A clearance rate of 75% was recorded this weekend from 1,105 auctions, and the first Super Saturday of the year. In addition to the weekend auctions there were 347 private sales. Already for 2014, there have been over 1,000 homes sold by auction, which is a solid start to the year.
Last week, ANZ gave a positive outlook for the property market, stating that the entry hurdle for buyers has been significantly lowered by falling mortgage rates. The incentive to buy sooner rather than later has also been re-established by renewed growth in home prices. Their research found that the recent speculation of a housing bubble is untrue, and that the market is merely playing ‘catch-up’ as a result of improved affordability and the release of substantial pent-up sales demand in recent years. This is good news for buyers in 2014.
Next weekend will be the second Super Saturday of the year, with an expected 1,290 auctions.