Hugh's Market Snapshot Archive

Market snapshot: 16 Jan, 2012 - The January Phenomenon

Whilst most professional services came back to work last week, the Real Estate Industry is slow to start up, with the first smattering of open for inspections this weekend, and Auctions due 4th and 11th February. Open numbers were generally low but quality of enquiry was high. People atten..

Market snapshot: 19 Dec, 2011 - The property market bids farewell to 2011

It was more of the same for Melbourne’s auction market with the clearance rate once again hovering around 53 per cent according to REIV figures. While there’s been some early talk of a mild recovery in the New Year, there’s been an equal amount of commentary that sug..

Market snapshot: 12 Dec, 2011 - A brighter outlook but market inconsistency persists

The Reserve Bank’s second consecutive cut in interest rates has prompted several commentators to speculate that the property market is bouncing back, but in our opinion this announcement is probably a little premature. Though there does seem to be a slight boost in confidence, roughly half..

Market snapshot: 5 Dec, 2011 - Vendors urgently seeking buyers before Christmas

It was another steady weekend for Melbourne’s auction market with a provisional clearance rate of 55 per cent, though this will almost certainly drop a couple of points when unreported results are tracked down. This means about half of all properties failed to find a buyer on auction day. ..

Market snapshot: 28 Nov, 2011 - The markets within the market

It was a big weekend for Melbourne’s auction market with 899 properties going under the hammer. The clearance rate is a steady 53% and conditions were very similar to those we saw last weekend where high quality A+ properties are commanding good prices through competitive bidding, wh..

Market snapshot: 21 Nov, 2011 - The great divide: Strong prices vs Savage discounting

It was a busy weekend for Melbourne’s auction market with 668 properties going under the hammer. The clearance rate remains steady at 53 per cent, but there’s a huge divide between quality properties which continue to attract solid prices and lesser quality properties which are strug..

Market snapshot: 14 Nov, 2011 - Inner North shows good potential.

It was an interesting weekend in the property market though conditions on the whole remain relatively flat. Last weekend’s clearance rate of 50% was the lowest recorded for seven years but this week we’ve seen a modest improvement with the REIV figures indicating a clearance rate of ..

Market snapshot: 24 Oct, 2011 - Good weekend for buying.

It was a big weekend for Melbourne’s auction market with 741 auctions resulting in 409 sales which equates to a clearance rate of 55 per cent. There are still a number of auction results outstanding though which, once reported, may bring the clearance rate down a percentage point o..

Market snapshot: 19 Sept, 2011 - Buyers flock to quality properties at auction

With a boost to total auction numbers this weekend, 593 properties went under the hammer with 338 resulting in a sale and 255 being passed in to give us a slightly improved clearance rate of 57%. We’re hearing a lot of people say that it must be easier to buy now that the market is softe..

Market snapshot: 22 Aug, 2011 - Beware the renovator’s delight – lessons from ‘The Block’

The weekend’s 436 reported auctions resulted in 260 sales and 176 properties that were passed in to give us a clearance rate of 60% which is slightly up on recent weeks. The weekend’s news bulletins carried lots of dire warnings about Melbourne’s property market but these ‘pr..

Market snapshot: 25 July, 2011- Patchy results add to unpredictability of market

Of the 443 auctions reported from the weekend, 263 resulted in sales while 180 were passed in. This equates to a clearance rate of 59% which is four percentage points higher than last week. We’re seeing some very inconsistent results across the market, with quality stock achieving good r..

Market snapshot: 18 July, 2011 -Market performance shows modest improvement

With 377 auctions reported by the Age from the weekend, 211 properties sold at auction and 166 were passed in which gives us a clearance rate of 56% - a modest improvement over last week’s result. However it must be noted that this conflicts with the REIV's report of 177 sold of 377, whic..

Market snapshot: 4 July, 2011 - Soft market continues with school holidays

Market snapshot: 4 July, 2011 Soft market continues with school holidays The start of the school holidays signalled a quieter weekend for Melbourne’s auction market, with 419 properties auctioned. From that reported activity, 231 homes sold and 188 were passed in which equates to a clearance r..

Market snapshot: 27 June, 2011 - Investor properties keeping stock levels up

The clearance rate for Melbourne’s auction market continues to hover around 50% once all auction results are calculated and we’re now witnessing a real distinction in stock levels between investor properties and family homes. High quality, first tier 2br apartments are still selling w..

Market snapshot: 20 June, 2011 - Soft market delivers excellent opportunities for investors

The weekend’s clearance rate continues to reflect the softer conditions Melbourne’s property market has experienced in recent months. From a reported 639 auctions, 347 properties sold and 292 were passed in which gives us another lacklustre clearance rate of 54%. The clearance ..

Market snapshot: 8 June, 2011 - Clearance rate doesn’t budge but auctions still the most effective w

For the sixth week in a row, Melbourne’s clearance rate continues to hover below the 60% mark with 403 sales from 694 reported auctions at the weekend equating to a clearance rate of 58%. However, as we’ve experienced in previous weeks, this number is likely to be downgraded when additio..

Market snapshot: 30 May, 2011 - Tough market conditions highlight the importance of strategy

It was another tough weekend in Melbourne’s auction market with 487 sales from 829 auctions which gives us a clearance rate of 59%, though again, this figure will likely be downgraded in coming days as unreported results are tracked down. We’ve witnessed significant change in the ..

Market snapshot: 23 May, 2011 - Tough conditions but not all gloom and doom in Melbourne’s market

The clearance rate for Melbourne’s property market continues to inch downwards. This weekend, 415 sales were reported from 712 auctions with another 297 properties passed in which gives us a clearance rate of 58%. Last weekend’s clearance rate was downgraded to just 53% - a figure we hav..

Market snapshot: 9 May, 2011 - Backlog of unsold properties puts pressure on vendors

The auction market conditions on the weekend were very similar to those we’ve witnessed for the last couple of months. From 577 reported auctions, 348 properties sold, and 229 were passed in, with more than half of those passing in on a vendor bid. From what I’ve seen firsthand, famil..

Market snapshot: 2 May, 2011 - Good quality apartments hold firm but other market segments suffer

The market experienced lacklustre results on the weekend with the 480 reported residential auctions achieving a clearance rate of 57%. Though this is admittedly a lower clearance rate than we’ve seen for several months, it shouldn’t be seen as an absolute test of market strength give..

Market snapshot: 11 April, 2011 - Quality properties rewarded with competitive bidding at auction

It was a big auction weekend with 872 properties going under the hammer. Of these, 536 were sold and 340 were passed in to give us another steady clearance rate of 61%. It’s undoubtedly a buyer’s market, and generally vendors have adjusted their price expectations to avoid thei..

Market snapshot: 04 April, 2011 - The markets within the market

Market sentiment remains unchanged with the weekend’s 722 auctions achieving a clearance rate of 61%. While the clearance rate has been consistent for many weeks now, it conceals a lot of the anomalies that we’re seeing up close and on the ground. The reality is that the market is ve..

Market snapshot: 28 March, 2011 - High stock levels prompting lower clearance rates

Stock levels continue to rise in Melbourne with April set to be a bumper month of auctions. The clearance rate from the weekend’s 827 reported auctions is 61%, but with many results not yet reported it’s likely this figure will be revised downwards, just as last weekend’s clear..

Market snapshot: 21 March, 2011 - Vendors coming to terms with market realities

Melbourne’s property market remains steady with 881 auctions held on the weekend resulting in 579 sales which gives us a clearance rate of 66%. This has been remarkably consistent since the start of the property year. It’s becoming clear that vendors are beginning to accept that th..

Market snapshot: 7 March, 2011 - A divided market: frenzied bidding vs no bidding at auction

We saw more of the same at this weekend’s auctions with 565 properties from 852 auctions achieving a sale, which gives us a solid clearance rate of 66%. Though this means a third of homes failed to sell at auction, there were some pockets of strong and sometimes extremely unpredictable results..

Hugh's Market snapshot: 28 Feb, 2011 - Solid clearance rates but inconsistent results across Melbour

After a high volume auction weekend, Melbourne’s property market is wracked by inconsistency. 590 of the weekend’s 890 reported auctions achieved a sale, with 300 passed in which gives us a solid clearance rate of 66%. But, of the 300 properties that were passed in, almost two-thirds pas..

Market snapshot: 21 Feb, 2011 - Market delivers patchy results for 2011’s first big auction weekend

Melbourne’s auction market delivered a solid clearance rate of 66% from the weekend’s 673 reported auctions. We’re seeing some very mixed results though within the different price categories. The upper end of the market is experiencing modest activity and a slight imbalance between..

Hugh’s Market snapshot: 14 Feb, 2011 - Market characterised by restraint

The weekend’s auction results were steady but unremarkable. With 222 sales from 338 auctions reported, the clearance rate was 66%, although it’s likely that this figure will be revised downwards when missing sales are accounted for – just as last week’s clearance rate was..

Market snapshot: 7 Feb, 2011 - Wild weather but mild market results

The clearance rate from the weekend’s 149 auctions has come in at 60%, and 43 of these properties were passed in on a vendor bid. We’re seeing quite a lot of stock hitting the market, and the influx of these new listings together with the leftover properties from 2010 is putting buye..

Market snapshot: 31 Jan, 2011 - Buyers out in force as the market begins to warm up

With tomorrow marking the first day of February, Melbourne’s 2011 property market is beginning to shake off the holiday slumber. Though there are a few different figures doing the rounds in terms of auction results, the REIV has recorded a clearance rate of 52% on roughly 100 auctions held..

Hugh's Market Snapshot - 24 Jan, 2011 - All eyes on Portsea, Sorrento and Blairgowrie as holiday hom

In the lead up to Australia Day, Victoria’s holiday home markets are bracing for the first big auction weekend. Summer is the key period for buying and selling holiday home properties and the performance of the coastal market during these months is often viewed as a harbinger of what&rsquo..

Hugh's Market Snapshot - 17 Jan, 2011 - Melbourne’s property market gearing up for 2011

Welcome to our first Market Snapshot for the New Year. Though we’re still a few weeks away from the true start to the auction season there’s lots of client activity already underway. We have a number of auctions booked for Feb/Mar and new clients on board who are looking to buy. ..

Hugh's Market Snapshot - 20 Dec 2010

With the last weekend of auctions behind us, the overall clearance rate for 2010 has come in at 71%, which is a full ten points lower than last year (81%), but significantly higher than the GFC-induced low of 63% in 2008. It’s been a volatile year with the market experiencing good gr..

Hugh's Market Snapshot - 13 Dec 2010 - Last call for 2010 auctions

Recent media headlines that declare ‘the property bubble has burst’ are more than a touch dramatic. With an almost record number of auctions at the weekend (1351), the stated clearance rate of 61% is still respectable. Over the last four weeks Melbourne has hosted approximately 5,000 auc..

Hugh's Market Snapshot - 6 Dec 2010 - Market rides through soft landing

Over the weekend the Melbourne property market experienced more of the same conditions we’ve seen in recent weeks: a clearance rate of 60% and a number of sales negotiated after auction. It’s fair to say that the market has experienced a soft landing compounded by surplus stock levels bu..

Hughs Market Snapshot - 29 Nov 2010 - Buyers set to be spoiled for choice

As predicted last week, smart buyers are making the most of the flood of stock that’s hit the market in the lead up to Christmas. With record numbers of properties up for auction (there are more than 2,400 auctions scheduled for the next two weeks), and a clearance rate that’s starting t..

Hughs Market Snapshot - 22 Nov 2010 - Time for buyers to seize the day

Buyers who have been waiting for an opportunity to buy property in 2010 are out in force at Open for Inspections right now. With only three good weekends left this year for auctions, savvy buyers know that vendors who’ve listed their property for auction between now and Christmas are commi..

Hughs Market Snapshot 15 November 2010 - Opportunity knocks for buyers

With a clearance rate of 61% the weekend’s property results give a clear signal that the window of opportunity has opened for buyers. While the confidence of less astute purchasers wavers as the market absorbs the interest rate rise, stock levels are strong and buyers who are ready to make..

Hughs Market Snapshot 8 November 2010 - Why property is a confidence game

Despite the media frenzy about interest rate rises, the weekend’s clearance rate of 61% is not a sign of imminent doom for Melbourne’s property market. Within two weeks of an interest rate rise we always see a temporary softening while the market absorbs the change. As a result, many..

Hugh's Market Snap Shot - 01 Nov 2010 - The clock is ticking for vendors

Anyone who sold property over Melbourne’s undeclared ‘long weekend’ either had an immovable and compelling reason to sell or was badly advised by their agent. With much of Melbourne’s attention focused on the Spring Racing Carnival last weekend and again this weekend, it&rsqu..

Hugh's Market Snapshot - 25 Oct 2010 - Market holds its own on ‘Super’ Saturday

With a whopping 1031 auctions held on Saturday, the market held up surprisingly well with a clearance rate of 68%. There’s a lot of mixed opinion about the result with some commentators suggesting it was a weak performance, and while it’s true that some suburbs achieved stronger sale..

Hugh's Market Snapshot - 18 Oct 2010 - Market maintains momentum

Despite the horrendous weather, the market held steady over the weekend with a respectable clearance rate of 68% from 637 Auctions. There was a good spread of sales spanning the lower to higher ranges, but stock levels still suggest there are more buyers than sellers. These buyers however are a ..

Hugh's Market Snapshot - 11 Oct 2010 - Great Sales Campaigns are Key to Strong Competition at Auctio

The weekend was a good chance to test the market with 708 Auctions taking place and a clearance rate of 68%. What’s more interesting is that just under 20% of these properties were passed in on a vendor bid and it’s safe to assume the majority of these properties received NO bids at all...

Hugh's Market Snap Shot - 04 Oct 2010 - Clearance Rate tells Just One Side of the Story

The market enjoyed a strong weekend, despite the Grand Final replay, with an Auction clearance rate of 74%. Though it’s tempting to use the clearance rate as a general barometer of the market’s health, it comes with a few caveats. It’s true that the clearance rate indicates the num..

Hugh's Market Snap Shot - 27 Sept 2010 - What will two consecutive Grand Final Weekends mean for the

Now that we’re faced with a replay of the Grand Final this Saturday, Melbourne’s property market will experience highly unusual conditions this week. There are 585 Auctions scheduled for the coming weekend and generally these will all go ahead, though many Vendors will push for earli..

Hugh's Market Snap Shot - 20 Sept 2010 - The Growing Gap between East and West

We saw good stock volumes on the weekend as a result of vendors timing their Auctions to run ahead of next weekend’s Grand Final. The clearance rate was a very solid 72%. Despite this weekend’s compressed conditions, general stock availability is still limited and my feeling is..

Hugh's Market Snap Shot - 13 Sept 2010 - Quiet Confidence is Building

There’s a lot of cautious commentary doing the rounds at the moment about the Spring sales season. While it’s true that Spring is off to a slower start due to reasonably low stock levels, I get the sense that the market has re-set itself and confidence is really beginning to build. ..

Hugh's Market Snap Shot - 6 Sept 2010 - Market Sentiment Sends Mixed Messages

The weekend saw above average interest in the market with a total of 603 Auctions and a clearance rate of 72% which is a slight lift on last week, but as with previous weeks, we’re still not seeing a lot of movement of high end properties. Market sentiment seems polarised at the moment: ..

Hugh's Market Snap Shot - 30 Aug 2010 - Synergy’s Vendor Advocacy Delivers 400% Return!

It was an exceptional weekend for one of our clients who used our vendor advocacy service to make a phenomenal return on her Chelsea property. Having geared the property with an outlay of $29k just over 12 months ago, the vendor and Synergy came to a mutual decision on presentation within their ..

Hugh's Market Snapshot - 23 Aug 2010 - Vendor Confidence Slumps

The uncertainty surrounding the outcome of the federal election will have a knock-on effect on both the property and stock markets this week as investors await a result. Anyone planning on buying property this coming weekend will benefit from this lack of certainty which will make many investors..

Hugh's Market Snapshot - 16 Aug 2010 - A Tale of Two Auctions

The property market has had an unsettled week, though the clearance rate remained steady at 68% and the lower end is still reasonably strong. The two Auctions I observed at the weekend were indicative of the choppy market conditions: The first Auction in Richards Street, Coburg was for a family ..

Hugh's Market Snapshot - 9 Aug 2010 - Lower End of Market Still Going Strong

Recent property results have been reported in a fairly cautionary, downbeat tone in the press lately, and while it’s true that the upper end of the market is soft as a result of inactivity in the lead up to the election, the lower end of the market ($500k-$1.5M) is more than holding its ow..

Hugh's Market Snapshot - 2 Aug 2010 - Low Stock Levels and Lack of Depth Impacting upon Melbourne

While stock levels are slightly higher than this time last year (561 for the weekend just gone as opposed to 371 for late July 2009), the overall level is still quite low. This is having a significant influence on a couple of markets that are increasingly tight - Melbourne’s inner north an..

Hugh's Market Snap Shot - 26 July 2010 - First Steps To Transparency

In an unprecedented move over the weekend, the REIV has downgraded its reported clearance rate from last week’s surprisingly high figure of 72% to 69%. This is a significant acknowledgement of the shortcomings in the data upon which these figures are based. As I’ve commented ear..

Hugh's Market Snapshot - 19 July 2010 - Market Shows Modest Lift – but not to the extent of this wee

The Melbourne clearance rate lifted slightly over the weekend (up to 72% from 67% previously) but on relatively low Auction numbers, particularly in the middle and upper brackets. This was evidenced by only 1 sale occurring over $2M, where normally there are between 10-20 properties. There ..

Hugh's Market Snap Shot - 12 July 2010 - Slow and Steady She Goes!

A combination of low stock levels (school holidays) and last week’s Reserve Bank decision to hold interest rates has led to a marginal firming of activity and buyer confidence. The clearance rate of 68% was slightly better than last week. Some residential properties are still selling ..

Hugh's Market Snap Shot - 5 July 2010 - Buyers’ Time For Value Has Arrived - Picking The Winners In

The market recovered somewhat with a Clearance Rate of 66% for 539 Auctions, but in reality it was a two tiered market: the lower end (sub $1M) being relatively strong and the middle and upper end being comparatively weak. As we go through a shift in the market, buyers and sellers need to be d..

Hugh's Market Snap Shot - 21 June 2010 - Increasing Stock Levels Amplify Market Slide

Extremely high stock levels for Winter, combined with Vendors not recognising the trend of the market contributed to a reported Clearance Rate of only 68%. Whilst this was the lowest Clearance Rate for over a year, experience has shown that as markets fall, Agents report less and less of the &ls..

Hugh's Market Snap Shot - 31 May 2010 - Market Discounted 10% Over 6 Weeks

While most of the media talked about the market holding over the past two weeks, in reality it’s had considerable adjustment over the past 1-2 months. Over the weekend, Synergy attended six auctions, of which only one had competitive bidding - the others had either no bidding or only o..

Hugh's Market Snap Shot - 24 May 2010 - Sense Returns to the Market

Finally, after one of the strongest years in capital growth, the market appears to have leveled off. A sense of calm has now replaced the desperation of buyers throughout the market. While there were still strong Auctions this weekend, they seemed to be restricted to high quality properties ..

Hugh's Market Snap Shot - 17 May 2010 - Market Calms As Opportunities Present

The heat experienced in Melbourne’s residential property market during the opening months of 2010 has thankfully dissipated. We still experienced a positive clearance rate over the weekend and are now hopefully moving into a period of sustainable market stability. Synergy attended ..

Hugh's Market Snap Shot - 10 May 2010 - Opportunities Present As Common Sense Prevails

The combination of an interest rate rise, changes to foreign investment regulations and world market uncertainty seemed to take the wind out of many buyer’s sails this week. As the clearance rate fell below 80% for only the second time in 12 months we also saw an obvious lack of heat a..

Hugh's Market Snap Shot - 3 May 2010 - The Runaway Train Puts It’s Brakes On Slightly...

After last week’s announcement by the Foreign Investment Review Board (FIRB) to tighten foreign ownership laws, we all watched with bated breath to see how the market would react. In a high volume weekend, with over 800 properties offered at Auction, we could not have asked for more. ..

Hugh's Market Snap Shot - 20 April 2010 - Hot or Cold?

Inconsistent Market Provides Record Prices For Some, Opportunities For Others. As a property advisor, we had an interesting weekend. Whilst the clearance rate remained strong and everyone was talking the market up, one thing that it does not show is price and relative value - and there i..

Hugh's Market Snap Shot - 29 March 2010 - Market Roll Continues.

With over 1000 properties offered at auction and more than 600 sold by private sale, last weekend was one of the biggest ever for the Melbourne Market. The Clearance Rate also remains steady at 84% - a clear sign of the depth of this market. In the past fortnight, we have experienced some ve..

Hugh's Market Snap Shot - 22 March 2010 - Another Massive Week in Melbourne Property

* 884 Auctions * Over $1Billion sold * 87% clearance rate The Melbourne market rolled on again with a stellar performance despite the high volume and high value offered. This week we saw over 150 properties sold in Melbourne exceeding $1million - the highest number for the year to ..

Hugh's Market Snap Shot - 15 March 2010 - New Buyers and Investors Entering The Market Keep It On A

Another strong Weekend of Auctions with 87% of the 693 offered being sold under the hammer. While so many people put their real estate plans on hold through 09, now the trend appearing is a constant stream of owners now having the growing confidence to commence significant real estate trans..

Hugh's Market Snap Shot - 22 Feb 2010 - Market Cruises Through First Test

In its first real test of 2010, Melbourne’s Property Market passed with flying colours at the weekend, as 85% of just over 700 properties on offer sold under the hammer. Compared to this time last year when only 437 properties were Auctioned, it seems the high demand at the end of 2009..

Hugh's Market Snap Shot - 15 Feb 2010 - Here Comes The Test.

Last weekend at Auction we saw some very competitive bidding with 5 out of 6 Auctions personally attended receiving prices well above their reserves. With an Auction clearance rate of 85% from the 395 properties offered, the market is certainly showing strong signs. The real test will..

Hugh's Market Snap Shot - 8 Feb 2010 - Synergy Speaks to The Age about the Risks of Buying Of

Synergy’s comments in The Age Business today are a timely reminder of the importance of due diligence, whether buying a property off the plan or established. It’s so important to understand the risks, apply the fundamentals of property investment and seek independent advice to en..

Hugh's Market Snap Shot - 01 Feb 2010 - Interest in Coastal Market Improves

While all of the talk this week has been around Melbourne’s strong performance in 2009, the coastal market has started to free up, with a greater level of stock being offered across the board. With a clearance rate of 78%, the majority of this weekend’s low number of Auctions (1..

Hugh's Market Snap Shot - 07 Dec 2009

Melbourne experienced a massive last weekend of the Auction calendar with 912 Auctions being conducted and a clearance rate of 82%. The large volume of Auctions for December is actually almost double the number of properties that were offered in December 2008. More importantly, the maj..

Hugh's Market Snap Shot - 01 Dec 2009 - This Week’s Top Auction Price....Synergy Strikes Again!

It was a busy weekend in general with over 1000 properties being offered, for only the second time this year. It was a mark of the depth in the market that the vast majority of these were sold, with a strong clearance rate of 78%. Synergy was engaged to supervise the sale of 14 Riversdale Co..

Hugh's Market Snap Shot - 24 Nov 2009 - A Big Weekend Produces More Modest Results

Despite the extremely high stock levels, clearance rates have remained consistent over the past 5 weeks, hovering between 81 – 82%. Of greater interest is the large number of properties that Agents report, only produce one bidder. Whilst these properties are reported as sold at Au..

Hugh's Market Snap Shot - 17 Nov 2009 - Sale of the Week $4.21M

Synergy had another great week, including the ‘sale of the week’ at 18 Winifred Crescent Toorak. The Wayne Gillespie designed one of a pair was built by our client in 1981. We engaged Kay & Burton to sell the property and all parties were delighted with the result, which was ..

Hugh's Market Snap Shot - 11 Nov 2009 - The Run Home Until Christmas

With Saturday being the final day of the Spring Carnival, Auction numbers were reduced to a more normal 522, of which 81% were sold. While the clearance rate remains almost the same, we noticed fewer bidders overall and less energy. There will only be a handful of properties to hit the ..

Hugh's Market Snap Shot - 26 Oct 2009 - Strong Clearance Indicates Deep Confidence In Property Marke

The Age reported a clearance rate of 82% and described the market as a ‘stunning show of strength’. The reality was that whilst the market was strong, with consistent competitive bidding in the low and mid ranges, the upper end ($2M – $7M) showed more volatility. Of the 7 ..

Hugh's Market Snap Shot - 13 Oct 2009 - Volume Steadily Increases as Demand Remains Constant

The Melbourne property market experienced an above average number of auctions last weekend (599). In contrast, clearance rates have softened slightly from the highs of last month, however still remained strong at 82%. As a result of higher stock levels, we are seeing lower than average numbe..

Hugh's Market Snap Shot - 05 Oct 2009 - What Will Happen Now?

Most industry experts expected the Auction clearance rate to fall below 80% this weekend, as a result of a substantial increase in stock levels combined with the expectation of an imminent interest rate rise. Defying expectations, the market displayed a boom time 83% and was hardly dented at..

Hugh's Market Snap Shot - 14 Sept 2009 - Glen Iris - 59% Capital Growth in 35 Months, 2006 – 2009

Amidst the strong market, a result obtained by a Synergy client on the weekend showed the value in strategic property investment. Our client purchased the property in Staughton Road Glen Iris, October 2006 as a land hold strategy for $790,000. The property was in very basic condition, w..

Hugh's Market Snap Shot - 24 Aug 2009 - If You Are Thinking of Selling, Get Your Skates On!

The market is continuing to show strength on the low volume of stock being offered – with auction clearance rates still above 80%. We have now started to see a slight rise in stock levels, however there is no major increase forecasted for the remainder of the year. Last weekend, we aga..

Hugh's Market Snap Shot - 20 Aug 2009 - Sales Trend Moves Post Auction

Last weekend saw the continuation of strong clearance rates at Auction (84%). However, we have started to notice many properties being passed in and sold after Auction. We believe this is due to Vendors increasing expectations of market prices. As the market begins to make a comeback after d..

Hugh's Market Snap Shot - 13 Aug 2009 - 87% Clearance Rate!

The Melbourne Auction clearance rate continues to show the resilience and popularity of property. Whilst media commentary of global markets has been generally positive over the past 4 weeks, the Melbourne Real Estate market has literally taken off. We all expected the lower end ($300,0..

Hugh's Market Snap Shot - 11 Aug 2009 - Impact of Under Quoting Crackdown - Less transparency than e

It has been interesting to note this weekend the impact of recent raids on Real Estate Agents by Consumer Affairs Victoria, in a bid to crack down on under quoting. As a result of these raids and new legislation soon to be introduced, many traditional quoting methods in Real Estate advertising h..

Hugh's Market Snap Shot - 27 July 2009 - Accurate Appraisals Critical To Avoid Traps Of Under Quotin

Due to extremely low stock levels, this weekend saw the highest residential auction clearance rate for the year so far. Many properties are also selling significantly higher than quoted prices and, while it could be said low stock levels are driving competition and therefore increasing the ..

Hugh's Market Snap Shot - 20 July 2009 - Opportunities and New Under Quoting Rules

After 10 consecutive weeks of auction clearance rates above 80%, the property market is certainly looking positive. However, we must continue to remember there is still an extremely low supply of residential properties for sale. There is no doubt that a downturn in the share market has cont..

Hugh's Market Snap Shot - 06 July 2009 - High Clearance Rate – Low Stock Levels

Although this weekend again saw a relatively high auction clearance rate of 82%, unusually low stock levels means this result is not necessarily reflective of consumer confidence. Only 292 properties were offered at auction over the weekend, compared to the 450-550 we would have expected to ..

Hugh's Market Snap Shot - 19 May 2009 - Clearance Rates Remain Strong

The market experienced a further strengthening of clearance rates at 83% on a volume of 375. Next weekend we are expecting approximately 1300 Auctions, one of the biggest weekends (by volume) in the last 12 months. It will be a true test of market sentiment. Consistently, when we analy..

Hugh's Market Snap Shot - 27 April 2009 - Low Volume = Strong Clearance Rate

The clearance rate was an extremely strong 85% for the weekend, though with only 166 Auctions (against an expected average of about 500 per weekend at this time of year) it was hardly a true test of the market. Interestingly, 201 Auctions were listed but only 166 conducted, of which 141 sol..

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