February market kicks into high gear.
Figures for the last 3 weekends of February show there were in excess of 2,509 auctions reported to the Real Estate Institute of Victoria (REIV). More than 2,025 sales were recorded. Approximately 484 properties passed in with 194 of those on a vendor bid. The clearance rate averaged 79.5%, a step up from February last year at 75.5%.
The Melbourne market accelerated through February from a slow mid-summer start to a final weekend with high auction numbers and a super high clearance rate of 82%. This is the third highest for the last 12 months. Also – the final tally of auctions is the highest on record for a February!
The boom conditions shows the sky-high levels of demand by Melbourne buyers. In this market the lower-priced outer suburbs are no longer the bridesmaids, with these outer belts producing the best clearance rates of all. The South East, North-East and Western suburbs achieved between 88% and 85% on February’s final weekend.
According to agents properties that are usually more difficult to sell, in middle ring suburbs on busy main roads or with other encumbrances are moving more easily, a sure sign of a boom market.
February was a month of big results. At the sharp end of the market a very ordinary (apart from the address) unrenovated single front cottage at 32 Page Street Albert Park sold for 1.34M getting $10,000 per square meter for 136 sqm – not bad for an outside toilet scenario. Down the street at 115 Page Street a sparkling new renovated home of 330 sqm sold for 4.735M, getting $14,000 per sqm. Highly desired by CBD professionals, East Melbourne saw a 2 bedroom Grey Street terrace house sell for 2.62M, topping at 1.1M above the reserve.
Looking ahead NAB’s forecast for Melbourne is 3.4% growth in home prices for 2017, while tipping a 2.8% drop in apartment values – based on an expected oversupply. The bank also notes growing rent stress will be felt in 2017 as income growth fails to keep up with rent increases.
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