We come into the third week of August with the knowledge that the sales numbers for July were at record levels for our company. The momentum keeps building, with new listings and sales numbers continuing at very high levels. Supply and demand are balanced, giving confidence to both sides of the transaction.
As written in the opening letter, most market commentators have revised their previous negative predictions of a downturn in residential property prices and acknowledged that all data points to continued stability and heightened activity in many markets.
The purchasing power of buyers remains strong, supported by historically low interest rates. Properties sold by auction last week had an average of 3.3 registered bidders and 2.7 active bidders compared with two registered bidders and 1.5 active bidders from the same period last year. Additionally, 96.2 per cent of properties taken to auction received active bidding, giving almost all owners an opportunity to consider selling on the day.
