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Market Update

PPG_Blog_Feb_image 6_market update

ith the first unofficial auction weekend for 2013 now done and dusted, the analysis of results point to an excellent start to the auction year.

A total of 473 properties went under the hammer across Melbourne and the surrounding areas, with 269 sold at auction, 63 sold prior to auction and 141 passed in (87 passed in on a vendor’s bid). This equates to a robust clearance rate of 70% and a monetary value of just over $2.17million. This is extremely positive indicator when compared to a 54% clearance rate at the same time last year.

Private sales also produced some positive numbers with 624 individual sales reported to the Real Estate Institute of Victoria (REIV) totalling over $3million in property.

These results would seem to indicate a notable improvement in buyer confidence. First home buyers and investors are certainly looking at 2013 with more assurance as interest rates looks set to drop even further over the coming months. Arguably, however, there is still much room for improvement particularly in the volume of sales which have been depressed in most parts of the city for at least 18 months.

Next weekend the REIV is expecting around 950 auctions. This will provide a more precise indication of how the market is shaping up for 2013.

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