Leaping into the market
GEELONG home sellers enjoyed a bright start to spring with 87 per cent sales success for properties auctioned on the first weekend in September.
Property market analysts CoreLogic yesterday reported an 87.1 per cent final auction clearance rate for the Geelong region, the strongest result among all regional and capital city markets reported.
CoreLogic collected 31 auction results from the previous weekend.
The most expensive property was a three-bedroom house on a 983sq m block at 82 Elizabeth St, Geelong West, which sold immediately after the auction to a developer for $1.06 million, while an original 1970s one-bedroom house at 112 Camden Rd, Newtown, was knocked down for $980,000.
Ray White Highton auctioneer Matthew Constantine said the high auction success rate could be attributed to the tight market.
“I have seen so few properties on the market in winter as we’ve seen in the past three or four months,” he said.
“Really, there’s no sign of it changing in a big way. I think stock will be tight in spring.”
Mr Constantine said an influx of buyers from Melbourne was raising demand.
Melbourne’s final auction clearance rate last week was 71.3 per cent from 976 auctions. Thirty-two properties will go under the hammer this weekend, including six in Belmont. AUCTIONS, OPEN HOMES,
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