BUYER’S AGENT WEEKLY PROPERTY REPORT - 1st June 2016
By | 1st Jun 16

Melbourne recorded a consistent clearance rate of 75% with 1045 auctions being held on another Super Saturday showing that the Melbourne property market is still very healthy. Once again we saw some great results achieved throughout Melbourne’s suburbs including 49 Jupiter Street, Caulfield South which proved that $1,000,000 doesn’t go far anymore. This 3 bedroom house with a shared party wall sold for $985,000. Another strong result was achieved at 8/20 Cardigan Street, St Kilda East and we were one of 3 bidders on this property which sold for $47,000 over reserve. Reservoir has continued to be a suburb to watch with 81 Barton Street, Reservoir selling $109,000 above reserve for $784,000.

Another strong indicator of the market’s strength is when ‘luxury’ property markets such as the holiday home market is doing well. This year we have seen three records broken for Brighton bathing boxes with a new record being achieved over the weekend of $307,000 for a simple wooden shed which no electricity or water connected.  We have seen many coastal and holiday locations achieving around 35% capital growth in the past 12 months. To read our comments made in the Herald Sun article about some weekend record prices, please CLICK HERE.

Many of our clients look to add value by doing renovation works but unless you know what you are doing and budget well it is easy for a simple renovation to blow out in both time and money. I recently read an article which highlighted many of the pitfalls first time renovators’ encounter which ultimately eats into their profit margin. One of the most important items is choosing the right project. Ensure that you have conducted your due diligence prior to purchasing and that you know what similar renovated and un-renovated properties are selling for within your immediate area. Be honest with yourself about how much work you are willing to take on and set realistic targets so that ultimately you are working with achievable outgoings and returns. To read the full article, please CLICK HERE.

In this week's video, Frank Valentic shares his updates including his commentary on the next season of The Block.