BUYER’S AGENT WEEKLY PROPERTY REPORT - 30TH AUGUST 2016
By | 30th Aug 16

This week's video features Mario Borg and his Finance Tips - Borrowing Capacity vs. Affordability.

The Melbourne property market saw a slight upturn with a strong 78% auction clearance rate from 830 auctions. Some big results were achieved throughout Melbourne including 2 and 2a Fairview Street, Hawthorn. The two Art Deco apartments on 662sqm of land sold for $3,825,000 achieving $1,200,000 over the vendor’s reserve. We purchased 16 Bakers Parade, Brunswick West for our investor clients last week. The property offered a great return of around 4.5% and was purchased well below the asking price. Another big result was 37 Claremont Avenue, Malvern. The 4 bedroom home sold for a whopping $850,000 above the vendors reserve for $3,553,000.

We were quoted in the Herald Sun over the weekend in an article which looked at the price differences between train stations, with a single stop potentially meaning the price difference of up to $950,000. We found that the biggest price differences tended to boarder on that 10-13km radius from the CBD and that school zones where also a big contributing factor. Potentially buyers could save themselves hundreds of thousands of dollars though by choosing to spend a few extra minutes on the train each day. To read more about the price differences some suburbs experience please CLICK HERE. 

The Buyers Advocate profession has evolved greatly over the 17 years I have been in business. I recently read an interesting article about how many Real Estate Agents are tricking buyers into thinking they are in fact acting on their behalf in the purchase process when they are acting for the Vendor and advising buyers that it is a free service. At the end of the day a Real Estate Agent is acting in the best interest of their client, the Vendor. There are many reasons to engage an Advocate and if you are not an experienced purchaser or investor going up against an experienced negotiator in the purchasing process, it can end up costing you a lot more than an Advocate’s fee. To read more about the things to look for when speaking with Agents, please CLICK HERE.