As you may be aware the auction clearance rate has dropped compared to the first quarter of 2010 where each weekend recorded a clearance rate exceeding 80%. Last weekend the rate was 70%, however it was a good result considering it was the highest number of auctions Melbourne has had on a winter weekend.
Whilst the clearance rate has dropped what we don’t hear about is the majority of properties, around 80%, sell within 2 weeks of the auction day.
The rise in interest rates has been linked to the drop and the RBA were attempting to slow the economy down. Of interest though is experts are not forecasting another rise, rather a fall later in the year. This is good news to all following almost 6 consecutive rises.
Just remember if you are considering buying or selling now or in the future, you are buying or selling in the same market conditions.
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