Weekly Market Update - 14th February 2018
By | 14th Feb 18

Melbourne’s property market has started solidly again with a 74% clearance rate from 486 auctions and there was strong bidding at quite a few house auctions our team attended in a range of suburbs including Point Cook, Taylors Hill, Richmond and Frankston South. Melbourne is experiencing some phenomenal growth in the outer suburbs. We saw this in Bangalay Avenue, Frankston South which sold for $1,220,000. Our client purchased a superior property across the road in July 2017 for $910,000, showing how much the Melbourne market is moving.

The growth we are seeing will continue in the outer suburbs as the ripple effect takes buyers outwards. It was interesting to see in a recent article that moving out one suburb can save buyers hundreds of thousands and even a million dollars in certain post codes, simply by moving one post code further out. This ripple effect will continue as buyers get priced out of some of the inner suburbs and move to the outer areas.

School zones continue to be very popular in Melbourne and families can save hundreds of thousands of dollars in private school fees by having their kids attend some of the highly regarded primary and secondary public schools. Read our comments here in this article by Hannah Scholte regarding how the popularity of these School Zones can see properties priced between $200,000 and $500,000 more inside a school zone, versus outside a zone.

Our first Investor Club meeting of 2018 is this Thursday night so make sure to book your tickets now. It is important to understand your financial position and options when purchasing a home or investment property. We will have a panel of finance experts answering your questions and providing crucial information about strategy and process. You will also hear from me on current market conditions and what’s to come in 2018 and as always there will be an experienced client talking about how they have built their portfolio and answering your questions.  To book your tickets, click here. 

Please don’t hesitate to check out our website for more information about our popular Buyer’s Advocate, Sellers Advocate, Owner’s Corporation and Property Management services and our latest newsletters as well as our future Group Block opportunities including our block of two bedroom art deco apartments (without parking) in Duke Street, St Kilda which we have now negotiated purchase of from $483,000-$541,000 each and our St Kilda East block of twelve apartments consisting of nine x 2 bedroom apartments, two x 3 bedroom apartments and one x 1 bedroom apartment, approximately $300,000-$450,000 each (open for inspection Thursday 15th February 12:00pm-12:30pm and Saturday 17th February 12:00pm-12:30pm)  Please register your interest by contacting mfairbank@advantageproperty.com.au