Market Update – Saturday 29th & Sunday 30th March 2014

A clearance rate of 71 per cent was recorded this weekend compared to 72 per cent last weekend and 69 per cent this weekend last year.

There were 1124 auctions reported to the REIV this weekend, with 795 selling and 329 being passed in, 183 of those on a vendor bid.

More than 4,600 auctions have been held in March, 30 per cent higher than the previous record of 3,525 auctions held in 2008. The monthly clearance rate is about 72 per cent and shows the resilience of buyer demand and vendor confidence in the market despite continued economic uncertainty.

The sales in March have also bolstered median prices for the quarter which is expected to report moderate growth in seasonally adjusted terms.

Next weekend the REIV expects around 1,220 auctions.

By: Enzo Raimondo