Published on August 17th, 2012
Spring sale season
With the weather heating up, it is little wonder that so many vendors are busy preparing for an increase in sales.
Ongoing talk about the impact overseas economies are having on local markets has done little to boost investor confidence in recent years.
However, it seems that a combination of low unemployment levels, changes to the official cash rate and the prospect of a government surplus in the next 12-months is having an impact on buyer attitudes.
According to the Real Estate Institute of Victoria (REIV), the state's official auction clearance rate is showing signs of improvement and certain suburbs are matching their pre-GFC figures.
The REIV is expecting 407 auctions to take place over the course of the weekend (August 18 -19), with most sellers confident they will secure a good price for the property they have put on the market.
And while there is always strong buyer interest in the inner-city, it seems there are certain suburbs that have a history of performing well at auction, which is one of the reasons so many vendors encourage this sales method.
Of the dwellings on offer this weekend, the ones to watch out for are located in sought-after locations, including Richmond, Glen Iris, Camberwell, Port Melbourne and Surrey Hills.
With a median auction clearance rate of 60 per cent that sits well above the state average, the REIV is prediction strong results for these suburbs.
Surrey Hills' current clearance rate of 75 per cent is by far the best result from anywhere in the state for this type of sale, while Glen Iris (73 per cent), Camberwell (66 per cent), Richmond (65 per cent) and Port Melbourne (62 per cent) are expected to perform well this weekend.
The REIV has set the forecast for the state wide clearance rate at 60 per cent.