BUYER’S AGENT WEEKLY PROPERTY REPORT - 13TH SEPTEMBER 2016
By | 13th Sep 16

MUST WATCH VIDEO: Frank's second Spring market update brings you all the commentary on the current property market.

The Melbourne market performed strongly again this weekend with the beginning of Spring commencing with a bang. We recorded a clearance rate of 78.4% from 846 auctions. The most expensive property sold over the weekend at auction was a 4 bedroom home located at 204 Esplanade, Brighton, the property sold for $6,500,000. We sold 4/5 Rose Street, Altona through our Vendor Advocacy service for $425,000, we purchased the property “Off Market” for the client in 2014 for $252,000. Over the next few weeks with multiple upcoming long weekends and the mad rush before Christmas we expect to see a larger volume of stock available for buyers. When speaking to agents recently we have received an overwhelming amount of feedback that the demand is far outweighing the supply of properties available for sale. So far this year the turnover of property is down from last year by around 9.5%. To read about the Spring Market please, CLICK HERE. 

For many auctions represent an overwhelming and scary process, many Vendors ask the question of what happens if my property passes in? The reality is when a property has a realistic reserve it will most likely sell shortly after the auction. Clearance rates have been sitting at around 70% with a further 12.4% selling within the month following the auction. From our experience houses are sitting on the market for a shorter period of time, even often selling prior to auction under such fierce competition while apartments are taking around 62 days to sell. To read more about the current auction market please, CLICK HERE. 

We are constantly hearing about housing affordability being at an all-time low, but it appears things are not showing any signs of easing up with the Financial Review recently publishing an article outlining how most of Australia’s capital city property prices are seeing a steady rise. Melbourne is up 1.4% in just one month proving that it really is all about time in the market. The average Melbourne dwelling now costs around $585,000. To read the full article, please CLICK HERE. 

For more information on our services, contact us today to see how we can assist in reaching your property goals.