12 June 2013
Clearance rates highest in three years Melbourne property owners have more reasons to consider selling this winter with news from the REIV that clearance rates are currently tracking at their highest point in more than three years. The change in the last 12 months has been marked – for example, the weekend prior to the long weekend registered a clearance rate of 73 per cent, whereas the same weekend last year managed only 58 per cent. The upward trend is corroborated by new findings from RP Data that found the combined auction clearance rate across the country is at its highest since April 2010. The RP Data Housing Sentiment survey also confirmed the increasingly positive buyer sentiment we’re seeing in the market with more than 80 per cent of people believing now is a good time to buy. Not surprisingly, property prices are reflecting these attitudes by moving upwards: a 1.4 per cent increase in prices was recorded for the month of May. We anticipate high levels of buyer enquiry and competitive bidding at auction will continue over the next few months, particularly with the Reserve Bank keeping interest rates at their record low of 2.75 per cent. For an obligation-free opinion about the market value of your property, contact us today.
Greg Hocking