Melbourne certainly cemented itself as Australia’s strongest property market over the weekend – nearly 1,700 auctions were held across the city on our biggest ever auction weekend, with a clearance rate of 71%.
Many of you will have tuned in to watch The Block auctions of five family homes in popular Elsternwick on Sunday night. It was certainly a mixed bag of results for the contestants, and a high profile reminder of the importance of bidding if you want to buy at auction!
We’ve certainly clearly pulled away from the Sydney market in terms of both price growth and auction success. Prices have softened considerably in Sydney which has now had a clearance rate below 65% since the start of October. It is also interesting to note the Australian Bureau of Statistics recently reported Melbourne is soon to overtake Sydney in terms of population growth.
Our record breaking auction weekend and a surge in spring listings means plenty of opportunities for buyers as we head into November. I’m expecting less activity over the next two weekends due to the Spring Racing Carnival, however mid November through to Christmas promises to be a busy time.
Speaking of Christmas, there are now only eight weekends until the 25th! If you’re thinking about taking advantage of another strong spring sales season, please get in touch with your local Greg Hocking office ASAP. We’ve got a winning track record of achieving outstanding results.