Is The Property Market About To Boom?
Recent clearance rates are inline with what everyone in the industry is seeing – an increasing appetite for property. There’s also a shift from owner-occupiers to investors. Titled land is all but impossible to find and prices seem to be increasing weekly.
The top three states nationally at the weekend of February 13th & 14th were as follows: Victoria had the highest clearance rate with 91%, followed by NSW at 90% and QLD with 75%.
Melbourne agents are experiencing an ‘inspection frenzy’, with many claiming they are becoming like nightclub bouncers and turning people away at the door. Data from SQM Research shows the number of new listing sin Melbourne for the month of January has been the highest in over 12 years whilst new Domain data has inspections up by 84.5% over December.
Some agents have been experiencing so much demand, they worked through Christmas and even had open days on Boxing Day. Numbers have been staggering – anywhere from 70 to 250 people through any given property.
The market is ripe! Record-low interest rates, relatively easy finance, government incentives for first home buyers and savings on stamp duty. This in turn has provided great confidence in Melbourne’s property market.
Many in the Pillar community are seeing it too which is encouraging. We are now being inundated with calls from our clients wanting to review their position and explore new opportunities to grow their investment portfolios and capitalise on the current movement.