3 April 2013
Share Market Helps Fuel Property Resurgence Melbourne´s real estate market continues to consolidate recent gains, with ´Super Saturday´ delivering a strong result for roughly 1,200 auctions. The clearance rate to date in 2013 is 69 per cent - which is a full 7 points higher than this time last year. This has prompted the REIV to note that the improving conditions, underpinned by increasing confidence, has seen the residential market turn the corner with auction sales volumes also up. The recent rallies and positive news from the share market have no doubt helped inspire additional confidence with the S&P 500 coming close to hitting new records in the US, where a slight improvement in home prices and manufacturing data is contributing to a steady improvement in the economic outlook. The global financial forecast is also looking more settled, notwithstanding some residual stabilisation issues in Europe. With a positive first quarter of 2013 now behind us, and an optimistic outlook in front of us, the property market looks set to continue to shine.
Greg Hocking