High numbers and high temperatures for May
May not only delivered unusually high temperatures but also high numbers of auctions, seeing 4267 auctions reported to the Real Estate Institute of Victoria (REIV), with 3075 sales recorded. 1192 properties were passed in, 653 of those on a vendor bid. The clearance rate stayed high for most of May with a strong 73% recorded on the last weekend. Over May’s five weekends, property clearance rates started in the high 60’s and finished strongly in the low 70’s, averaging 70.5% for the month. This was up a little on last month’s clearance rate of 70%.
After a booming March, then a quieter April, May was going to be a real litmus test for the ongoing strength of the market. The result was an energetic performance that keeps Melbourne on track for a record breaking season. By the fourth weekend of May there had been over 10,000 sales so far this year, compared to the previous record of 9758 at this point in 2010.
Many vendors who may have been waiting for sustained signs of an improving market have decided to make the move.
There has been a 32% jump in properties sold at auction so far this year compared to 2013. The figures show that people are not only putting properties up for sale, but that the properties are selling too. With the existing momentum and the lead up of May’s mild temperatures we may see a stronger than usual June as well, although traditionally, activity eases through mid-year with colder weather putting a dampener on property presentation, open for inspections and conditions for auctions.
Brought to you by Vendor Marketing – Melbourne’s most qualified vendor advocates
Want a proven better sale result for your property?
Enter your details below to download our FREE Essential Property Selling Guide and learn our 4 steps to success!
1. Real Estate Agent Selection – how we choose the best selling agent for your property
2. Accurate Price Quoting – why is getting this right so important
3. Making The Most Of Presentation – how to best present your property
4. Effective Property Marketing – how we create a winning property marketing strategy
Vendor Marketing – Melbourne’s most qualified vendor advocates will not disclose any of your personal information.