October: 3+ bidders is back as the norm!
If ever there was a headline this is the one! In a market that has struggled with buyer activity for the better part of 2 years, this is a sure sign the market is well and truly back. Hockingstuart Armadale had 57 bidders for the month of October across 17 auctions with a staggering 3.35 bidders per auction, which is a true indication buyers are taking advantage of historically low interest rates and that we are in a genuine supply v demand market that is pushing prices upwards and forcing buyers to compete. A flow on effect of this is that the off-market sector has never been so buoyant (a third of our sales were off market or via private treaty) with buyers acting now and paying premiums to secure quality inner city property.
There has been an increase across all sectors but the apartment market between $400,000 and $1,200,000 and the house market up to $3,000,000 has been very strong indeed and this has led to high clearance rates in excess of 70% for the last 8 weeks – an indication that the market is here to stay. There is only a couple of weeks left to plan your 2019 sale but already we have clients enquiring about February and have a number of properties booked for auction next year already. This highlights the confidence in the current market and the outlook for 2020 with lower interest rates and ongoing activity in the real estate market. It’s never too early to plan your sale or purchase so why don’t you give me a call or better still pop into our new office at 1258 High street Armadale for a chat coffee or something stronger and I’ll show you around.