6 March 2013
Market Sentiment Turns Positive Melbourne’s revitalised auction performance continues apace, with the market recently posting its strongest auction results in more than two years. Buyers are out in big numbers, spurred on by the increasingly positive media commentary and low interest rates. Sellers too have plenty of cause for optimism with news that Melbourne’s house prices have increased for the third month in a row, signaling an end to the two-year trend of static prices. RP Data Rismark reports Melbourne house prices were up by 1.5 per cent in February. Clearance rates, now at 70% up from 60% last year, are the highest we’ve seen for some time, despite a significant surge in auction numbers. In fact the REIV has noted that auction volumes in 2013 are tracking 20 per cent above the ten year average. There’s no doubt that the property market is picking up. Whether you’re buying your first property, looking to invest or ready to sell, the time to act is now. Call us today for an obligation-free discussion to hear how we can help you achieve your property goals. Greg Hocking