More Families Look Into Upsizing

Data shows that more families are looking into upsizing their homes.

According to Village Real Estate director Marty Rankin, auction clearance rate has increased significantly since August 2010. It has hit a record high of 76 percent.

Rankin said that agents have reported that families and investors are the ones snapping up properties. He added that it is the family market, which drives the prices. Families appear to be looking into getting a house with bigger space, including bigger lands.

Rankin said that he has potential buyers who are willing to spend as much as $2 million. One buyer even shelled out $1.24 million for a new property. Two other bidders appeared to have battled it out with the winning bidder.

Rankin also said he has sold a weatherboard house for a cool $1.05 million.

Frank Valentic, a buyer’s advocate, said more families looking into buying bigger properties have helped the market. Greg Hocking, director of Hocking Stuart, also sold a duplex for $1.326 million.