Buyer demand heats up for spring

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GIL KING REIV CEO

Spring is traditionally the busiest season in real estate and we can expect to see an upsurge in private and auction sales in the South-East over coming weeks and months.

For sale signs will dot the region and the calls of auctioneers will echo throughout the neighbourhood as properties exchange hands at an increasing rate. Although auctions are becoming more popular outside Melbourne’s inner ring, private sale is still the go-to method for most vendors in the South East.

According to REIV data, last spring 2793 homes sold via private sale in Casey, Cardinia and Greater Dandenong compared with just 322 sold under the hammer.

Our Days on Market data for August 2018 shows that homes are snapped up fastest in Skye, Narre Warren South, Cranbourne East and Cranbourne West. Properties lasted just 20 days on market in these suburbs which indicates strong buyer demand.

Auction success so far in 2018 has been strongest in Hallam, Springvale South and Noble Park North.

If you are contemplating putting your property on the market this season, you need a plan to get the best possible result.

The first step is to find the right agent: do your research, ask around, pop in to your local agencies to get a sense of their approach and feel free to ask questions. The REIV recommends prospective vendors get appraisals from at least three agents from competing agencies and consider how they stack up.

A skilled and experienced agent will be able to negotiate a sale with one or more interested buyers and will have access to a database of potential buyers who may have missed out on a similar property in your neighbourhood.

REIV members are well educated, trained and informed, with access to the most comprehensive market information including quarterly median house prices, auction results and legislative updates. It is a condition of membership for all REIV members to have professional indemnity insurance.

You can search for an REIV member at www.reiv.com.au

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