Nearly everything on the market sells in August
Over August’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 881 auctions. 727 properties sold, 481 at auction, with 57 passed in. 246 properties were sold before auction & 0 properties sold after auction. The clearance rate averaged 92.5%, up from 83.5%, this time last month.
In-person home inspections are currently banned and have to be done online, along with auctions. Auction numbers have been forced down sharply, but clearance rates are running sky high. With auctions postponed right now this blocked supply will add to a burst of new activity come Spring and the end of lockdown.
Buyer Marketing spies off-market opportunities!
3 out of 4 of our purchases over the last month were off market. With such strong competition right now you’re in a much better position with Buyer Marketing in there working for you. Off market opportunities are one of our specialties and we are very good at hunting them down. These have great benefits for our buyers, by negotiating a much better buy before the home goes out to campaign.
Once in a lifetime conditions
What’s happening right now, even with big price rises, is a once in lifetime opportunity to buy a house at bargain basement mortgage rates. If you have the equity, it’s a dream opportunity for a home buyer. This is a very different property market compared to 18 months ago. With our international borders shut Australian buyers are also sheltered from the usual international demand, which as we know was extremely keen, and will definitely be back post Covid.
Where Melbourne is on the growth clock
PRD Real Estate Group has published their ‘Australian Economic and Property Report 2021’. Their ‘property growth clock’ has Sydney and Brisbane already peaking on 12 o’clock, but Melbourne is on 11, predicting a little further to go for rising values.
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