Market Comment – Monday May 18th 2009

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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

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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.