Property Market Update 10th & 11th Oct
By | 14th Oct 15

The Spring selling season is upon us and there is much talk about how the market will perform with a larger supply of one thousand plus properties being auctioned nearly every weekend. But there are also more buyers competing for family homes in particular. If you’re a buyer out there, it’s not going to be easy, particularly if you’re a first home buyer in one of Melbourne’s glitzy suburbs. We’ve been hearing about record results every week, and it’s usually a family home with bit of land. I think a slight dip in a couple of clearance rates doesn’t mean anything.  Read my comments and those of other industry experts in this recent online article "Property predictions for the remainder of 2015". 

A clearance rate of 74 per cent was recorded last weekend compared to 70 per cent this weekend last year. There were 1092 auctions reported to the REIV with 805 selling and 287 being passed in, 115 of those on a vendor bid. The spring auction market continues to remain strong, with two consecutive super Saturday weekends scheduled for the coming fortnight.

Melbourne’s property market continues to see prices rising with one in every five house purchases being over a million dollars, which doesn’t go so far these days! The Herald Sun reported on this earlier in the week as there are now 78 suburbs across Melbourne with median prices over a million dollars.This figure is up on 52 since this time last year and it's only a matter of time before more suburbs join this level. The REIV reported that Toorak boasts the city’s highest median house price of $3.4 million, followed by Middle Park ($2.84 million) and Canterbury ($2.5 million).  Read full article here.

There continues to be some big results with a house in McCrae selling for one million over reserve for $2.9 million. The opening of the East Link and Peninsula Link Freeways in recent years has increased demand for the Mornington Peninsula suburbs as it has made them so much more accessible to other Melbourne Suburbs.

Our “Group Blocks” purchases continue to get some great results and a client recently received a valuation of $675,000 in Holloway Street, Ormond after settling for $503,000 in April this year. We have just purchased another block of two bedroom apartments in Rosanna from $275,000 each.

The Advantage team were excited to be selected as finalists in four categories for the REIV Excellence awards with Ronald Perera (Owner's Corporation Manager of the Year), Laura Braun (Residential Property Manager of the Year) and myself as Buyer's Agent of the Year. We are also proud to have been nominated for Medium Agency of the Year, which is a huge honour. To learn more about these nominations, click here.

Until next time, hope you enjoy our update and happy investing towards a beautiful life!