News

Plenty of auction action around this Easter

10 April 2014

The next two weekends shape as the big pre-Easter finale to the property market, with over 1200 homes scheduled to go under the hammer. 

Results for sellers have been strong recently, with some very keen buyers paying healthy prices for property. 

Melbourne has recorded an average clearance rate of 73.9 per cent over the past nine weeks, and last weekend was well below that at 71.5 per cent, suggesting the market is just starting to cool a little. 

With so many properties being put on the market by sellers, buyers are getting a lot more choice giving them a nice advantage. 

Australian Property Monitors senior economist Andrew Wilson said the market was starting to creak a little under the strain of record auction numbers.

While he said he didn’t feel interest rates would go up any time soon because of rising unemployment, the trend of differing opinions on interest rates was continued by AMP Capital chief Shane Oliver who disagreed when he spoke to The Age.

“By the time we get to September-October, there will be enough evidence that the economy is onto a firmer footing, and at the same time the Reserve Bank will be keen to ensure that house price growth doesn’t get out of control,” he said. 

The market will take a breather after the big long weekend double header as Easter arrives, but several agencies are already taking listings for May, suggesting there could be a couple of big weekends on the other side.

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