The latest market data from Domain has confirmed that this year’s Spring property market in Melbourne is proving to be a positive one for sellers.
Most people would be aware of Melbourne’s weekly auction clearance data, which has been consistently tracking above 70% over the past few months. These figures are an indication of increased buyer confidence across the market, although they are also an indication of a market where buyers are often being forced to bid against with multiple competitors due to an ongoing shortage of available properties for sale.
The latest market data from Domain adds to the overall picture of a tight real estate market, particularly in Melbourne. The figures show that since the start of Spring, listing numbers nationally were up, but only by 4%.
More importantly, the numbers for Melbourne show that the month-on-month listing numbers actually decreased by 7% from August to September! In fact, the year-on-year comparison is even more startling, with Melbourne’s listing numbers showing a 19% drop from the same period in 2018.
Despite the lack of new stock hitting the market, the annual increase in buyer activity in Spring has been confirmed, with Domain reporting a 14% increase nationally in attendances at Open Houses.
When you combine a decrease in the number of properties for sale with an increase in overall buyer numbers, it’s not hard to see why auction clearance rates have increased so markedly, is it?
Numbers like these are great news for anyone planning a property sale in 2019. However, it is important to remember that there are now just 8 weekends left in Spring, so don’t leave it any longer to get the wheels in motion. If you would like some experienced advice or assistance in getting your property ‘market ready’, why not give the helpful Customer Service team at Ian Reid Vendor Advocates a call today on 1300 400 400.
You’ll also find lots of tips on how to maximise your result in our free booklet, “Fatal Real Estate Traps Exposed”.