Monthly Market Update - March 2016
By | 4th Apr 16

Waiting for the new season of The Block? Check out the video above with a special update from Frank. 

March has seen the Melbourne property market continue to see some record breaking results. We have continued to see a high demand for family homes, especially those with a strong point of difference such as 39 Duke Street, Prahran, the once pub property saw 6 bidders push the price $550,000 over reserve. 80 Wellington Street, St Kilda saw this quirky property sell under the hammer when four bidders pushed the price $650,000 over reserve. Globally Australasia was the strongest performing marketplace by region seeing a consistent 10% capital growth across the board. To read the full article, please CLICK HERE.

The Herald Sun recently published an interesting article which claimed that the nation is forecast to be short by 250,000 homes by 2018. Currently within Melbourne we are seeing an unprecedented volume of development taking place, especially within the CBD and the inner suburbs. Most of these developments have been apartment projects which has in some pockets created an oversupply. However I would strongly agree that an undersupply of family homes is already being seen within our market which is contributing to many of the record sales results being achieved. According to the statistics Victoria alone is 42,000 homes behind in demand. To read the full article, please CLICK HERE.

The Western Suburbs are home to a few of my next ‘hot’ spot predictions including West Footscray. With predications that our population will overtake Sydney by 2040 and around 30-40% of the population growth will move out West it makes sense that West Melbourne has already seen a 23% rise in residents. The median house price is $733,000, which is still affordable when compared to the growing number of million dollar plus suburbs To read the article, please CLICK HERE.