JPP Buyer Advocates: Current Market News

Market News: July 26th

The Melbourne property market is settling down nicely into it�s usually winter norm. There are usually a few sales that will fly and a few that won�t.

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Market News: July 19th

After a clearance rate of 72% on 525 auctions, which is 48% more than this time last year, and a steady increase in median house prices released last week from the REIV, both major newspapers yesterday had to include the word �Bubble" in their headlines.

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Market News: July 12th

We can see confusion in the current market between the clearance rates showing the market is imploding and new loans data showing an increase in loans for housing. We have data from builders saying there are fewer house starts but we have rental data showing increasing rents and lack of stock.

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Market News: July 5th

REIV clearance rate for this week was 66%. This is similar to 2008 during the height of the GFC, and to last year where the July clearances were in the 80�s.

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Market News: June 28

Whilst 65% is not the best result for vendors: it is not too shabby either. 1113 sales were reported to the REIV. Anytime selling agents can get over 1000 sales reported, it is a pretty good week.

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Market News: June 21

A 68% clearance rate was about as good a result as vendors could have expected. Anything more would show a market on fire, and the rate could easily have been much lower if the numbers of private sales hadn't dropped so dramatically.

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Market News: June 14

With the long weekend and the lack of auction numbers, the clearance reached 77% over the weekend. Sales for the week were also low at 525. These reports are made to the REIV every week. Next weekend has been labelled the biggest June weekend in history.

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Market News: June 7

70% clearance rates do not sound the death knell for property in Melbourne. There were over 1200 sales reported to the REIV last week with some huge results for properties under $1.2M.

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Market News: May 31

No surprise over the weekend. The Melbourne market continues to defy doom and gloom. Even with a record number of auctions, clearance rates remain above 70%.

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Market News: May 24

It doesn't take a rocket scientist to know there is a change in the market. It does however take an astute property analyst to work out how to take advantage of the situation.

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Market News: May 17

The clearance rate has taken up residence in the 70% zone. The whole market is faltering. Economists and market analysts will soon be talking about 40% drops in the market place again. AND AGAIN THEY WOULD BE WRONG!!

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Market News: May 10

Some of the market commentators have seen a 78% clearance rate as a sign the market is faltering. There were over 1300 properties reported as sold to the REIV last week.

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Market News: April 19

With the expected fall in median house price issued by the REIV and reported by all the papers, we saw a lacklustre weekend. We know there was still a clearance rate of 84%, but of most of the auctions our advocates attended there was a decided lack of enthusiasm.

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Market News: April 15

I don�t need to tell anyone the market is hot at the moment. But what most media commentators report about and many people in the public believe, is that the market will slow down.

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Market News: April 06

It has been a few weeks since my last comment and for this I apologise. March was the busiest month on record since I have been a buyer�s advocate. Whilst we purchased a great many homes, we have also had record enquiry rates.

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Market News: March 01

We have survived our first "Super Saturday" for the year. Over $1 Billion dollars worth of property was reported to the REIV. And of course this is only a percentage of the actual volume that changed hands over the past week.

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Market News: February 22

It doesn�t take a rocket scientist to work out everyone believes the property market is the place to invest. With an 85% clearance rate on 771 reported auctions and over 1200 properties sold last week

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Market News: February 08

The autumn selling season is just starting to pick up pace with 832 properties reported as sold by the REIV last week. Volume is still very low and the first real test of the market will be February 20 in two weeks time.

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Market News: February 01

The REIV website tells us there were 960 sales in the week ending 31/1/2010. Of these 84 were sold at auction. This represents over $450 million worth of property.

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Market News: January 18

We have all read or heard about the property shortage. But the average people, including most media commentators believe that the issue is that not as many people want to sell their properties.

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Market News: December 14

With the December market firing on all cylinders and still around 1000 auctions to go before Christmas, I think it is time to take stock of what has happened this year and also look into the crystal ball again to see where we are going next year.

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Market News: November 30

We have seen the first weekend since May that the clearance rate has dipped under 80%. And it only dropped to 78%. It has taken the biggest auction weekend of the season to do it.

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Market News: November 23

Whilst the reported sales by auction was down slightly on the previous week, the reported market volume in dollars was up.

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Market News: November 16

1375 properties were reported as sold last week by the REIV. Just over 650 of these sold at auction. The market is running hot and will most likely do so for at least another three to four weeks.

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Market News: November 09

The Melbourne property market retained its resilience over the weekend. 81% clearance rate for auctions has been reported by the REIV with 600 private sales,

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Market News: November 02

There has been plenty of talk about the market fluctuations throughout 2008 and 2009. We have seen reported figures of dramatic changes to our median prices.

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Market News: October 26

Sales this week were high not only in Auctions of which the REIV reported 882, of which 723 were sold and there were also 741 private sales. This makes last week the biggest for the year.

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Market News: October 19

There were just over 600 auctions at the weekend and 4 out 5 sold. On top of this 734 properties sold by private sale according to the REIV.

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Market News: October 12

After another week of 1250 sales The market may seem a little repetitive. The interest rate rise this week did absolutely nothing to dampen enthusiasm at auctions or negotiations.

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Market News: October 05

We saw the results for the last weeks sales go back to over 1200 sales for the week, with the clearance rate on nearly 500 auctions remaining over 80%.

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Market News: September 28

Over the weekend there were 135 reported auctions. This was 5 times as many as last year with a better clearance rate.

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Market News: September 21

After a huge weekend of auctions with the clearance rate remaining above 80%, there seems no end in sight to the upward migration of price in the Melbourne property market.

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Market News: September 14

1328 properties sold last week. 674 auctions reported with an 83% clearance rate. This weekend there could be as many as 900 auctions.

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Market News: September 07

Melbourne�s property market keeps surging through week after week. Another 80%+ clearance rate after 567 Auctions reported to the REIV, with the usual 700 odd private sales as well.

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Market News: August 31

The number of properties on the market is rapidly increasing. But so is the number of buyers. Of the 7 auctions we were bidding at on Saturday only one passed in after genuine bidding.

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Market News: August 24

It has been a couple of weeks since my last market comment and not too much has changed in the market. The media is still worried about underquoting, there is still some talk in a couple of papers about the �property bubble� bursting yet the stock market is still going up very strongly.

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Market News: August 10

The clearance rates, interest rates, stock levels, underquoting, Vendor Advocates, the list goes on and on putting difficulties in the way of prospective purchasers.

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Market News: August 03

Two weeks ago we were asked to give a comment for the Neil Mitchell radio show. We were then asked about three properties. One sold prior to auction and with an undisclosed price. The other two sold on the weekend.

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Market News: July 27

Whilst another week goes by, another 1000+ properties were reported to the REIV. The auction clearance rate across the weekend remained at 86% on 383 reported auctions.

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Market News: July 20

I think everyone has got the idea that the property market in Melbourne is going �Gang Busters�. Another 86% clearance rate and another week of more than 1000+ sales within the metropolitan area have been reported to the REIV.

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Market News: July 6

The clearance rates have firmly entrenched themselves above 80%. The market is moving relentlessly upward. Whilst the first home buyers, who are building new dwellings, may be eligible for up to $35,000

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