March brings plenty of choice with surge in listings
In March’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,637 auctions. 1,031 properties sold, 764 at auction, with 301 passed in. 264 properties were sold before auction. The clearance rate averaged 78%, just down on February’s 79%.
Buyers are slugging it out for the best properties
The March auction market is going gangbusters so far, although pausing a bit over the Moomba long weekend. The good news for buyers is there are so many more properties to choose from with stock listings booming. February recorded a 38.7% month on month listings increase (realestate.com.au).
Competition is hot though with clearance rates still running very high – sitting around 80% over February and March. All the new stock means homes are staying a bit longer on the market with some slower to sell, but good properties priced realistically are being snapped up at auction.
Two more successes for our clients this month!
201/69 Aintree Rd, Glen Iris is a brand new 3 bed, 2 bathroom, two car, sub-penthouse of 189 sqm. We negotiated a winning $1.65 million purchase despite the owner/developer intending to put the property to auction wanting 1.8 million. It was a great outcome for us and a very happy client.
We also successfully secured 33 Bennison Street, Croydon – a 4 bed, 2 bathroom, 2 car, large two-story family home, for 1.5 million. It was an expressions of interest property and our skill in knowing the right approach and exactly what to offer the selling agent got the winning result for our very happy clients!
What’s ahead this Autumn and Winter
Analysts are still tipping gradual rises in house prices in 2022, but the surge in stock contributed to a stalling of price growth over February – good news for buyers. Last week Commonwealth Bank chief economist Gareth Aird predicted the cash interest rate will start rising in June, so buyers should factor this possibility into their plans.
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