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Clearance weekend shows promise for property market

High clearance rates suggest that the Australian property market will do well this year.
The Australian property market is expected to show better results in 2013 following this weekend’s housing clearance.

 

High volumes of sales were reported particularly in Melbourne and Sydney.

 

Data from the Australian Property Monitors (APM) shows that Sydney’s clearance rate was around 76 per cent, which was up from the previous weekend’s results.

 

 

Melbourne saw another strong weekend in a row as around 950 dwellings went up for auction and a clearance rate of 73 per cent was reported by the Real Estate Institute of Victoria. There were high hopes for the performance of Melbourne’s housing market as the previous weekend had shown a clearance rate of 70 per cent.

 

 Chief economist for APM, Andrew Wilson, told Property Observer: “There are the first signs of a revival in the middle market in Melbourne,"

 

 Experts had been waiting for the results of this clearance weekend in order to get a clearer idea of how the property market would perform in 2013. Following the high clearance levels for this weekend’s housing auction, it is suggested that the housing market will perform well.

 

 

Posted by Steve Douglas

 

- property, clearance, sales, prices, auction

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