Market Update 10th September 2019
By Advantage Property | 10th Sep 19
The Melbourne property market continues its solid performance as we saw the first Spring Auction weekend achieve a 78% clearance rate from 553 auctions in Melbourne.
There continues to be a lack of good quality stock especially in suburbs with a strong demand for family homes that are in close proximity to sought after schools. The first home buyer segment of the market is also red hot and we are seeing some great results achieved. Even properties that do not meet the exact requirements of families are performing well. We had a Vendor Advocacy client whose family home didn’t have a backyard but still achieved $231,000 above reserve selling for $1,511,000 with 4 bidders pushing the price up. We are seeing more and more buyers experiencing FOMO (fear of missing out) because if they miss out on one property the price is often going up considerably by the time they have found another potential property to purchase.
Our client also had a solid result in Como Parade East, Mentone that we purchased back in 2014 through our Group Block strategy for $233,000. They had 6 bidders including first home buyers and was purchased by an investor for $380,000. We are seeing a resurgence of investors since the election as more investors push themselves to get back into the market.