Based on Reported Auction Results*

More Cautious In 2018, But still Going Strong

Auction success rates are still holding up in the 70’s per cent range as the auction property market gets under way in 2018. February numbers of auctions are usually modest, but nonetheless provide a useful view into how market sentiment is travelling at the start of the year. These low early offerings however, follow a very solid end of 2017 which included five successive weekends each with well in excess of 1,000 auctions. This is really putting the market to the test and not surprisingly saw success rates dip below 70% for three weeks running.

Will 2018 continue as in recent years? That’s the million dollar (literally these days!) question that nobody can answer. As usual, it will likely depend on general stability on the world scene, with low interest rates and low unemployment continuing at home. It seems that while these three conditions prevail, property maintains an upward directional trend in the major cities. Continuing immigration will maintain a contribution. Larger provincial towns may also enjoy capital growth prospects as many people choose these more remote locations given a preference to commute by train to the city for work, or by having the freedom to work from home… City prices for many are becoming too high and the “province” option is becoming a real solution for home buyers these days.

Renowden Buyers Advocates wishes everyone a safe and happy 2018 and as always we look forward to assisting with all your property needs throughout the year..