BUYERS AGENT WEEKLY MARKET UPDATE 10TH AUGUST
By | 10th Aug 16

This week's market update is by Frank Valentic. Click on the video above to view his full report!

The clearance rate performed well at 77% from 677 auctions over the weekend. We achieved a great result at 9/63 Ormond Road, Elwood through our Vendor Advocacy Service selling the 2 bedroom apartment for $550,000, $75,000 above reserve. 9 Victoria Avenue, Canterbury attracted 4 bidders and competition was fierce as bidding opened at $2,875,000 and the property sold under the hammer for $4,110,000, $610,000 above the vendor’s reserve price. In Altona, 5/35 Grieve Parade, a 2 bedroom villa over two levels sold for $406,000. To read about more of the weekends results and our comments in the Herald Sun over the weekend, please CLICK HERE.

We have long been predicating substantial capital growth in the Western Suburbs with the greatest driving force being housing affordability. Many are now finding out about the Inner West in areas such as Ardeer, Sunshine West and Sunshine which have experienced significant growth over the past 18 months. Many buyers are looking to the middle West suburbs to find a family home within their budget. Areas such as Wyndham are being overwhelmed with applications for subdivisions and weekly there are currently around 80 births within the immediate area. This growth rate is surpassing the investment our government is making into this area. It will be interesting over the next decade to see how the face of this area will change. To read the full article please, CLICK HERE.

Another changing suburb on the other side of the city is Seaford. The once affordable suburb is quickly changing with many families being drawn to the area for its affordability, white sandy beach and emerging café lifestyle. Local infrastructure has followed with investment into local facilities, water front eateries and of course the completion of Peninsula Link making the suburb more accessible for CBD commuters. Some are asking if Seaford is the new Sorrento with the beach now being rated equal best in Melbourne. Seaford has been one of our identified ‘Hot Spots’ and is definitely a suburb to watch. CLICK HERE to read more about the suburb. 

If you would like more advice on growing your property portfolio, get in touch for your free consultation. Contact us by emailing buyer@advantageproperty.com.au