Home > Auction Wrap > Auction Snapshot | 11 & 12 May

Auction Snapshot | 11 & 12 May

Fetching a healthy auction clearance rate of 60%, last weekend saw a reduced number of auctions taking place across Victoria. Responding to the decrease in homes currently listed for sale, Domain suggests that ‘the combination of state and Federal elections and a late Easter break that coincided with the school holidays’ was the reason for the shortfall. Given this, industry experts say properties on the market during the Autumn and Winter seasons are typically more likely to see higher demand from buyers at this time of year due to the lower stock on offer.
With the REA Group suggesting that ‘less choice this weekend is expected to help competition’, Australian Head of Real Estate, Geoff White, backed up this claim, saying the reduced competition in the market ‘might play into those vendors’ hands’.
This coming weekend, the political landscape is set to dictate the outcome on current industry policies relating to negative gearing and the capital gains tax. With the Federal election set for Saturday 18th May, Mr. White says, ‘homebuyers have not been so deterred by the political scene as investors.’ In fact, the REA Group suggests that pre-election auctions could ‘win a vote of confidence from buyers’.
Results. It’s a Fletchers thing.
#realestate #property #news
Categories: Auction Wrap
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