It came off as a surprise that the numbers came down in comparison to last year. REIV (Real Estate Institute of Victoria) recently registered 402 auctions, in comparison to 549 auctions indexed at the same time in 2021. Despite this slight downfall, it can be confidently stated that the real estate market is sure to rise this year.
With a motive to step into these auctions, one must be completely aware of all the ongoing figures and estimations of the market. Selling large properties at Real Estate Thornhill Park is going to be beneficial this year. You may scroll through our findings that will help anyone to make the right decision in consideration with the market!
1. RBA held interest rates despite rising inflation.
The Reserve Bank of Australia (RBA) has decided to hold interest rates. The inflation has been rising quickly, but the Real Estate agents Caroline springs were already anticipating this hike. Most of them have made changes in their budgets accordingly, but it remains a major question as to how long is the RBA going to hold these interest rates? However, the rising inflation is not expected to have any remarkable effects on the prices of properties. Because there have been several other factors that are positively affecting the economy, such as the higher stock levels, and the end of the pandemic.
2. The Clearance rate was 82%
As reported by REIV, this year the clearance rate has been slightly lesser than 2021. Although it was expected to rise higher, the numbers are not very concerning. It is also a remarkable fact that there were 185 private sales in Victoria! This is a clear indication that this year, dealers are investing more in the property market and towards the end, a significant rise is being expected.
3. Higher Stock Levels will benefit the property market
The covid pandemic is surging towards an end, and the world is returning to normal. Since after the third wave swept off, there has been a remarkable hike in the stock levels! This change could be seen in 2021 as well when the concerns were not as serious as before. And 2022 has also marked a higher trade in most countries that have led to the rising Stock Levels of all investors. It can be confidently deemed that the property market will benefit from it.
A recent auction witnessed the sale of 4 Draper Street, Albert Park. The property was in high demand and was contested by five auctioneers. It was sold for $1,545,000 that was high above its reserve of $1,100,000. If you’re anticipating over the same to Sell my house Caroline Springs, then now’s the right time to do it. Our experts at N7 Real Estate have carefully surveyed the market and its possible fluctuations. The conclusions are pretty much in the favour of every dealer, so it’s profitable to put up your property for auction in 2022.