With the real estate market about to take the Grand Final and School Holiday break, we again saw buyers out in force today at auctions and open for inspections.
As we’ve repeatedly seen in recent weeks, clearance rates have been exceptionally strong and many properties have sold well above reserve prices. However, these conditions are still not tempting vendors, so we are not seeing the volumes of property on the market that we saw prior to the Banking Royal Commission and the spring of 2017.
Last year, supply was down 30% and this spring looks likely to follow the trend. The major difference being that banks have once again opened up their coffers and we’ve had two interest rate cuts which have stimulated the market.