Real estate in Brunswick has been a hot market of late.
In fact, Melbourne is now Australia's largest auction market, according to a recent report from CoreLogic RP Data.
Figures show that last week, there were 1084 auctions in Melbourne, which is 273 more than the same time last year.
Furthermore, the clearance rate of auctions has jumped up to 79.3 per cent – an 11 per cent increase from last year.
This all means there has been substantially more auctions with a higher success rate.
The current low interest rates have made the real estate in Brunswick attainable for more homebuyers and property investors.
Unfortunately, as this demand has increased, so too have the prices for property in Brunswick.
According to Your Investment Property, the median Brunswick house price has grown 21.7 per cent over the last three years.
Auctioning is a system of selling property that becomes even more popular when the housing market is strong (like now for instance), as agents and sellers become more confident that they will be able to achieve a good price over and above their reserve.
According to the HSBC Bank Australia, one of the main features (and benefits for the seller) of auctioning is the instant results – as soon as contracts are transferred and signed they are binding.
Here are some quick tips worth remembering if you are bidding at an auction.
If you are in the market for property in the area, talk to the experts at Ray White Brunswick. We can help find the right property in Brunswick for you and then guide you through the auction process, ensuring you're getting the best deal.