Buyers Agent Weekly Property Report 6th July
By | 6th Jul 16

Weekly Property Report

There were only 249 auctions held over the election weekend but a consistent clearance rate of 73% was recorded. A new record was set for Yarraville with 31-33 Somerville Road selling for $3,280,000, close to a million dollars above the last record sale within the suburb. 19 Flora Road, Donvale, a five bedroom family home on a huge 3,472sqm of land sold for $2,400,000. In Kensington a modern 1 bedroom unit sold under the hammer for $325,000 after it was purchased for $369,000 nine years ago. To read our comments about the weekend’s results, please CLICK HERE.

We have consistently seen a strong demand for family homes in Melbourne with the middle suburbs setting new records as families fight it out to buy a place they can call their own. This demand is pushing to the outer suburbs with 126 homes selling under the hammer in outer areas, just shy of double the number of sales last year. We have also seen consistent growth in suburbs such as Thomastown, Fawkner and Reservoir. We have been steering our investor clients towards these more affordable areas where we believe we will see good capital growth over the coming years. To read the REIV’s article about well performing suburbs please CLICK HERE.

Many parents are choosing to pay a 10-20% premium to be in a suburb within a sought after School Zone. Over the weekend, we saw 57 Culcairn Drive, Frankston South which attracted bids from 3 families pushing the sale price for this 4 bedroom home up to $783,500. Being in a School Zone can make for a great investment decision with properties within the zone often maintaining their value even during a down turn in the market and this often means more interest if you decide to rent the property out as many families cannot afford to buy within the area and renting is their only option. To read the Herald Sun article about purchasing in school zones, please CLICK HERE.