Weekly Market Update 11th October 2016
By | 11th Oct 16

The Melbourne clearance rate withstood the high volume of auctions conducted over the weekend recording a clearance rate of 82% from 855 auctions. We enjoyed a busy Saturday assisting three clients through our Vendor Advocacy Service.

13 Lynch Street, Footscray a double fronted Victorian which featured 4 bedrooms sold under the hammer for $1,290,000. The owners purchased the family home back in 1994 for $125,000. 7 Wallace Street, Maidstone a 3 bedroom home was purchased by another client of ours back in 2002 for $170,000 and sold over the weekend for $721,000, $71,000 over reserve. To read our comments about the weekend’s auctions results, please CLICK HERE. 

The property search for First Home Buyers can be a long and gruelling process. St George Bank recently conducted a study which confirmed that 71.8% of buyers became emotionally invested in a property and 49.3% missed out on purchasing a property. To read more about the study please CLICK HERE. The reality is first home buyers are not just being priced out of the market they are going up against more experienced buyers and investors whose tactics often put less experienced buyers at a disadvantage. We recently collated 5 simple tips for First Home Buyers to consider to make the buying process less stressful. Please CLICK HERE to read our advice.

As you have seen through my previous commentary over the past 18 months, we have seen the inner city apartment market show signs of going backwards with a huge amount of development in and around the CBD and we have seen once thriving suburbs capital growth almost come to a grinding halt and in some cases, especially with new builds, decrease in value from their purchase price. This article carefully examined the reasons behind this change in the market conditions and what people should be wary of purchasing. Please CLICK HERE to read the full article and become aware of the investment mistakes everyday buyers are making.