Figures put out by RealEstate.com.au showed that clearance rates at auctions have improved quite remarkably in the past year. They were quoting figures for December 2009 and the following are the top 5 for clearance rates:
- 78.4% Melbourne
- 76.9% Canberra
- 72% Sydney
- 53.9% Adelaide
- 50% Tasmania
Given the fact that an auction contract is a cash contract, buyers are obviously ready with the cash or are confident that they will have the finance to complete the sale.
I see this as a sign that confidence is back in the market and that investors are on the hunt once again. Buying auction properties for your investment portfolio could be a good step right now.
We are now half way through March with only 2 1/2 months left before the end of the financial year so if you want or need to get the benefit of tax write backs for 2009-2010 tax year then start getting all your financials together.
It could really benefit a property investor who gets their tax return in a lump sum to purchase again before the end of the financial year.
With the last year being such a tight one financially, many investors can now reap the rewards of that difficult time by maximising your property investment tax return.