Market Update – Saturday 15th & Sunday 16th March 2014
A clearance rate of 73 per cent was recorded this weekend compared to 67 per cent last weekend and 68 per cent this weekend last year.
There were 837 auctions reported to the REIV this weekend, with 615 selling and 222 being passed in, 128 of those on a vendor bid.
After this week’s auctions, around 3,500 homes will have sold under the hammer so far this year.
We have had a big rise in the number of homes being sold by auction this year which continued on from the strength in the second half of last year.
Having said that, total transactions are tracking lower than this time last year with a notable decrease in private sales. This indicates that while the premium end of the market is doing well, the more affordable and more substantial private sale market is showing signs of a slowdown.
Next weekend the REIV expects around 1,110 auctions.
BY: Enzo Raimondo