Weekly Market Update - 15th May 2017
By Advantage Property | 15th May 17
WATCH: Brant Williams shares his insights on why using a Vendor Advocate can help you achieve the best sale price for your home.
Melbourne market continues its solid performance with a clearance rate of 78% from a larger volume of 856 auctions. The Melbourne market definitely hasn’t peaked as we are still seeing runaway results and prices haven’t levelled off. Single level villa units continue to be in strong demand, especially in Brighton where we have seen some massive results of late. We saw this again on Saturday where four bidders pushed a two bedroom unit to $1,350,000, a whopping $380,000 above reserve and well above our home buyer's budget. Read our comments in Scott Carbine’s article here.
Foreign buyers definitely have not slowed down in the Melbourne market place as Chinese favour the Melbourne market second to California only. They spent over 28 billion dollars last year in Melbourne and the Chinese were the largest group purchasing property in Melbourne. We are seeing some strong competition from foreign buyers particularly for commercial properties where they account for 42% of all transactions and also for development sites and family home sites as well.
The Federal Budget was released and there were a number of major changes that will affect the Melbourne market. First home buyers have been given the opportunity to save up to $30,000 for a deposit in a First Home Buyers saver account using their superannuation. There was positive news for investors as there were no changes to negative gearing laws and no changes to the capital gains tax amounts and in good news for home owners, the principal place of residence was not to be affected by any changes to taxes.
Please don’t hesitate to visit our website www.advantageproperty.com.au or contact us regarding our popular Buyer’s Advocate, Vendor Advocacy, Property Management, Owner’s Corporation services and Group Block Purchases, including our future townhouse opportunity in Dandenong (approximately $320,000).