Wednesday, March 22, 2006

The Week In Review With Australian Property Monitors

So, How is the Australian Property Market Tracking??? Let's see what the national market monitors Australian Property Monitors have to say...

"With the Commonwealth Games now in progress, Melbourne auctions this week are down on levels seen in previous weeks. Auction clearance rates have been holding well however. Over the past week, 58% of all properties in Melbourne sold prior to or under the hammer.

Not a bad result given all eyes are focused on sporting events. This Saturday 369 properties are listed for auction for the games city, which is better than what we were initially expecting in terms of volume.

Perth continues to rocket along, with clearance rates hitting 63% over the week. The word is the brokers collectively had the best month on record. None of our indicators are recording any sign of a slowdown.

However, with a median price now more than Melbourne’s, sooner or later Perth’s party will have to stop. I suspect that won’t happen until we see a downturn in the global commodities market – something which might not occur for a while yet.

Adelaide recorded a 74% clearance rate and an auction volume of 41 this week. 60 properties were auctioned last week and the clearance rate was 49%. This week of last year the clearance rate was 50%. "

So, to all of our home sellers, the market is still strong with a fantastic auction clearance rate. If you are thinking of selling, please contact us on 8362 8888 for a confidential chat. To our home buyers, there is plenty of activity in the market so happy house hunting!! 1800 817 616 Australian Property Monitors

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