New listings keep coming for Christmas.
Over December’s first two weekends more than 2,245 auctions were recorded by the Real Estate Institute of Victoria (REIV). 1,230 homes were sold at auction with 473 being passed in, 206 on a vendor bid. In the first half of December the clearance rate has averaged 75.5%, which is up on November’s 74%.
Stock levels have been comparatively low, especially for very good family homes, which is contributing to rising prices, but as values go up more owners are putting their homes on the market. So instead of the usual wind down in the December run to Christmas, this year there are still considerable numbers of homes hitting the lists.
Buyer Marketing has had some great outcomes so far in December.
1/5-7 Carlton Street, Prahran with an asking price $1,575,000, was purchased for our client after careful negotiation for $1,440,000. Resulting in a very happy client.
1/14 Perth Street, Blackburn South, was purchased before auction for our client who had missed out on several properties prior to engaging Buyer Marketing. Another happy client purchasing before Christmas!
2019 will go down as an extraordinary year. Headlines in March reported Melbourne home prices had just suffered the worst drop on record, but by December the market is recovering at a rate none of the experts predicted. And there’s still plenty of opportunity for value buying. Melbourne values are still 3.7% off the 2017 peak. But Melbourne is likely to reach those previous highs at some point in 2020. Plenty of hotly contested auctions in December support this, showing all the signs that the upward value trend will continue, with the Melbourne clearance rate hitting 75% on December’s second weekend. This time last year it was 50%. What a turnaround.
Agents report private sales are also going strong. The lively conditions look likely to flow on after the New Year break, keeping the market busy across summer. Home sales would normally dry up in high summer, except for the holiday suburbs on the Bay’s southern beaches.
Buyer Marketing wishes all our friends and their families a very happy Christmas and a relaxing break!
Principal Advisor &
Licensed Estate Agent
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