Threat of Property Bubble Over, Market Strength Regained
Newly released auction clearance rates results across Australia by CoreLogic demonstrate a return in consumer confidence in the Australian property sector. Only earlier this month had the RBA declared the threat of a property bubble is over.
Of the 1,747 capital city auctions held this week, preliminary results based on 1,485 reported auctions showed a clearance rate of 76.6 per cent, rising from 75.0 per cent last week across 1,471 auctions, CoreLogic said. This time a year ago, across the seven largest capital cities, the clearance rate was 72.9 per cent.
Weekend results in Sydney and Melbourne add to expectations of a competitive spring market with the hope of more properties up for sale during the traditional peak selling period in Australia.
“Our results show that the demand for quality homes, both established and new, with two or three bedrooms is especially high. Buyers who like what they see yet hesitate run the risk of missing out”, CBRE Managing Director David Milton said last week.
Market strength is not just limited to Sydney and Melbourne. Clearance rates in Canberra and Brisbane also jumped above their last week and year-ago figures. These results highlight that now is the perfect time to make a property purchase, as an investor or owner occupier.
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