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Property market shows signs of a rebound

Buyers turned out in force over the weekend delivering a strong result to the first test of the pre-Easter season.

Agents and buyer advocates cited low interest rates and pent-up demand as some of the factors drawing buyers back into the market after two years of lacklustre results and falling prices.

A clearance rate of 73 per cent was achieved in Melbourne against a bumper crop of 903 auctions. The Real Estate Institute of Victoria said that 541 properties were sold on the day, while 116 were sold before auction.

“Claverings,” a 14-room Victorian villa at 120 Powlett Street in East Melbourne, sold at auction for $5,155,000, well above the reserve of $4,375,000. The auction was conducted by Nelson Alexander agent, Arch Staver.

Mr Staver said that not much had changed in the Australian economy since late last year but confidence had picked up regardless.

Wakelin Property Advisory director, Richard Wakelin, said that a growing trend of demolishing older houses and building anew demonstrated the rising confidence in the market.

Source:
http://www.smh.com.au/business/property/signs-of-rebound-in-property-20130224-2ezik.html