Another Super Saturday
Any weekend featuring over 1,000 properties going under the hammer was used to be referred to as a Saturday. It has become so common now that most weekends seem to earn the title. Last weekend was no exception with over 1200 properties on offer.
Not Long to Go
However, the end of the property abundance run is in sight with just two weekends left before auctions start to wind down for Christmas. Still we have a couple of weeks of auctions to provide buyers with a good selection of properties.
Last weekend featured 1202 auctions in Melbourne with 699 selling and 356 being passed in, 177 of those were on a vendor bid. The auction clearance rate was 70% which indicates vendors are no longer having all their own way as they did earlier in the year when clearance rates were around the 80% mark.
REIV Present, Richard Simpson said a city-wide clearance rate in the low 70% range indicated a balanced market that did not favour sellers of buyers.
More to Come
The next two weeks will be a real test for our Spring auction market as this is still a peak supply period. Expect to see more than 1000 auctions on each of the next two weekends.
Bargains to be Found
If you haven't purchased your property by 9th December, do not despair, so many of my clients have found some great buys as the market shuts down in the lead up to Christmas and vendors AND agents become desperate to sell before Christmas. It's a long time to wait for buyers to return late January, early February!
Get Investment Ready
If you haven't got your pre-approval at the ready, give Tony or myself a call on 8621 8484 and we will arrange one for you.