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Mixed Messages about the Bottom

By Chris Watson
In an article that appeared in Thursday’s edition of the Financial Review, two economists were quoted in their commentary about the recent positive auction and sale results in the Melbourne real estate market. One economist was of the view that the real estate market appears to have reached the bottom and that is why there has been some positive results. Whilst another was of the view that the recent results are merely a ‘purple patch’ due to low levels of houses for sale due to the election, and that once house supply levels return to normal we will see prices continue to fall.
Locally, we have seen some fantastic results recently. We sold 4 Rupert Street Ringwood last month for $127,200 above reserve in a lively auction with six bidders. In the month of April we sold 7 out of 7 auctions either prior to auction, under the hammer or within a few days after auction.
Whether these results locally are because the real estate market has in fact bottomed out or due to low supply levels, what remains constant is that properties which are well marketed and well handled are still selling quickly and for good prices in the current market.
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