Melbourne Property Market Update - 28th March 2018
By | 28th Mar 18

Your weekly update by awarded Buyer's Agent Frank Valentic

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Melbourne had its second biggest auction weekend ever with a Super Saturday having a scheduled 2060 auctions and it passed with flying colours with a 66% clearance rate. This is a strong result given that there were five times as many auctions as what an average auction weekend would see of around 500 auctions. Reservoir continues to be a hot spot with the most auctions at 38 auctions showing how much the auction market has moved outwards from just the inner suburbs to the middle and outer suburbs. 

Period style homes continue to be in strong demand as we see at many auctions where there are still four to five bidders for most period family homes. They continue to have timeless appeal and their period features tend to always have the strongest wide spread demand. In a recent article it showed that period style homes were very much prominent in the ten most popular properties sold in Melbourne in the last twelve months.

We also see properties that are converted from old warehouses and churches doing very well in the marketplace as we have seen on The Block series a number of times. We have seen Dux House in Albert Park which was a recording studio, Ingles Street, Port Melbourne which was a former soap factory and now The Gatwick Hotel which is a former rooming house being successfully converted to warehouse style apartments. Many buyers appreciate the high ceilings and sense of space with these quirky conversions and we also saw this in The Glasshouse where the office building on High Street was converted to warehouse style apartments. 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, 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. Please register your interest by contacting mfairbank@advantageproperty.com.au