The REIV reported a solid auction clearance rate of 77% across the state over the weekend, a significant improvement from this time last year, which saw clearance rates sitting at 57%.
With demand for housing on the rise and the auction market heating up in the first few weeks of Spring, Jayitri Smiles from REA Group says 'no changes to negative gearing, two interest rate cuts and looser lending regulations have encouraged buyers to break into the market this year'.
According to the REIV, an estimated 7,000 properties are expected to go under the hammer during the Spring selling season this year. National Property Buyers Director, Antony Bucello, said 'we're starting to see a little bit of an increase in stock, demand and confidence continues to increase as well. It's back heading in the right direction'.
Over the weekend, Kristy Wang and Mark Fletcher, saw a remarkable 7 bidders participate in the auction for 1/8 Park Lane, Mount Waverley on Saturday. The immaculately presented 3-bedroom home was listed on the market for $1,000,000, selling well above expectations for $1,381,000.
Results. It's a Fletchers thing.
by Rob Fletcher in Market Updates
