A great Spring start for vendors!
There were in excess of 2454 auctions reported to the Real Estate Institute of Victoria (REIV) in September, with 1855+ sales recorded. Approximately 599 properties were passed in, 275 of those on a vendor bid.
Vendors enjoyed excellent results with high clearance rates as buyers confidently stepped up to the mark bidding and buying competitively across Melbourne.
September’s first weekend achieved a clearance rate of 76% and the month averaged 74.5% however the last weekend of September there was no official clearance rate due to the low level of auctions as a result of the AFL Grand Final.
Commentators this month, (including The Reserve Bank) continued to suggest some caution for buyers due to the combination of rapidly rising values, low interest rates and the continued presence of investment buyers. But the urge to secure that ‘ideal property’ buyers have set their heart on is a strong one and the Melbourne market powered on.
There is some expectation demand will plateau a bit, as large numbers of sellers continue to put their properties up for sale in the Spring market. But the strong 2014 market has been full of surprises all year and it shows no sign yet of waning. In particular, the demand for good quality property in prime locations is still greater than the supply, which is good news for vendors.
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