Signs of the spring property market blooming
Although it may have been a slower start to the typical spring selling season, the signs of life starting to bloom are making their way to the surface.
What do the numbers say as spring continues to warm up?
The second week of August saw a huge 81.2 per cent clearance rate, according to Domain figures. These record numbers are the highest seen since April 2017. And as the peak selling season of spring continues experts say we can expect the market to renew its turnaround.
Demand and emotional buyers out in force
Two sectors where we’re seeing the most interest is in first home buyers who are capitalising on this opportune time, as well as upsizers. With incredible auction clearance rates across Melbourne, there are certain properties that stand out despite and have been going well above the asking price, despite the record low volume of properties for sale. Firstly, homes that have been renovated are catching the eye of hungry buyers, which can be attributed to the rising cost of construction. Another attribute shoring up exceptional sales at auction is the fact that many emotional buyers are in the market, coupled with the limited stock – this can create something of a frenzy, which is why many of the best properties are getting well above their asking price.
There’s a reason why spring is such a desirable selling time – it’s a time of renewal and refresh. Now is the time to get your foot on the property ladder, or get your home for sale before it heats up.