26 June 2013

The market brings fresh opportunities As we head into a new financial year, it´s worth reviewing how far the property market has come over the past 12 months. In stark contrast to the last half of 2012, the market is characterised by vigorous buyer activity and clearance rates are consistently sitting at 70-plus per cent which is the highest in three years. Investors are busily establishing or adding to their portfolio and owner-occupiers are buying, and now selling with renewed confidence. Helped in no small part by the record low interest rates and the rebound of the stock market, auction volumes are also much higher than twelve months ago. Even the prospect of cooler conditions over winter has failed to deter auction activity. For example, the clearance rate for a mid-June weekend this year was 70 per cent from 669 auctions. For the same weekend last year those numbers were decidedly less lively with a clearance rate of just 53 per cent recorded from a modest 167 auctions. As with any law of supply and demand, the growing demand for quality properties is driving prices higher through competitive bidding at auction. On many weekends, several of our offices have achieved 100 per cent clearance rates with buyer demand outpacing supply. As a result of all this activity, it comes as no surprise that confidence and positivity in the property market is up and seems poised to stay that way for some time to come. Now that we´re half way through 2013, it´s a good time to re-assess your property goals. For help achieving those goals, call us today.

Greg Hocking

26 June 2013