Dannie Corr’s Market Commentary – June Quarter 2014

I have recently attended the World Real Estate Congress in Luxemburg.  Delegates from all facets of real estate from around the world attended the event including urban planners, architects commercial and domestic builders, estate agents etc. It was enlightening to see how far ahead the European building trend is in relation to the use of renewable energy initiatives. I will be advising clients and using these initiatives in our further developments and projects

The Melbourne market has continued to move forward over the last 2 months and we have experienced strong demand from buyers despite the colder months approaching.

Market facts May 2014

Average Auction Clearance Rate             70%

Number of Auctions                                     4500  

(This is a new record for the month- previous record was May 2010 with 4455 Auctions)

Average Days on Market                            38

Vacancy Rate                                                 2.8%

Also encouraging is that we are listing quality properties and Vendors are not waiting for the spring ‘crush’ which is proving beneficial for our sellers.