UNDER Glenn Stevens, the former Reserve Bank Governor, interest rate watching became a national spectator sport on the first Tuesday of every month.<\/p>\n
This pastime has gravitated to property-watching with a focus on median house prices and auction clearance rates.<\/p>\n
The REIV has consistently maintained that the last 12 months have seen a market correction.<\/p>\n
The correction we had to have, if you will, following years of massive house price growth which would have priced out a generation of young people had it continued its upward trajectory at similar rates.<\/p>\n
We predicted median house prices would fall slightly and clearance rates would remain low but we would start to see the market pick up again after the Federal election. Lo and behold, now all those \u2018experts\u2019 who predicted Armageddon are moderating their outlook based, partly, on the Valuer General\u2019s data which, like ours, is based on actual sales.<\/p>\n
We have also seen auction clearance rates across Victoria pick up to their highest levels in 12 months, sitting above 60 per cent every weekend since the Federal election.<\/p>\n
The property industry is bombarded with data from one source or another every week.<\/p>\n
The REIV is unashamedly the most credible and accurate source because it is based on actual sales, not assumptions or manipulations, and we get it directly from our valued members and cross-check it with the Valuer General\u2019s records.<\/p>\n
And it\u2019s not just median house price data, each week, we collect 95 per cent of auction results and we are also the only body that collects and reports rental vacancy rates.<\/p>\n