February 18, 2013
By Antony Bucello & Catherine Cashmore of National Property Buyers - 17 Feb 2013
A 70 per cent clearance rate was recorded from this weekend’s 437 auctions which is a ‘healthy’ figure; in so much as it indicates a steady stream of buyer activity.
Clearly the lower interest rate environment is playing a part – and with prices still somewhat depressed compared to the peak in 2010, a proportion of buyers are starting to see relative value.
Consumer sentiment has also improved – no doubt due in part to recent releases from all data providers reporting that ‘median prices’ have started to rise. A survey by Westpac and the Melbourne Institute (published last Wednesday) showed consumer sentiment rose by 7.7 per cent from January to an index level of 108.3 points – this is the highest reading since December 2010. Read more.