Melbourne Property Market Update - 17th April 2018
By Advantage Property | 17th Apr 18
Your property update by Frank Valentic
The Melbourne property market continues its stable and consistent performance with a clearance rate of 68% from 681 auctions. It definitely hasn’t dropped off like Sydney where the clearance rate is hovering more around the 50% mark and it will now take savvy investors to pick the eyes out of the Melbourne market to see where there will be growth in the next few years, as we are now six years into this property cycle as it bottomed in September 2012. Eighteen months ago, we picked Fawkner as a “Hot Spot” area and bought a house on Major Road for $568,000 and one just sold in the street for $867,000.
Our population growth keeps growing in Melbourne and that keeps driving Melbourne’s unprecedented capital growth for housing. It is causing many problems for buyers trying to get into the market as affordability continues to be a major issue. A recent survey showed that home ownership numbers had dropped from 66% back in the early 1980’s to the current low of 44%. That is almost a third lower in numbers which no doubt has much to do with the increasing prices making it tougher for in particular, First Home Buyers to get into the market place.
We continue to see some strong results at auctions, particularly for period family homes and we are often seeing unrenovated properties selling for just as much as renovated properties. Many buyers get carried away and maybe with the popularity of TV shows like The Block, they think they can complete a renovation for a much cheaper cost. We are finding that unrenovated properties often require major renovations and when you are paying a renovated price, it can be very hard to not over capitalise on some of those properties.
We have a number of exciting positions available in our Advantage Property team at the moment including Personal Assistant to myself and assisting the Sales team and also an assistant Property Manager role. Please forward any resumes of interested parties to email@example.com.
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, our Reservoir two bedroom villa units with courtyard and undercover parking approximately $450,000 each and a Kew East boutique block of 6 two bedroom apartments with parking for approximately $625,000 each. Please register your interest by contacting firstname.lastname@example.org