With the first real test of the Melbourne property market on the weekend it can ve said we passed with flying colours. We had been hearing all week how with over 1000 auctions we would see a return to normality and well we did.

A clearance rate of 82 per cent was recorded this weekend compared to 77 per cent last weekend and 76 per cent this weekend last year. There were 1198 auctions reported to the REIV, with 983 selling and 215 being passed in, 85 of those on a vendor bid. This weekend will mark 2017’s first Super Saturday and is on track to break the record for the highest number of auctions held in a single weekend in February.

As we have now seen the market pick up where it left off last year we must now start thinking about how we buy property as a long term asset more carefully as the cost of making a mistake can be crippling.

We often talk about the gains in the property market and how it grown over the last few years but we never discuss the property’s that have lost value.

I come across a lot of people who have been given bad advice by those that hold themselves out as property experts but are really just spruikers.

If the person advising you on the property is getting income anywhere else than from their clients you know they are probably not operating in your best interests. We are a truely independent firm that was set up to combat this type of behavior.

If you have any questions about the State of the Market please feel free to give me a call or to send me an email.

Kind Regards