Pre-auction offers key in seller’s market By Liz Hobday
Being brave enough to make a pre-auction offer could be the key to securing a property in the current market, according to a buyers advocate.
“In this kind of environment, where you have increased volumes and a declining clearance rate, there is an appetite for pre-auction offers,” Melbourne-based advocate Cate Bakos told AAP.
But she says buyers need to be organised with financing and confident in their valuations because many properties are only on the market for a few days.
“We’re seeing unpredictable, skittish behaviour from vendors,” she said.
The most recent CoreLogic figures show the volume of properties for sale nationally is rising, while the clearance rate continues to fall.
About 3,800 properties are expected to be sold across combined state and territory capitals in the coming week, making it one of the busiest on record.
Melbourne is set to host 1651 auctions, with another 1439 properties to go under the hammer in Sydney.
But clearance rates have fallen for the past five weeks in a row, with preliminary clearance rates showing only about three-quarters of properties are selling.
Ms Bakos predicts the seller’s market will continue into 2022 but auction clearance rates will decline further and there could also be increased vendor discounting.
She says interest rate speculation combined with an upcoming federal election may also create enough uncertainty to cool the appetites of some buyers.
House prices rose 1.5 per cent last month, according to CoreLogic but the market is slowly losing momentum since hitting peak monthly growth of 2.8 per cent in March.
Perth saw its first drop since June 2020 with a 0.1 per cent dip, while Brisbane prices increased 2.5 per cent, followed by Adelaide and Hobart with two per cent rises.
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