Weekly Market Update 12th November 2018
By Advantage Property | 12th Nov 18
Emerging suburbs to look out for
There are more opportunities for buyers this weekend at auction after the Melbourne Cup week festivities are over. There was a larger volume of 787 auctions with the clearance rate staying at a consistent level of 51 per cent. Again, there was the strongest interest in the entry level market where we saw first time buyer’s dominant at auction of two bedroom apartments in Barkly Street, St Kilda and Carlisle Street, St Kilda.
First Home Buyers are really the most dominant segment of the Melbourne’s property market as the one million plus sector continues to be quite patchy. A recent survey showed that community confidence is at its lowest point for at least five years. Confidence levels have now dropped with the housing market prices levelling out and there is also less confidence in the finance world. All of this together has made property sit on the shaky side as confidence is at its lowest levels for many years.
The auction market is now seeing the outer suburbs dominating with the highest number of auctions within many of the middle to outer suburbs. The inner suburbs which were usually the domain of auctions, have now seen outer suburbs dominating many suburbs at seeing some very strong auction results with multiple bidders, where as many of the inner suburbs results continue to be patchy with one or no bidders.