Melbourne Property Market Update - 14th March 2018
By Advantage Property | 14th Mar 18
Your property market update by Frank Valentic
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Melbourne’s auction market had a breather this weekend with the Labour Day long weekend. There were only 289 auctions across the State and we saw another consistent clearance rate of 70%. There were many auctions out in First Home Buyer areas such as Hoppers Crossing and Werribee where we saw strong interest from three to four parties at all eight auctions for the day. First Home Buyer numbers are now up and at their highest levels for over five years and the State Government’s stamp duty concession increases that came into effect from July 1st, 2017 have definitely had a big impact.
Melbourne continues to be the Nation’s leading capital city in terms of property capital growth. It has been voted the World’s most liveable City seven years in a row and leads in capital growth over a long period of time. Over the last twenty years, Melbourne has experienced a phenomenal growth of 335% across the State, this averaged around 16.7% a year which was well above any of the other capital cities.
Our Buyer’s Advocates continue to look to Melbourne’s middle Western and middle Northern suburbs for opportunities as we believe there are still some hot spots with good potential for future growth and rental returns. Melbourne’s middle Western suburbs such as Sunshine West, St Albans and Ardeer are areas that our investors have been buying in over the last few years and these areas have seen some strong growth. Read our comments in Samantha Landy’s article here.
Please don’t hesitate to check out our website for more information about our popular Buyer’s Advocate, Sellers Advocate, Owner’s Corporation and Property Management services and our latest newsletters as well as our future Group Block opportunities including our block of two bedroom art deco apartments (without parking) in Duke Street, St Kilda which we have now negotiated the purchase of from $483,000-$541,000 each (open for inspection Sat 17th 11:00am-11:45am), our two bedroom villa units in Albion with off street parking from approximately $299,000 each, our two bedroom villa units in Oakleigh South with off street parking from approximately $499,000 and our Reservoir two bedroom villa units with courtyard and undercover parking approximately $425,000 each (open for inspection Wed 14th 5:00pm-5:30pm and Sat 17th 3:30pm-4:00pm). Please register your interest by contacting firstname.lastname@example.org