The Block Couples Set a Trend Towards Property Market Recovery
Australia's favourite reality show made the nation gasp as The Block auctions went live over the weekend, showing big promises for the housing market. With this season's properties pocketing, on average, $450,000 over the reserve, the national property market is set towards recovery, including Queensland.
It goes without saying that TV shows like The Block create an inevitable hype around the whole process, from renovating to appraising and auctioning a property that leave the nation curious about real estate market. All of The Block couples did extremely well, with all of them scoring at least $300,000 over the reserve price for the renovated properties. Compare it to only two seasons ago, when the fifth-placed couple won $95,000 and last year's fifth-place won just over $200,000.
With its 100 per cent clearance rate, The Block set a citywide trend over the weekend as 957 scheduled auctions reported 653 results, recording a 70.9 per cent clearance rate in Melbourne. Such stabilising clearance rate and rising buyer confidence point to the national property market recovery. The Queensland capital didn't fall far behind, scoring a clearance rate of 64 per cent, with few properties selling way over $1 million, which is an amazing result for Brisbane, where the average house price is $550,000. As the Christmas spirit settles in, the Sunshine State is set to welcome more cashed-up buyers, who will be coming here for a holiday in search for their dream home.
With more properties going under the hammer and selling for a higher price across the country, it's time to get your property on the market before Christmas rush sleds into town. Download our Instant Property Report to see how your property is currently performing.