TEMPERATURES may be dropping but real estate agents agree, the property market is starting to heat up.
As we now head into winter, RP Data statistics show 337 Queensland properties were scheduled to go under the hammer last week.
Australian Property Monitors preliminary Saturday auction results show 28 sales from 57 auctions, resulting in a clearance rate of 45 per cent. The official figures come out on Tuesday.
It was the second largest auction week this year, behind the 393 total for the week of March 18 but higher than the 309 for January 28 – which was influenced by a
Ray White Auction Spectacular event.
Industry experts believe this winter will be a good selling season, citing increased buyer inquiry, greater numbers of inspections and improved market confidence.
Place CEO Damian Hackett said the market had been steady for 18 months and people recognised that the bottom had been reached.
“Looking back at the last four or five years, I think the dynamics are there to have the best winter season since 2007,” he said.
RE/MAX Australia managing director Michael Davoren said low stock levels and high buyer numbers would drive a strong market.
Lack of confidence has held the property market back, even when affordability is attractive with lower
interest rates and prices down,” he said.
“The market is now dealing with the pent-up demand and the reality is that people will be buying and selling without a thought to the season.”
Optimism has improved since last winter according to Ray White Queensland CEO Peter Camphin who said there was now “more buzz” in the market place.
He said stock levels were tight and advised
people thinking of selling to list now – instead of waiting for the more popular spring season when there would be increased competition.
“I think it is going to be a strong trading period this winter,” Mr Camphin said.
It’s not over-inflated optimism from a
real estate person, we are seeing more people coming to open for inspections. It is a good time to sell.”
Belle Property agent Debora Sutton agreed that optimism had returned.
“We are still getting record numbers at open homes and multiple bidders at auction,” she said.
“People have been waiting for the right time to buy. If they see something they like, they are buying.”
LJ Hooker Toowong sales consultant Daniel Lee has noticed a high level of unseasonal interest in auction campaigns from would-be sellers.
“Spring is traditionally the strong auction season,” he said.
“But at the moment, the combination of historically low interest rates and encouraging market improvements has motivated buyers who have sat on their hands for the last few years.
Winter is typically a quieter time for the
auction market, but that notion is going to be tested this year because of where we’re positioned in the market cycle.
Mr Lee said his office had conducted 61 inspections and multiple valuations during the auction campaign for a four-bedroom home in Murray St, Taringa.
A five-bedroom, two-bathroom contemporary home in Orcades Rd, Yeronga, was also popular, again attracting more than 60 inspections during a three-week open home campaign.
Marketing agent Tegan Zernike of Place Newmarket said the numbers were encouraging.
The property sold under the hammer on Saturday for $950,000.
There is not a lot of stock at the moment so we are seeing better open home numbers and
properties are selling faster,” she said.
“Buyers are not so spoilt for choice.
“There is competition for quality properties priced correctly.”
Original Article published www.Couriermail.com.au Paula Shearer 3/6/2013