Melbourne was the nation’s property market powerhouse this week.
Our capital city surged back to full-tilt after its temporary pause over the Easter weekend, with 823 auctions taking place across our suburbs.
It was more than any other capital city and, critically, a lively 76.8% of reported auctions returned sales, according to sales data provided by CoreLogic.
Sydney claimed second place with 75.8% of 585 listings clearing this week.
But while it’s always satisfying beating our arch rivals over the border, in all seriousness, the real story is in the figures from Melbourne one year ago.
Check the market over Anzac Day weekend 2016, and you discover a healthy 602 properties were listed, of which 71.5% sold.
Compare that to Anzac Day weekend 2017, and you see two things: more stock options but simultaneously more competitive bidding and sales.
Sometimes vendors get nervous when they see bigger volumes of stock reaching the market.
They start to wonder if they should hold off listing until there are fewer rival properties available and it is easy to understand their thinking.
After all, a principle of rational economic thinking is that more supply automatically cools demand.
But this is no ordinary market.
Melbourne vendors are currently in the eye of a ‘perfect’ (and unprecedented) storm.
Record low interest rates, Australia’s strongest net migration and a globally recognised premium lifestyle have collided to create a market strong enough to absorb virtually all housing stock placed in the path of its voracious buyers.
It is, indeed, a thrilling time to be a vendor in Melbourne.
If you would like more information call us today to arrange an obligation-free appraisal.