Antony Bucello & Catherine Cashmore of National Property Buyers give their latest assessment of the Melbourne property market - 10 Feb 2013
Whilst the 69 per cent clearance rate recorded this weekend may sound a remarkably positive result compared to last year’s 60 per cent trend, it’s comprised from only 204 auction results and therefore does not represent a broad enough spectrum to draw any solid conclusions.
It’s worth remembering that the clearance rate is only representative of the ‘heat’ in our most popular inner and middle ring suburbs. To gauge what is happening elsewhere, we need to pay attention to overall turnover.
The REIV have recorded 2,400 sales for the month of January – this is lower than the five year average of 3,700, however they concede sales reporting may be lagging due to the holiday hang over. Read more.