Property market update 9th Nov
By | 6th Nov 15

Everyone has an opinion on the future of our property markets and doomsayer Steve Keen always has an opinion that prices will crash, just as he predicted incorrectly a few years ago when he said that prices would drop by 40% and the opposite actually happened and he is predicting this again now. Unfortunately, sensationalizing the property market and trying to grab headlines does not help anyone and can cause property owners a lot of stress.

Foreign buyers are having the biggest influence in Melbourne as they accounted for one in four new property sales and one in seven sales of established homes. We have seen such strong growth in Melbourne as demonstrated by a house that sold for $1,131,000 in Clonmult Street, Highett when we bought a comparable property in the street for a client for $705,000 in 2012.

Another record was recently smashed in Melbourne with a Portsea beach box selling for a record $615,000, beating the previous record of $585,000. It’s incredible to think that a beach box can sell for more than some apartments, however they continue to be popular with so much demand and little stock! 

Our team were in Sydney a fortnight ago at the Property Expo speaking to many locals about investing in Melbourne. I facilitated a presentation from Josh and Charlotte, who appeared on the last series of The Block about their experience and renovating. We are currently assisting many Sydney investors as they can’t justify buying in the current Sydney market with prices so high.

Our last Investor’s Club meeting is coming up on Thursday 19th November and I will be co-presenting with some excellent speakers so don’t miss out as seats are filling fast. To book or to view some of our past presentations, click here. 

It was great to be back rating the rooms on The Block last week and we are getting excited about the upcoming Auction Finale on Sunday November 22nd. For your chance to have a VIP tour of The Block, visit our Instagram page @advantagepropertyconsulting and enter the competition.