Despite clearance rates declining elsewhere in Australia, auctions in the Bay Central area were up 9% for the quarter to a record high of 83%. Of 232 auctions conducted so far this year, 211 were sold under the hammer with 91% reporting sales over and above vendors’ reserves and expectations (source HouseSales.com).

This phenomenon reinforces buyer confidence in the area with many families gravitating towards the suburb for its visual appeal, beach lifestyle, mix of amenities and recent infrastructure upgrades which have transformed the once semi-industrial port into a trendy beachside locale. Combined with easy commuting to the city, this influx also bodes well for property investors as letting vacancy rates are at an all time low.

As an agent/auctioneer, I encourage those considering selling to take advantage of the increased buyer influx as we have many cashed-up under-bidders who are very keen to purchase property in the area.