Market Comment – Monday June 30th 2008

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Clearance rates this week differ in the two newspapers; maybe not all properties being passed in or sold are getting reported!!
The Age with 477 Auctions, Clearance rate 65%
The Herald Sun with 477 Auctions, Clearance rate 62%

Either way, no big shock. School Holidays, Petrol Prices, Tax Time could all be weighing in on these figures.

This time last year there were 614 Auctions with a clearance rate of 85%. More buyers, more choice.

The Range Stats below show the Higher end is struggling with clearance rates at 45% in the $1m – $2m bracket; whereas the $300,000 – $400,000 is still moving along at 70%, making good negotiating the key to a good buy. More reason to get an expert on your side.

Results according to
price range
Price Range Total
Sold Clearance
$1 to $200,000 5 2 3 60% 80
$200,001 to $300,000 57 18 39 68% 144
$300,001 to $400,000 86 25 61 70% 165
$400,001 to $500,000 70 23 47 67% 73
$500,001 to $700,000 100 39 61 61% 92
$700,001 to $1,000,000 70 30 40 57% 28
$1,000,001 to $2,000,000 35 19 16 45% 13
$2,000,000+ 2 2 0 0% 1
Undisclosed 53 11 42 79% 2
Source: REIV.          

Lets see what the next week brings for the start of the new financial year.

Sam James

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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.