BUYER’S AGENT WEEKLY PROPERTY REPORT - 6th September 2016
By | 6th Sep 16

WATCH: This week's video is the first update from Frank - Spring is here and here's what you need to know about the first week of September.

We saw another strong auction weekend in Melbourne with a clearance rate of 78% from 698 auctions. Our Buyers and Vendors Advocates were busy this week helping many clients achieve their property goals. 1/236 Patterson Road, Bentleigh was sold through our Vendor Advocacy Service for $875,000 after being purchased for $540,000 in 2010. 6/80 Argyle Street, Fawkner was purchased by our clients late last year for $249,000 and was sold over the weekend for $390,000. We also purchased 167 Queens Parade, Clifton Hill for an investor client for $1,700,000. They had approached us about purchasing within a specific location and we were able to secure this commercial property “off market”. To read about more of the weekends results, please CLICK HERE. 

First home buyers continue to struggle to enter the property market as prices rise and most buyers are struggling to save the average deposit of $60,000. We recently contributed to an article published by The Herald Sun including our Senior Property Manager, Myrine Long about the growing trend of buyers who are returning home to live with Mum and Dad for a short term stay in order to save. This is a trend I suspect we will continue as many buyers need help when paying rent. Returning home for many allows them the chance to save an extra $1,500 roughly a month, without accounting for utilities. Wage increases have not been matched with the property market growth we have seen and for many buyers, this is the only way they can afford to purchase their first home. To read the full article, please CLICK HERE. 

Recently we have seen an increase in the number of buyers looking towards commercial opportunities over residential properties. For many clients, they find commercial property investment less hassle than residential with longer lease terms, fit out and the outgoings being paid by the tenant. These investments are often also returning stronger yields for investors than residential property can currently provide.

For a personal appointment to discuss your property goals, get in touch with us today.