Monthly property market update -  February
By | 9th Feb 17

The Melbourne property market started where it left off last year with the first couple of auction weekends resulting in clearance rates around 80%. It all started in coastal areas such as the Mornington Peninsula suburbs of Dromana and McCrae where we saw reserves being smashed and multiple bidders. This sets the scene for another strong Melbourne property market in 2017.

Most experts are predicting another strong year with low inflation figures though some economists were talking about the possible prospects of a recession with negative growth figures in the last quarter. It’s interesting times ahead when our Australian dollar is low and there is no talk of interest rates moving upwards in the near future.

Affordability is a big issue for First Home Buyers in particular and this was supported in a recent study which showed that Australia was the third most unaffordable country in the world, behind Hong Kong and New Zealand. Sydney was the third most unaffordable city and Melbourne offered better value for money and was ranked the sixth most unaffordable city, with our median house prices 30% more affordable than Sydney's.

In great news, I have a limited number of free tickets for the one day Personal Development Workshop I will be presenting at. All you need to do is "like" our Advantage Facebook page and send us a direct message saying “Free Ticket” and twenty will be drawn for free tickets (valued at $1999 normally). Also don’t forget tickets for the Melbourne Property Expo and our own Investor’s Club meeting. Please click on the details of each of these exciting events on the relevant sections of this update as special discounted rates/ tickets are offered to all Advantage Property bookings. Please visit our website www.advantageproperty.com.au or contact us regarding our popular Buyer’s Advocate, Vendor Advocacy, Property Management, Owner’s Corporation services and Group Block Purchases.