Melbourne Property Market Update - 20th March 2018
By Advantage Property | 20th Mar 18
Your weekly property market update by Frank Valentic
There were again more opportunities for buyers with another Super Saturday volume of auctions. The clearance rate stayed at a consistent 68% from a larger volume of close to 1,300 auctions. There is definitely less buyer FOMO (Fear of Missing Out) at the moment with more hesitation from buyers and they are having the luxury of being pickier and showing less desperation. I think this will continue this year as it transitions to give buyers more opportunities which is great as it has been a sellers’ market for the last six years.
It is always humbling to be nominated for industry awards and over the last eighteen years, we have been proud to win and be nominated for many awards at Advantage Property Consulting. I am humbled to be voted fourth across Australia for the Top Buyer’s Agent awards held by Your Investment Property Magazine. I wanted to thank our many clients and business partners that have supported us over the last eighteen years as a Buyer’s Advocate and that have been a big part of our success.
The First Home Buyers are definitely back in the market place and most of them know about the stamp duty concessions that have given them more buying power as they are now able to secure properties under $750,000 with large stamp duty reductions. Not all First Home Buyers know about the Super Saver scheme where they are entitled to save up to $30,000 in their superannuation funds which helps them to save a deposit faster and helps them get into the market sooner. To learn more about this, click here.
Villa units continue to be in strong demand and something that we are selecting as a good investment option for many of our investors. Villa units often come with land content and it really is land that appreciates and building that depreciates. They won’t build as many single level villas so they continue to be popular as we saw recently when we missed out at an auction on Barnsbury Road in Balwyn where there were five bidders fighting for a single level villa unit. These will continue to have a ‘WOW’ factor and achieve much growth in the years to come.
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 Saturday to be confirmed), our two bedroom villa units in Albion with off street parking from approximately $250,000 each and our Reservoir two bedroom villa units with courtyard and undercover parking approximately $399,000-$425,000 each (open for inspection Thursday 22nd 6:15pm-6:45pm with the auction on Saturday the 24th March). Please register your interest by contacting firstname.lastname@example.org