stand to make substantial mortgage savings after the majority of lenders opted to pass the drop on to their customers. Not that many buyers have been waiting idly for the rate cut - the majority of Melbourne buyers are active and very competitive. The current auction market continues to perform well with the REIV reporting a strong 76 per cent clearance rate last weekend. This is a significant step up from this time last year when the clearance rate was 56 per cent. In more good news for sellers, an analysis of Melbourne sales results by Property Observer has shown that competitive bidding at auction since late July has seen the vast majority of properties achieve prices above their advertised price guide - particularly those above the million dollar mark. Spring is now just a few short weeks away. If you´re ready to capitalise on the current market conditions by preparing your home for sale, call us today. Greg Hocking