Clearance rates-Week 4 March 2014
For the last weekend of the month, there were 1124 auctions reported to the REIV, a final clearance rate of 71 per cent compared to 72 per cent last weekend and 69 per cent this weekend last year. Of these 795 properties sold under the hammer leaving 329 passed in, and about 183 of those passed in on a vendor bid (16%).
Some say this could be a sign of some vendors having some unrealistic expectations of their property value compared to what the actual market is saying, however feedback we have had from selling agents remains positive as more than 4,600 auctions were held in March, which is about 30 per cent higher than the previous record of 3,525 auctions held in 2008.
The REIV say sales in March have bolstered median prices for the quarter which is expected to report moderate growth in seasonally adjusted terms, perhaps this could have something to do with continued affordable interest rates?
With Easter approaching and a couple of long weekends scheduled, the REIV expects around 1,220 auctions for April, we will need to keep an eye on what happens and report accordingly.
As always, enjoy life, work hard, play safe and remember that we are always here to help you
‘Take the Confusion Out of Lending’
Peter Vinci - 0438 041 111