BUYER’S AGENT WEEKLY PROPERTY REPORT - 24TH AUGUST 2016
By | 24th Aug 16

This week's video features Frank and his Investor tips on how to value your property.

The auction clearance rate remained consistent over the weekend with 75% of properties selling from 627 auctions conducted throughout Melbourne. We continued to see the middle Northern suburbs perform well and we bid at an auction at 61 French Street, Lalor on behalf of an investor client. The auction had 5 bidders and sold for $565,000. A single fronted Victorian broke the single fronted suburb record with 51 Martin Street, Thornbury selling under the hammer for $1,620,000. The suburb has been popular with young families and experienced large growth over recent years. Earlier this year a Thornbury home broke the $2,000,000 barrier setting a new suburb record. A period home in the Malvern Primary School zone located at 37 Claremont Avenue, Malvern sold $850,000 or 31% over reserve for $3,553,000. To read more about the weekend’s results, please CLICK HERE. 

Many home buyers feel torn when purchasing a home between their accommodation requirements, their desired location and their budget. The Herald Sun recently published an article outlining how some buyers are purchasing 2 bedroom homes in their ideal suburb as an entry point to a suburb and then renovating or extending to create the space they need. The savings often equate to hundreds of thousands of dollars, far less than what many buyers are finding the renovation works are costing them. To read more about this strategy, please CLICK HERE. 

Melbourne has been voted the most liveable city for the sixth consecutive year, with Sydney dropping in the ranks  to eleventh and it is no wonder ‘The Block’ has returned to Melbourne for another season to restore an old soap factory located in Port Melbourne. The building boasts city views and is an Art Deco dream full of character. The building is rich in history being used originally as office space for a Soap and Candle factory. We are looking forward to watching the contestants transform these apartments and the innovative design elements they will bring into the spaces and bidding again on our eighth consecutive series for clients. To read more about the history of the building please, CLICK HERE.