The first major auction weekend has just been and gone with some mixed results being reported for properties. The total auction clearance rate for the weekend was 73% which was well below auction clearance rates last year which mostly remained above 80%.
It was quite evident of a two track market emerging and I think this will be a continual trend for the year to come. I still believe we will see some healthy prices and growth being obtained for excellent property close to the city or property’s that are unique such as having water views etc. Outer Melbourne suburbs especially where recent sub divisions are taking place are more than likely to see some hard times ahead with rising interest rates and petrol prices pushing the limits of the average family.
During last week I mentioned on this blog that properties with the ‘double negative’ factor would struggle and most of these types of properties performed poorly overall on the weekend at auction. Good property in excellent positions still attracted much competition on the weekend with many selling strongly, however an excellent opportunity exists out there to pick up some good real estate buys!
I have seen a number of excellently priced property over the past two weeks. My advice would be to have your cheque book ready for when an opportunity comes up and pounce!