Sydney Morning Herald: Melbourne property market ushered in dawn
Sydney Today, on March 3th, Australian Eastern Time, Melbourne's property auctions continued to perform satisfactorily this week, despite the bad weather, buyers were still active. The number of houses for sale is also normal. This week is the third consecutive week that the house clearance rate has exceeded 7%. All these indicate that the Melbourne property market has ushered in the dawn and the recovery is just around the corner.
Melbourne’s auction clearance rate is now the third consecutive week of increase in the 2012 auction season and is now close to 65%. This is much better than the situation where the clearance rate was struggling at around 50% during the same period last year and at the end of last year. The Melbourne property market is becoming more and more active, and people are starting to look for high-quality properties in popular areas.
Melbourne’s traditional and most prestigious suburb is Toorak. In the second half of 2011, the market was in a downturn in the area. The price of medium-sized houses was around A$120 million and the sales volume was 92 units, a 43.5% drop compared to the first half of the year. Although the prestige market performed poorly in 2011, the market has gradually become active since the end of 2011. The price of mid-sized houses in Melbourne rose by 1.1%, and this was mostly affected by rising prices in the high-end market.
Although whether the market can continue to be active and promote housing prices is still unknown, especially considering the complex economic situation in Victoria, we still hope that buyers in the market can continue to be so active. This week the government will release some important economic data, which will affect the mood of buyers in the entire property market. Although it is bad news for homeowners who handle mortgage loans, the central bank announced on Tuesday that it will maintain the current interest rate level. The latest gross national product will be announced on Wednesday and the unemployment data for February will be announced on Thursday, which may affect the status quo of the real estate market. (Wendy)