The first week of auctions have now been held and whilst there were a couple of hundred auctions we are not able to draw any firm conclusions just yet.

A clearance rate of 79 per cent was recorded between 19 December 2016 and 5 February 2017. There were 421 auctions reported to the REIV, with 333 selling and 88 being passed in, 39 of those on a vendor bid. Due to this being our first week of publication for 2017, this week’s results include results from the 19/12/2016 through to today. The auction activity is increasing throughout this month with more than 1,400 auctions due to be held in the last week of February.

This year will be very interesting as it appears from some of the articles I have been reading that the media may be slowly realising that with uncontrolled population growth and historically low interest rates this might also be contributing to the markets growth.

I don’t hold my breath that we will see the end to the incessant fear mongering but it may wane as sadly only those that can least afford to be affected are the ones who usually are.

We are starting to see a steady increase in the available property but not enough to quell the buyer pressure.

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