Property Market Update 18th & 19th June
By | 20th Jun 16

Property Market Update 18th & 19th June

Melbourne’s clearance rate of 73% remained consistent over the weekend from 879 auctions. We attended an auction on behalf of a client at 12 Borrie Street, Reservoir which saw  8 bidders push the price up to $703,000. Another result which proved the strength of the housing market, in particular when there is a land component, was 144 Union Street, Brunswick . The original condition home on 611sqm of land sold for $1,815,000. Another great result was achieved at 6A Joyce Street, Elwood with the modern townhouse selling for $2,940,000 or $315,000 above the 2014 price paid for the property. A new Melbourne sale price record was set with 4 Robertson Road, Toorak selling in excess of $24,000,000. In Global Real Estate news, the infamous Playboy mansion sold for an undisclosed figure in excess of $100,000,000 however the owner will have to wait to move in as one of the conditions of the purchase was Hugh Hefner will be able to reside in the home until his death. To read about the sale, please CLICK HERE.

One of our clients, whom we have assisted through seven transactions over the years was recently quoted in the Herald Sun in relation to an article about Victorian buyers choosing to invest locally. Many buyers consider looking interstate to invest often due to a lower initial outlay and promise of a quick return, however many buyers are now choosing to invest in the market they know and purchase locally. Many investors have made mistakes when choosing to purchase in quick booming markets which are often only supported by one industry and often bust as quickly as they grow. 79.7 per cent of Victorian investors choose to invest in their own state with many feeling they are more knowledgeable on the local market place than they could ever be an interstate market. To read the full article and our comments, please CLICK HERE.

Many buyers are now involving a Buyer’s Agent in their next purchase. Smart Property Investment recently published an article outlining the reasons you should elect to use an advocate. We see time and time again people wanting to invest in areas which do not suit their long or short term investment goals but it is what they think they should be buying from advice from friends or family. The benefit of engaging a Buyer's Advocate is that they should have a better understanding of the overall market place and which areas are achieving strong capital growth and what suburbs aren't ‘Hot Spots’ now but should make good long term investment opportunities. To read the full list of benefits please, CLICK HERE.