29th April 2014 / Michael Richardson: Market Update: Positive Conditions

After two quieter weekends on the auction front due to Easter, ANZAC Day and school holidays, we are looking forward to the bumper month in May!

Victoria's property market is currently thriving, with over 20,000 homes already sold so far this year. Driven by a combination of a sustained record-low cash rate and high consumer confidence, house prices are on the rise in Melbourne.

The minutes from the Reserve Bank's meeting in April deliver positive news for both mortgage holders and the broader property market, indicating that the housing market is currently experiencing steady growth. The board judged that the cash rate is likely to remain at its current level for the foreseeable future.

Property analysts at the Real Estate Institute of Victoria (REIV) report that there are healthy levels of buyer demand for both auction and private sale campaigns. This is echoed by the robust average auction clearance rate of 71 per cent so far this year. Fletchers have performed well above the industry average, with an auction clearance rate of 91 per cent across our Melbourne offices.

Our team of exceptionally skilled negotiators together with our highly engaged database ensure that Fletchers consistently achieve market leading results. If you are considering selling your home or would like to have a chat about the property market, please call our dedicated sales team today.

Fletchers Auctioneer, Michael Richardson, in action in Box Hill South