The nation’s property market is predicted to continue its stellar run. Investors wanting to ride the wave are buying confidently, demonstrated by record auction clearances after the restraint by the Reserve Bank to lift interest rates.
The auction clearance rate in Melbourne shot to 66.2 per cent, compared with only 49.2 per cent a year ago, according to Australian Property Monitors. Agents in Melbourne listed more than twice as many properties on Saturday than they did a year ago, putting 161 properties under the hammer.
Buyers and vendors in Sydney braved the stormy weather, with 67 per cent of the 137 listed properties selling at auction. Sydney had the Saturday’s most expensive sale, when a five-bedroom house in Strathfield sold for $1.8 million.
Even the smaller auction markets of Brisbane and Adelaide had strong results, with clearance rates on track to follow record growth late last year.
We find Houses Managing Director Paul Wilson, says “Although the recent auction clearance rates are only a snapshot of the current Australian auction market, they do point a strengthening in the property market. This coupled with the recent decision by the Reserve Bank of Australia to keep interest rates on hold, has tempted home buyers who were teetering on the edge to take the initiative and enter the property market.”
“And if we look at recent jobs data produced by the Australian Bureau of Statistics, we can see employment picking up as the years goes on, which means the number of people entering the property market should increase in the short to medium term.” Paul says.
We Find Houses is a national company providing personalised services to property investors and homebuyers. For more information about We Find Houses visit www.wefindhouses.com.au or call 1800 600 890.