Melbourne Real Estate Market Update
Melbourne property market is buzzing, showing strength in all indicators, from open home attendance to auction clearance rates.
Agents report that prices are rising strongly and the market is in favour of sellers in most regions.
A net 76% of agents said they were seeing more people through the doors of their open homes, and a net 43% report sales going unconditional, up from 5% in December.
Surveys shows that auction clearance rates are up in 2016 but the rising number of agents reporting more potential vendors inquiring about appraisals is not expected to generate any increase in supply of homes for sale.
Agents said more investors were looking to purchase but there had been a slight easing in the number of first-home buyers, although it is still at near-record numbers. A net 56% of agents said they thought prices were rising, the second-highest result on record. Buyers were seen as more motivated than sellers.
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