BUYER’S AGENT WEEKLY PROPERTY REPORT - 19TH SEPTEMBER 2016
By | 19th Sep 16

WATCH: This week's video is a special "The Block" update by Frank.

The spring market has started with a bang, clearance rates have been consistent with Melbourne recording a 79.5% clearance rate over the weekend from 792 auctions. We attended an auction at 160 New Street, Brighton where this original condition 2 bedroom brick home on 380sqm of land sold over $200,000 above reserve with the property being declared on the market at $1,400,000 and selling for $1,601,000 with competition from 4 bidders. A 3 bedroom house on 605sqm sold for $585,000 at 3 Clarke Street, Thomastown with an investor purchasing the property under competition from four other bidders. To read about the auction results over the weekend, please CLICK HERE. 

Traditionally auctions have been held on Saturdays where many would often collect their Domain and attend a list of auctions for the day. We have been seeing a change throughout Melbourne with many agents looking to alternative days including mid-week evenings and Sunday auction dates offering vendors an alternative which often means their property is not set to go to auction with as much competition. The Herald Sun published an article over the weekend about the growing trend of Sunday auctions with Melbourne hosting 634 Sundayauctions this year alone. Caulfield North, St Kilda East, Caulfield South, Wantirna and Elsternwick favouring a Sunday auction, with religion being the driving force behind this trend. To read more about this growing trend, please CLICK HERE.

We have been seeing a growing trend as investors choose to focus on middle to outer ring suburbs for stronger capital growth as they are priced out of inner suburbs and predictions indicate many overdeveloped inner suburbs won’t recognise strong capital growth as supply will outweigh demand with little to no point of difference being offered in many of these large scale developments. While many local investors are looking to already established suburbs such as Deer Park, Ardeer and Reservoir many families are looking to the outer suburbs to provide some relief when purchasing their next home. Suburbs such as Cranbourne East, Epping and Beaconsfield-Officer have been named as the strongest markets for new home development with population increases of around 32 per cent in some of these areas as many overseas investors are attracted to these areas due to the off the plan incentives. To read the full article, please CLICK HERE.