With another successful weekend of auctions having been conducted we see that the market has picked up right where it left off last year.

A clearance rate of 81 per cent was recorded this week compared to 78 per cent last week and 74 per cent this week last year. There were 444 auctions reported to the REIV, with 361 selling and 83 being passed in, 30 of those on a vendor bid. Melbourne’s outer suburbs – including Epping and Hoppers Crossing – have experienced solid auction volumes in the past fortnight, as the 2017 auction market gets underway.

As we are still early in the year this clearance rate is also helped by the lack of stock currently available although if we don’t see a change we will see a similar year to last year where the market was driven by demand well outstripping supply.

We are constantly advising our clients in a market like this you need to be organised and patient and willing to strike quickly to get the right property at the right price.

The key is to make sure you are buying the right property at the right price as we are still seeing certain parts of the market under performing.

If you have any questions about the State of the Market please feel free to get in touch.