Melbourne's auction market kicking up a storm...

by Antony Bucello & Catherine Cashmore from National Property Buyers - 24 March 2013

The ‘feel good’ furore surrounding Melbourne’s real estate market continues to grow along with the news that overall turnover is some 15 per cent above that recorded this time last year and a collective year to date clearance rate of 69 per cent.

Whilst everyone is cautioning against the prospect of ‘boom’ price rises, it’s not inconceivable that increased competition will cause the same old angst amongst buyers of ‘get in quick before it’s too late’ – a feeling we are ‘oh’ so used to seeing in a heated auction atmosphere.

By all accounts, the fifth biggest auction weekend on record went down a storm. A 68 per cent clearance rate was recorded which is in line with the new 2013 ‘norm,’ but more remarkable was the overall turnover of stock that changed hands. A whopping 1364 properties were recorded as ‘sold’ this week – a combination of private sales, auction sales and those purchased ‘prior to auction’ – a number we haven’t seen since the latter half of 2009 during which clearance rates were in excess of 80 per cent. Read more.

Posted in: Property market

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