Buyer’s Agent Property Weekly Property Report - 18th May 2016
By | 18th May 16

May 18th - Property Report

The Melbourne market continues to perform strongly with a consistent 73% clearance rate from 692 auctions. Family homes and properties with a WOW factor are seeing strong competition at the auctions we attend with an average of four to five bidders and reserves being smashed by 10-20%. 

It is now a two speed market with the apartment market performing inconsistently and being patchy due to the oversupply of apartments in most suburbs. Melbourne is set to have 80,000 new apartments built in the next two years with 15,000 built in the inner city areas which will only add to the oversupply issues.

The ripple effect is pushing families to the outer suburbs as demand exceeds supply for family homes and is pushing prices up all over Melbourne. Melbourne’s current median house price of $720,000 is predicted to increase to a million dollars in the next five to seven years as there are now 93 suburbs with a median house price of over a million dollars. Read our comments in Samantha Landy’s Herald Sun article 

There are only a few places left for our Investor Club meeting next Thursday the 26th May at 6.30pm where I will be presenting on future “Hot Spots” and joined by Mario Borg and Jacob Galea. Tickets are limited and only a few remain, bookings can be made by visiting our website or click here to secure your spot. and you can also find information about our popular Buyer’s Advocate, Vendor’s Advocate, Property Management and Owner’s Corporation Services.

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