Property auctions are heating up across the Nation
On the latest episode of Toop TV - leading South Australian real estate agency Toop & Toop's very own real estate segment - reporter Elise Partington delivers the Inside Story on auctions heating up across the Nation.
According to the Real Estate Institute of Australia, around the nation there were more than 2,400 sales at auction last Saturday.
Tim Thredgold, Toop TV host and leading agent at Toop & Toop says "this indicates a significant improvement in the housing market where this day also saw the highest volumes of auctions on a single day since 2010."
"This has been attributed to a number of factors including increased vendor and buyer confidence and the large number of buyers who have been waiting for good stock to come on to the market," Mr Thredgold says.
The RBA’s last interest rate reduction which resulted in mortgage lending rate cuts was also a large contributor to this auction boom.
Elise Partington, presenter of Toop TV says that "out of all of the capital cities Adelaide had the third highest clearance rate sitting at 57.1%."
"This was a significant jump from the previous weekend where the rate was just over 40% (40.4%)," Ms Partington said.
And market experts hope to see similar results to this in coming weekends as the Spring season usually achieves the highest number of sales.
For the full Inside Story on the current auction bonanza, and to view the complete episode live today, Wednesday 31 October at 1pm, log onto www.toop.tv.
Also on Episode 151 of Toop TV:
- Live in the studio, CFS State Coordinator Brenton Eden to talk about how to prepare your home for the bushfire season: a must see for all Hills residents
- Weekly Market Update on what’s going on in real estate around the country, as well as a summary of the local market
- This week’s SA’s Finest is at 28 Barr Smith Street, Tusmore; an exquisite property in a beautiful location
All past Toop TV episodes are also available online at www.toop.tv