Buyers Agent Weekly Property Report 13th July
By | 13th Jul 16

Melbourne’s clearance rate increased to 77% from 464 auctions over the weekend. We bid at competitive auction at 219 Argyle Street, Fitzroy for a client with 7 bidders pushing the sale price $227,000 above the reserve and being sold under the hammer for $1,527,000.  Another property located at 29 Hertford Road, Sunshine which sold above our client’s budget sold under the hammer for $981,000, well above the expected price range. 60 Neill Street, Carlton which was a share house attracted a crowd of around 70 people and drew bids from four buyers. The property was declared on the market at $1,300,000 and sold for $1,584,000. 15 Park Street, Richmond was attended by around 120 spectators and mostly attracted young couples in their late 20’s and 30’s. The single fronted Victorian was declared on the market at $920,000 and sold for $1,000,000. To read about more of the weekend’s results and our comments, please CLICK HERE.

Over the years, we have seen many once undesirable locations recognise quick capital growth as many buyers are pushed out of coveted suburbs and seek alternatives. With many families struggling to afford their dream home, many are considering neighbouring suburbs to their ideal location where price differences can get into the seven figures. The greatest price variance is between Kew and neighbour Abbotsford with the average home in Kew selling for $1,174,500 more than a comparable home in Abbotsford. This has long been one of our top tips for picking the next ‘Hot Spot’ suburbs and while the cost of living is cheaper, the access to facilities are often similar to their trendy neighbours. To read our comments in this week’s Herald Sun article, please CLICK HERE.

Recently the political uncertainty throughout the world has had many questioning where they are best to invest. We recently saw the stock market take a hit with the announcement of Brexit and the lack of certainty surrounding our government. Recently there has been talk about removing our AAA credit rating. Through the GFC, this was one of the factors which allowed the Australian Property Market to be less effected than other global markets such as America which did not have such a rating in place. To read the article published by The Australian, please CLICK HERE.