The weekend clearance rate exceeded 80% for only the second time this year. Whilst overall stock levels remain lower than this time last year, the official clearance rate is reported at a strong 82% of 434 properties that went up for auction. In addition, there were 762 private sales, taking the total number of properties sold for the week to well over 1000 yet again.
With news that the First Home Owner Grant will continue and the First Home Owner Boost will be phased out rather than stopped immediately, there is continued strong demand in the first home buyer market. And not surprisingly, the better properties regardless of the price tag are more often than not exceeding vendor expectations and their reserve with multiple bidding to try and secure the property.
As always, good, well positioned established property located within 20km of the CBD continues to do well and will continue to do so. Let’s not forget that the population in Melbourne continues to grow and we have very low interest rates – two significant factors that impact on the market.
If you are thinking of buying or have found a property you are wanting to purchase, give us a call or send us an email and we would be happy to have a chat.
Antony Bucello
