Article from the Herald Sun MELBOURNES auction market is even hotter than reported with research revealing eight out of 10 properties are selling under the hammer or shortly afterwards. The RP Data Auction Plus research - exclusive to the Herald Sun - reveals the auction clearance rate, trending at 71 per cent, is 13 per cent higher when properties sold within 30 days after auction are included. Auction Plus looks at the success rate of the auction process rather than the auction result on the day, said RP Data analyst Cameron Kusher. Even if property is not successful at the auction - although most are currently - they are gathering quite a lot of attention and negotiations in the majority of cases are resulting in a quick sale afterwards. The traditional increase in listings for spring has not slowed sales. Mr Kusher said the number of new listings on the market nationally is 4.3 per cent higher this year. But strong buyer demand means listings in Melbourne are 10 per cent lower than last year as older stock also sells. The average time on market has also fallen from 55 days at this time last year to 44 days at the moment.
Posted on: Sun, 03 Nov 2013 05:32:20 +0000
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