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. The Age on Sunday reported that Residex have announced that Melbourne median house price has surpassed $500k. So we can assume the current flood of […]
1328 properties sold last week. 674 auctions reported with an 83% clearance rate. This weekend there could be as many as 900 auctions. Whilst this spike may be caused by the AFL Grand Final, anybody thinking the market is going to slow down need only look at the figures. There is nowhere near enough stock […]
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 After securing 4 from 6 last week, noting that all 4 successful purchases were prior to auction, we can see the last quarter of this year […]
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. All these have sold at or above market expectation. 1 St George Grove Parkville was an extremely unusual property which was […]
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. Clearance rates […]
The clearance rates, interest rates, stock levels, underquoting, Vendor Advocates, the list goes on and on putting difficulties in the way of prospective purchasers. The Reserve Bank has decided to give an unprecedented “crystal ball” style thought on interest rates. They are assuming over the next couple of years to see the cash rate climb […]
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. Manningtree Road: Sold $1.92We estimated between $1.9M – $2M and would have refined this after […]
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. The number of private sales this year to date has now exceeded both 2008 and 2007 year to date figures. In December and January we predicted a big […]
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. There were two issues doing the rounds of the media over the last couple of days. […]
The sales data in Melbourne continues to prove beyond doubt that the property prices in Melbourne are not a “bubble.” Since the week ending February 23 this year the only time there have not been over 1000 sales reported to the REIV each week, have been holiday weekends. 5 months of data showing 1000 sales […]
