How will selling agents handle the inevitable crack down on under quoting properties they have for sale? The Melbourne property market is beginning to split into different segments. For the past two years there has been solid growth across the board in almost all areas of the market with the exception of inner city apartments. […]
Many Real Estate offices in Melbourne will start to see the mass staff exodus for warmer climates over the next 4 – 6 weeks. Stock levels have reached their lowest levels for the year and will stay at this point for about 6 – 8 weeks until spring brings out the vendors who want to […]
But clearly nobody explained that to the market. 82% clearance rate on 925 Auctions according to the Real Estate Institute of Victoria. With winter officially upon us next week, traditionally clearance rates drop somewhat and turnover decreases. I am not too sure this will occur. Whilst many agents fly north for holidays during these traditionally […]
The vast majority of foreign nationals buying investment properties are buying apartments off the plan. These are the properties that are overpriced by usually 20%+ and are very difficult to lease out. They are quite often inner city or on the fringe in Docklands and Southbank. Foreigners hold them for 3-5 years and then they […]
Anyone who ventured outside yesterday for a nice autumn picnic would realise winter is already here. BUT NOBODY HAS TOLD THE PROPERTY MARKET. Saturday saw over 1000 auctions with a clearance rate, according to the REIV, of 79%. Whilst there will not be any significant auctions next week due to ANZAC day, I would assume […]
I listened to some of the rhetoric from the judges last night on The Block and kept hearing the phrase, “styling sells houses.” It was said whilst talking about the lack of personal touches from a couple of the contestants regarding their kitchens. One of them was perturbed that the basil was slightly limp in […]
With the final test before the Easter hiatus passed with flying colours it is now very obvious to all and sundry that the market has jumped up a notch. How far? 3%, 5%, 7% or 10% in the past 4 months; the stats will tell us that in a month or two. But anecdotally, it […]
With over 1000 auctions last weekend, the clearance rates of the three main data collection companies have all come in at or just below 80%. The REIV, usually the highest data collection rate over the weekend came in with 939 auction results for a clearance rate of 78%. Please note, this means that all properties […]
Most buyers do not. They assume that contracts are in general terms fair to both parties. And they live in fantasy land. More than 90% of auction contracts we are sent have special conditions that modify the very fair legislated General Conditions as listed in The Estate Agents ACT. And the vast majority of those […]
Whilst we didn’t quite get there according to the REIV Clearance rates, 79% is a very close thing. The last 80% clearance rate announced after the weekend results was in April 2010. With clearance rates on the rise, stock levels lower than last year and a very good chance of further interest rate cuts in […]
