Property Market Update 26th & 27th Sept
By | 1st Oct 15

Melbourne Property Market Update

Last weekend was a big weekend with 965 auctions and a clearance rate of 74 per cent, which was the same as the previous weekend. 710 of those properties sold and 255 were passed in, 110 of those on a vendor bid. This weekend will be a quiet weekend in real estate with only 65 auctions due to the AFL Grand Final – the biggest event on Melbourne’s sporting calendar. 

There is still a lot of talk about interest rates and the experts are predicting a couple of interest rate cuts moving forward. No one is seeing interest rates rising and this will only spur the market on further as we are already at record 50 year lows and lower rates will mean more demand from buyers.

I am often asked about  investing in regional areas versus investing in capital cities and I recommend clients invest in capital cities as 80% of our population live there. Here are some of my comments in this Herald Sun article where I can recommend capital cities versus regional areas because of stronger capital growth. Whilst regional areas can provide strong rental returns, they lack the capital growth that can be achieved in capital cities. To read this full article, click here.

Melbourne will continue to grow our population with the strongest growth across the whole nation and there was talk recently about whether we should continue expanding our urban boundaries. 50 new suburbs have been created in the past ten years and debate is whether we should continue the urban sprawl or do more medium density developments as we grow our population towards 8 million by 2051 to be the largest capital city. This debate will be interesting and obviously have a huge impact on property prices in Melbourne.

Our Group Block purchases keep getting great results for our clients and we are excited about the purchase of a block of units in the beach side suburb of Edithvale. Visit our website at www.advantageproperty.com.au for our current and future opportunities in our Group Buying Strategy, our popular Buyer's Advocate, Seller's Advocate, Property management and Owner's corporation services.

We wish everyone a wonderful long weekend (for us Melburnians) and good luck to all you Hawks and Eagles supporters!