The auction clearance rate within Melbourne has started to edge higher, suggests Paul English, Corporate Auctioneer for real estate group, Harcourts Victoria.
“2012’s auction market has kicked off nicely with clearance rates currently sitting at around 66 per cent, up from about 54 per cent from this time last year,” Mr English said.
“There is a lot of action in the market and within Harcourts we’ve had some great auction results, which is really setting the tone for the year ahead,” Mr English added.
Through his experience in Victoria’s property market, Mr English has identified several property hotspots throughout the state.
“The property markets on the Peninsular from Frankston to Mornington are performing incredibly well at the moment. There is a great deal of activity and we’re seeing some really outstanding results in that area.
“Regionally, the market in and around Ballarat is a standout performer. The area is attracting a lot of relocators from Melbourne who are looking for a lifestyle change, and the property market here is simply booming,” Mr English said.
According to Mr English, a strong level confidence seems to have returned to the property market this year.
“The market is very interesting at the moment. There is a very positive outlook in Melbourne. The property market indicators suggest that it is still going to be a hard year but that it is going to be a lot more positive than last year.
“I believe that good real estate professionals will shine in this market. Educating vendors about meeting the market and pricing their properties accordingly will be key but overall there is a lot of market confidence out there,” Mr English continued.
