It’s a Vendors Winter
July 3, 2014 Hodges Real Estate Information
As reported by The Herald Sun over the weekend, the cold weather has not deterred buyers with Melbourne recording its third consecutive week with a clearance rate just shy of 70 per cent according to RP Data figures. Fierce bidding from determined buyers and small-scale developers should keep vendor confidence high throughout the colder months.
As a testament to this, Hodges experienced excellent clearance rates selling 20 of its 23 properties that went to auction last weekend. Despite the poor weather, interest from buyers is likely to continue to remain strong given the solid activity we have witnessed thus far.
The Kingston and Glen Eira areas have both experienced heightened market activity this winter compared to last year. Strong prices in Cheltenham are being underpinned by an overflow of buyers from Bentleigh for its close proximity to Bentleigh’s lovely village and the beach. Through determination one keen buyer last Saturday secured 20 Tiffany Avenue, Cheltenham; seeing the value of it being a good investment for its location.