Markets don’t change overnight

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According to the REIV the clearance rate this weekend is 52% compared to 50% (adjusted) last weekend and 59 per cent for this weekend last year.

There have been 498 auctions reported of which 258 sold and 240 passed in, 151 of those on a vendors bid. It does seem not everyone lost money at the races, nor does it seem the entire market turned on its head due to the Reserve Bank’s interest rate change this week.

We can assume the numbers of auctions will continue to rise throughout November. The REIV is estimating approximately 2600 auctions during this period.

There were many very quiet auctions this week where the only sounds heard were from auctioneers calling out vendor bids. But not all auctions went this way. There was an outstanding result at 17 Hedderwick Street, Essendon which achieved a final result of $2,300,000

There were also noticeable increases in most open for inspection numbers this week. If you don’t buy in the next 6 weeks, there will be little on offer until February.

For those who haven’t lost their shirt at the races, now is a good time to purchase property. If you need to secure a property before the end of the year, please call our office for an appointment with one of our experienced and fully licensed advocates.
Ian James
JPP Buyer Advocates

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About the author

Ian has been operating his own businesses for more than 25 years. During this time the self taught lessons of building the business, dealing with staff, suppliers, clients and economic woes have been invaluable. Ian is a fully licensed Real estate Agent, a member of the REIV and registered with the Business Licensing Authority.

Buying property is not just sticking up your hand and outbidding your rival. It is an emotional, fiscal and psychological decision that needs to be planned and well executed. Ian is usually involved in over three hundred property negotiations per year; ranging from the $250,000 first unit purchase for a young couple to multiple million dollar residential developments. Ian's business background and endless numbers of negotiations make him one of the industry's leading negotiators.

Ian is married with two adult children, living in Patterson Lakes. He is a keen fisherman when weather and business allows the time.