A very strong auction market so far for 2014, as evidenced from the weekend’s clearance rate of 71 per cent on 620 auctions. Last weekend, the clearance rate was 67 per cent. There were 400 private sales and 1320 auctions are expected for next weekend.
All auctions attended by the Elite team over the weekend sold under the hammer to the tune of 10% – 30% above the reserve price. Each auction also attracted large numbers of people, giving a good indication of the interest and demand for Melbourne properties.
The Sunday Age featured my comments yesterday on how strong the market is looking currently. I believe that the market may even be a little bit stronger than what we saw in late 2013. Both the competition between mortgage providers as well as the high clearance rates seen so far in 2014 brings confidence for buyers and vendors, as we see more properties coming on to the Melbourne market.
We are looking forward to seeing what clearance rates are achieved next weekend from the expected 1320 auctions. February is proving to be quite a hot month for Melbourne properties in 2014!