Weekly Market Update: 10 December 2018
By Advantage Property | 10th Dec 18
Your weekly Property update by award winning Buyer’s Agent Frank Valentic
The Melbourne market survived another Super Saturday of auctions and we are almost into the last auction weekend of the year, before we have almost two months break before auctions resume in mid to late February. The auction clearance rate was 47% from 874 auctions again providing more opportunities for buyers to mop up after auctions passed in.
Many of the $1 to $2 million category passed in without any bids. The strongest segment of the market continues to be the First Home Buyer entry level segment and we saw that again with most bidders at an auction in Wattletree Road, Malvern which ended up selling for $670,000 with competition from mainly First Home Buyers and also investors as well. The million dollar plus market again saw lots of pass ins in various inner suburbs of Melbourne.
There is much talk about the apartment market and how much over supplied it is in various parts of Melbourne and particularly the inner suburbs. People living in apartments are not as happy as those living in houses as there is often conflict with neighbours and issues with Owner’s Corporation/ Body Corporate according to a recent report. So, there are definitely more challenges with apartment living compared to houses.
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