Buyers Offering Above Market Value

Posted on December 13th, 2013 · Posted in News

The number of homes being sold above owner expectations has exploded over the past year with the number of buyers looking between $500,000 and $1.5 million growing by almost a third, new research shows.

Market analysis by realestate.com.au has found that nationwide a hefty 41% of buyers in the market across September and October were prepared to bid above the asking price.  The figure dwarfs the 23% of buyers prepared to do so at the same time last year.

Properties priced between $500,000 and $1.5 million are the hottest range being sought by home buyers around the nation, with 39% of buyers looking in the range.

“The research indicates that investors are returning to the market,” said realestate.com.au general manager of sales and operations, Arthur Charlaftis.  “With low interest rates and a limited number of properties available, 49% of buyers believe that property prices will continue to increase in the next six months, so if you’re considering selling, it’s a great time to take action.”  He said the figures showed a significant increase in market confidence from 2012.  Melbourne and Sydney are leading the charge, but significant improvements have been recorded across every state except Tasmania.  The auction market is also proving particularly strong with 52 % of those bidding at auction going above the reserve price.

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Original Story Source: news.com.au