Monday, August 21, 2006

Quality Stock in Extreme Shortage

Last weekend witnessed one of our lowest levels of advertised housing stock that we have seen this year and 40% down on the levels experienced in the peak of Spring. The result in the market place is that home sellers have been reluctant to release their properties until they are able to find their next home and they have been in fear of selling their existing home without a new property to move into.
This is a phenomenon that we experience each year; however, having now had a taste of spring weather the phones have been running hot for appraisals which indicate we are only a matter of weeks away from a very active market.
The auction clearance rate dropped last week recording just on 50% down from 60-65% and we are not sure the reason for this. The number of buyers operating in the market sits on our records at 9,050 which demonstrate an ongoing strength in the marketplace. One thing that has been really noticeable is the number of properties sold prior to auction. Quality properties such as inner suburbs character homes still experience multiply offers, excellent sale prices and virtually immediate sale. So the buyers are obviously discerning and frustrated in their search for the hard to find properties.
So the up shot is spring sales and activity is really beginning to ‘Spring in to gear’!!

Anthony Toop, Managing Director.

© Toop Real Estate Group

No comments: