Monthly Property Update- April 2018
By Advantage Property | 4th Apr 18
How did Melbourne's property market preform in March with several Super Saturdays?
Melbourne continues to perform solidly as we have seen in the last month even though we had a number of Super Saturday auctions on the weekends where there were no long weekends, in between Labour Day and the Easter weekend. There were often 1500 to 2000 auctions with a record of 2060 auctions scheduled for one weekend which was the second highest in Melbourne's history.
Our population growth continues to drive our insatiable demand for properties with land. We saw a house in one of our hot spot suburbs, Reservoir sell for $947,000 in Henty Street and we purchased a comparable property down the road for $801,000, only ten months ago for a client thus creating some great equity.
We continue to see record results which shows that our market hasn't peaked yet as we saw with a Dromana block of land that sold for $791,000 over reserve. Melbourne's new pricing laws that came into effect as of the 1st of May last year have almost been in play for twelve months and they have definitely had an effect on the market as we have seen some slowing down with the competition at auctions and we are now seeing more properties sell inside the range that is on the required Statement of Information. Also more properties are selling within and sometimes below the range. We are definitely seeing less FOMO (Fear Of Missing Out) from some buyers and now the buyers competing have dropped to about two to three bidders compared to four to five that we were seeing last year. This is good news for investors if they are trying to get into the market place and home buyers as we have had a sellers' market for the last five and a half to six years.
We see many investors make mistakes and buy property that is not investment grade. They choose the wrong location and often the wrong property and pay the wrong price. Often properties are missing having the right orientation, floorplan or right aspect/view. There are many buyers out there buying 90% of the properties that we would reject as they do not have our investment grade criteria. Watch our short video above that highlights part one of our series of investment grade property tips, which is crucial when trying to buy a good investment with the best capital growth and rental return.
I was humbled once again to receive another award and over the last eighteen years, we have been very lucky to receive many awards and I was voted the fourth best Buyers Agent in Australia. More important than awards for us is the results we achieve for our clients. We were delighted again to see another great result through our group blocks purchase where a client sold a townhouse in High Street, Malvern for almost double what they paid for it in 2013, bought for $650,000 and it just sold for $1,300,000. Also, our client from Watt Street, Bentleigh East who paid $550,000 eighteen months ago and had just had a valuation for $825,000. These results are more important than the awards we win as it's results that we love achieving for our clients!
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 and our Reservoir two bedroom villa units with courtyard and undercover parking approximately $399,000-$425,000 each. Please register your interest by contacting firstname.lastname@example.org