AND IT ALREADY IS. Section 47A,B,C,D of the Estate Agents Act of Victoria Underquoting occurs in two specific instances. The first is when the vendor completes an authority to sell and specifies a specific price they will accept. This can be for private sale or auction. If the Estate Agent quotes either verbally or in […]
Auction clearance rates are now offered to us by REIV, APM and RP Data. They are all different as they have a different collection method. They are from different sample sizes, different properties and will just about always be different results. However, the exact number is not what is important. It is the movement, or […]
The autumn selling season is up and running, or should I say racing. The REIV clearance rate for the first Super Saturday of the season has come in at an amazing 75% from 1100+ auctions. Looking back over the records, I cannot see this clearance rate on this many auctions since March 2010 and before […]
In the past 5 days we have purchased 5 properties. they have been geographically and financially all over the place. We have purchased under the hammer at auction, bought at an in-rooms auction, private sale negotiation, a negotiation prior to an auction and and late on Saturday secured a property after a passed in auction. […]
Auctions are simply a way of life in the Melbourne property market. Even though, in overall Metropolitan Melbourne, there are only about 30% of properties that go to auction, in the inner suburbs around the 20km ring of the CBD, this could be closer to 60%. If you are intending to purchase in these areas, […]
It has been all too long since my last article. It is very easy to be caught up in work and forget about the things that matter most to some people. Business has been brisk and with the addition of two granddaughters last year, my limited time meant something had to give. And my weekly […]
Whilst turnover is up and clearance rates are pushing through the mid 70’s% we know that overall stock levels are lower than they have been since around 2009 when we saw the statistics from REIV showing 1000+ auction and private sales per week in July and August. In the last 3 weeks, we have had […]
After 8 months of electioneering, we are finally going to get a chance to move on without politicians being front and centre of the media. With the current trends in the Melbourne auction scene, the only thing the announcement will do is slow down a few vendors. Currently the clearance rate sits well over 70% […]
The Block has finished for another year and we will again be inundated with requests to purchase homes that can be purchased, renovated and flipped for hundreds of thousands of dollars of profit. And can this all be done in 8 weeks? NO! The block cost the production company $6.71M and with stamp duty and […]
If you had not noticed the wind, cold, sleet and I am sure in some places snow during the auctions on Saturday then you were obviously inside near a fire enjoying not looking at real estate. This is normal for winter. Many vendors do not put their properties on the market at this time because […]
