Weekly Market Update - 15th November 2017
By Advantage Property | 15th Nov 17
You weekly property update by Frank Valentic.
WATCH: Investor Tips by Frank Valentic
Melbourne’s property market continues its consistent and very solid performance with 72% clearance rate from 518 auctions. We are seeing a slowdown in the three million plus category where we saw several passed in this weekend. The segment of the market that is red hot and has really picked up is the $600,000 to $750,000 market. In good news for owners of apartments and units, there has definitely been a pick up in this market as First Home Buyers have come out in droves since the stamp duty concessions were increased on the 1st of July. Their numbers are probably up to around 20% now and they were around 12% before the stamp duty concessions kicked in. Investors have fallen off the perch though as APRA’s tightening of policy, the increased interest rates and increased land tax bills have had the affect of pushing some investors out of the market place. These have been replaced by First Home Buyers dominating that sector of the market and we are now seeing stronger competition at apartment auctions.
We are often asked if The Block properties are good investments and how they have performed over time. They have always been solid investments for our eight clients that we have purchased for over the last nine series. A number of resales of The Block properties a few years later have averaged $400,000-$500,000 growth and this does not include the $100,000 plus furniture packages either. Read our comments in this The New Daily article here.
We are very excited to be hosting our next Investor Club meeting for the year next Thursday night with Dea Jolly from The Block and interior design business owner headlining our panel providing tips on renovating for profit. I look forward to presenting on the panel with other renovation experts, Jane Slack-Smith and Jensa Matthee and also providing my “Hot Spot” tips for 2018. Bookings are strictly limited so make sure you get your tickets by clicking 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. Our newest opportunities are a block of five 2 bedroom villa units in St Albans, each with a car space approximately $290,00-$300,000 each (open for inspection this Saturday 18th from 9:30am-10:00am), a block of four 1 bedroom and two 2 bedroom villa units in Ballarat, each with a car space (approximately $150,000 each for the 1 bedroom units and approximately $200,000 each for the 2 bedroom units) and block of two bedroom art deco apartments in St Kilda with street parking only approximately $490,000-$510,000 (open for inspection Thursday 16th November 1:00pm-2:00pm). Please register your interest by contacting firstname.lastname@example.org