WEEKLY MARKET UPDATE 15TH NOVEMBER 2016
By | 15th Nov 16

The weekend proved to be another success in the Melbourne property market with a clearance rate of 76% from 966 auctions conducted. We assisted our clients through our Vendor Advocacy service at 3/7 Lambeth Place, St Kilda. The property was bought by our investor clients a year ago for $450,000 and after a $20,000 renovation was sold over the weekend for $590,000 to a first home buyer. Another great result was achieved at 38 Esmond Street, Ardeer where this 3 bedroom semi renovated family home sold for $711,000 to a home buyer. Our most notable purchase was however made at 5/164 Ingles Street, Port Melbourne, when The Block apartments went under the hammer. We fought it out for the girl’s 3 bedroom apartment for our repeat investor client, securing the property for $2,590,000. To read about the result and my predictions for the winners please CLICK HERE. 

REA statistics recently showed that the demand for apartments has increased and we were asked to contribute our thoughts on this substantial 7.4% monthly increase. The data showed that housing demand was still growing quicker at 8.6% per month on average however I would suggest that these figures do not reflect the results we are seeing achieved with houses outperforming apartments. To read the full article, please CLICK HERE. 

As the year draws to a close we are left with only four short weeks of the Melbourne auction market before things quieten down for the festive season. We have continued to see high demand outweigh the stock available to buyers with many vendors choosing to hold off taking their property to market. Due to this shortage, we are seeing hugely successful results for the properties which are going to campaign. To read our full comments in this Herald Sun article about the current market landscape, please CLICK HERE.