Bids ebb becomes a torrent

A NATIONAL company representing several major lenders has reported a 100 per cent clearance across the country for all mortgagee auction sales in their portfolio last week. They also reported all auctions sold well above the reserve price. This is positive news for the real estate market. The company advised this is the first week they have reported a 100 per cent clearance, and the best prices for a long time. Does this mean the market is firming up? We think so. Statistics deal in history but here on the forefront we are experiencing strong buyer demand, and multiple offers on many properties. A property put to market last week by Elite Cairns received seven written offers within the first three days of marketing. Elite auctions are well attended, with strong numbers registering to bid. Buyers are auction ready and eager to bid. No longer are they standing back and waiting for the property to go on the market at a price. Houses in the lower section of the market are being snapped up by first homebuyers and investors. First homebuyers are eager to secure a property now while the interest rates are low. Sue Clyde-Smith Senior sales associate Elite Cairns