The last full weekend of auctions has been run and won as we head into the Christmas season.
With a clearance rate range of 56% to 85% we saw consistency in the inconsistency of the reporting around the clearance rate.
Scheduled Auctions
1311
Reported Auctions
586
Total Sold
496
Total Passed In
90
Clearance Rate
85%
The Christmas period can be a good time to buy property in Victoria for a few reasons:
Less Competition: With many people focused on holidays and other commitments, there might be less competition from other buyers. This could give you a better chance of securing a property you’re interested in.
Potential for Discounts: Some sellers might be more motivated to sell before the end of the year for tax reasons or to finalise their own property transactions. This could lead to potential discounts or more favourable negotiation terms.
Quieter Market: The quieter market can make it easier to get a clearer picture of the property market and negotiate effectively with real estate agents and sellers.
However, there are also some things to consider:
Limited Stock: The number of properties available for sale might be limited during the Christmas period.
Slower Approval Process: Some lenders and conveyancers might be less accessible or have slower processing times due to the holiday season.
Potential for Higher Prices: While there might be opportunities for discounts, it’s also possible that some sellers might hold out for higher prices, especially if they believe there will be increased demand in the new year.
Ultimately, the best time to buy property depends on your individual circumstances and priorities. If you’re prepared to be patient and flexible, the Christmas period could be a good opportunity to find a great deal on a property in Victoria.
Here are some additional tips for buying property during the Christmas period:
Do your research: Make sure you know what you’re looking for and have a good understanding of the market.
Be prepared to act quickly: If you find a property you like, be prepared to make an offer quickly.
Get pre-approved for a loan: This will show sellers that you’re a serious buyer and can help you move quickly.
Hire a good buyers advocate (Rodney Samuels Consulting): A good agent can help you find the right property and negotiate a good deal.
By following these tips, you can increase your chances of finding a great property in Victoria during the Christmas season.