Victorian Property Market shows signs of improvement
11 May 2008BUYERS put their hands up to pull Victoria’s property market out of the doldrums at auctions yesterday.
The clearance rate improved to 65 per cent, reversing the declining trend of this year’s sales figures.
The State Budget cut to stamp duty can only have helped to boost the market.
Estate agents reported buyers were still cautious, but vendors were selling their properties provided they were not expecting last year’s higher prices.
Agents said there were few runaway results, even in blue-chip suburbs, with properties tending to sell within their expected price range.
They said it was still a buyer’s market because properties were selling at prices 5-10 per cent lower than at the end of last year.
They said vendors who did not have to sell were withdrawing from the market, meaning competition for available properties might increase.
