Well, the “Race that Stops the Nation” has been run and won for another year and this is a fairly significant date in the Melbourne property calendar is over – we’re now on a speeding train towards the end of the year. From here on property listings typically decline as most agencies prepare for the well-deserved holiday break.
What we noticed though is unlike last year residential marketing campaigns are back in full swing – over the last three months there has definitely been an increase of residential townhouse and apartment marketing campaigns as it seems that the off-the-plan sales machine is back up and running again.
Its also interesting to note that Melbourne had a 69% auction clearance rate compared to 44% last year for the same weekend and Sydney was at 77% clearance as opposed to the same 44% last year (Source: Domain) – so property activity is, in general, is far more active this year than it was 12 months ago.
I think with all of the factors above we’re in for a fairly typical start of the year next year which is a welcome sign for most developers in the industry – there have been some serious shocks to the system over the last year with a number of large development and construction companies going under this year.
Here’s to a great 2020 and as always, I look forward to your comments and thoughts and ways that we can improve.
To your development success,