BUYER’S AGENT WEEKLY PROPERTY REPORT - 16th AUGUST 2016
By | 16th Aug 16

Must watch: This week's video features Brant Williams and his report on the current rental market conditions.

The Melbourne property market experienced many strong results over the weekend, with the REIV recording a 81% clearance rate from around 500 auctions. Middle ring suburbs continued to perform well with 79 Curtin Avenue, Lalor a 741sqm block with an original condition cream brick home selling for $680,000 with approved permits. The property sold $80,000 above reserve with 3 bidders. 249 Spring Street, Reservoir a corner development site which was in the Residential Growth zone sold for $1,700,000 showing once again the impact re-zoning is having on properties values. 27 Haynes Street, Highett a renovated single level weatherboard home sold for $1,580,000. To read more about the results from the weekend, please CLICK HERE. 

Recently there was discussion that Melbourne is not tipped to win the coveted title for the 5th year in a row of most liveable city in the world. A large contributing factor is the development going on with no size restrictions associated with the 80,000 new apartments being built in the next 2 years. I have long been an advocate for establishing development rules to protect our property market from being flooded with small properties, with no natural light or fresh air ventilation. I was pleased to read new guidelines are being introduced to help set a higher standard for Melbourne developments after research showed 60% of new apartments in Melbourne being constructed are considered of low quality. While these standards do not include a minimum size, it is a step in the right direction. To read the full article, please CLICK HERE. 

Many buyers look to neighbouring suburbs as an option after being priced out of their first preference. This has meant that the once unfashionable neighbouring suburb would recognise significant capital growth and as younger buyers would move into an area, the face of that suburb would change. Many blue chip suburbs still are recording higher growth but it is important to consider what you are purchasing. We have seen over the past few years that the land component is the most important factor affecting the growth of properties. Homes with a land component are out performing those with no land or outdoor space associated with it. While location and access to amenities will always be vitally important, with constant development occurring, we are seeing buyers pay more and more per square metre. To read our comments and the full article, please CLICK HERE.