Weekly Market Update 16th April, 2010
By Advantage Property | 16th Apr 19
What to expect over the Easter weekend.
Melbourne’s Property Market had another consistent weekend with a clearance rate of 57% from 652 auctions. There seems to be a bit more confidence in the market place and some more runaway figure results, the biggest result for the weekend was a in St Columbs Street, Hawthorn which sold for $2,310,000 a whopping $360,000 or 25% over its reserve. There were over 7 bidders at this auction and it was an interesting one as it was a house converted into 5 units generating around a 4.4% return which is a great return in the current market, and there were 4 bidders that pushed hard for this property.
Improvements to infrastructure and access to freeways can be a big winner for property owners in areas abutting freeways. The North East link should see an increase in values to the properties that will benefit from the reduced commute time which is a saving of around 35 minutes. We saw this with the Western Ring Road, City Link and East Link increasing values in certain suburbs as those areas became more accessible.
There has been a big change in the Melbourne market place in term of how long it’s taking to sell a property. In February 2018 it was taking 26 days and now a year later it is taking 57 days to sell a property. Buying a property by moving a suburb further out can be a smart strategy and save you hundreds of thousands of dollars. If you move one train line out it could save you a couple hundred thousand dollars as seen by moving from Eaglemont to Heidelberg which is a $325,000 difference.