Whilst the market clearance rate went up 4% (Yahoo!!) the overall sales figures dropped 4%. There were a total of 977 sales reported to the REIV last week with the preceding week showing 1023. I noticed in the Age this morning even the agents are now saying the true rate for sales under the hammer […]
Welcome to spring! And of course the papers are full of failures in the market place: “59% clearance rate means that nobody is buying property”. This week there was a 24% increase in the total number of properties bought against the previous week. Last week there were just over 500 private sales and a similar […]
Another fairly lacklustre weekend for auctions saw the “Clearance Rate” slip to 63%. But there were still over 800 property sales in Melbourne last week. Just because auction numbers slip a little doesn’t mean the market is shutting down. At the same time, the major banks are coming as close to saying they will cut […]
A clearance rate of 66% this weekend, whilst very well received, does not denote the almighty change in the market. The fact that thousands of people attended the Home Buyers Show certainly does. Thank you to all those who visited the JPP team over the weekend. It was great to talk to so many people […]
July has been the busiest month this year for JPP. Our enquiry levels are as high as they have been in twelve months. And its not just investors flooding into the market, the owner occupiers are back. We have purchased 15 properties on 10 days. These properties ranged from family homes in Melbourne’s best suburbs […]
To say the top end of the market is slow is a ludicrous statement. It is unlikely to get 20% over value at an auction now, but properties are flying when they are 5% over market. If you bought a piece of land for $900,000, built a $700,000 home on it and then in this […]
The media usually catch on slowly. It’s easier to sell papers whilst printing gloom and doom. THE PROPERTY MARKET IS ALIVE AND BREATHING. After last weeks multiple bids at auction, I was engaged in 4 private sale negotiations last week. All of which had multiple potential buyers. One was purchased by another party who were […]
For the fourth weekend in a row I have been to auctions with more than three people bidding at properties on the market. There is a strong return of both investors and owner occupiers to the market place. Some properties purchased over the weekend sold at prices that may not have been attained in December […]
The Herald Sun Money section has thrown out the “R” word. Recession means an economic slowdown, evidenced by two consecutive quarters of negative growth. We have the Reserve Bank on one hand holding interest rates where they are, whilst we have banks arbitrarily increasing them to protect their profits. We have speculators in the market […]
Why aren’t the property market median prices in free fall? We are in the depths of winter, the middle of the school holidays and a free falling world stock market!! The world financial experts are talking about recessions, Hyundai are talking about car sales dropping, the climate is changing and the Murray River is drying […]
