2016 was another strong year for the Melbourne property market, outstripping other state capitals. PhilipWebb offices enjoyed a strong finish to the year with a late Spring seeing auctions in December at record levels and our auction clearance rates above 90%.
Our auction results continued their strong run throughout the Summer period with consistently high clearance rates above 90%.
With a robust economy, low interest rates and recent changes to stamp duty aimed at making housing more affordable, buyer demand and fierce competition seems likely to continue. Some believe there might be a rate increase during the year, but if that eventuated, a continued shortage of properties on the market is anticipated to keep prices up.
At PhilipWebb, many of our sellers continue to experience exceptional results with high numbers attending our open for inspections and multiple bidders at auction pushing prices higher. Culminating with a recent 100% auction success weekend, we have many buyers who have missed out on purchasing their dream home eagerly awating new properties to come onto the market.