Buyers Agent Weekly Market Update 4th August
By | 3rd Aug 16

Melbourne’s property market continues its solid performance with an improving 77% clearance rate from 390 auctions. As always, there were some strong results as Sunshine recorded its third million dollar sale when a house in Jessie Street sold for $1,001,000 which was a whopping $201,000 or 25% over reserve. Although a house in Clarke Street Northcote passed in for $3.95 million, it is close to being sold and achieving another suburb record by eclipsing Northcote’s previous $3.5 million record.

The RBA handed down its eighth interest rate cut since November 2011 and this will only fuel the fire for demand for family homes at the affordable and entry level end of the market, particularly under $600,000 where First Home Buyers receive a 50% stamp duty discount of around $10- 15,000 and will also entice investors into the market with their improved cash flow scenarios.

I have always paid around 6-7 per cent on average for interest rates over the last twenty years of building a property portfolio so rates have never been lower for home buyers and investors. The latest property data also shows that Melbourne and Sydney continue to lead the way with the strongest price growth over the year, with Melbourne’s housing sector predicted to continue growing strongly over the next year or two.

Until the end of August, we are continuing to offer anyone on our database a free Property Consultation to discuss your property portfolio and some of the Hot Spot areas and types of properties we are now buying for clients. Please email tswift@advantageproperty.com.au to book your complimentary consultation valued at $495. As always, visit www.advantageproperty.com.au for more information about our Buyer’s Agent, Vendor’s Advocacy, Property Management and Owner’s Corporation services.