Weekly Market Update - 17th January 2018
By | 17th Jan 18

Your weekly property market update by Frank Valentic.

The start of the year has begun very strongly for our Buyer’s Advocate team.  We have had a large amount of enquiries from investors which augers well for the 2018 property market. There have been many enquiries from interstate investors that are interested in investing in Melbourne’s market and piggy backing on the strong capital growth Melbourne achieves over the long term. It will be interesting to see if this investor activity will be solid throughout the year, as it definitely dropped off during the second half of last year.

It will also be interesting to see how the new vacancy tax that has come into effect on the 1st of January 2018 affects the property market. There could be a lot more properties available for sale and for rental as some of the owners that own these previously vacant properties decided to sell or to rent them. They would do this rather than keep them vacant as they are lugged with a new 1% of the property value vacancy tax.

Melbourne was said to have slowed down during the latter part of last year and we definitely didn’t see as many runaway results, but there was still some that made us shake our heads! As we saw with a runaway result in Mount Eliza where a house sold on the last auction weekend of 2017 for $3,000,000, a whopping $1,000,000 over reserve. While we are still seeing these results around, the market is not at a level where it is going to crash or slow down until these results stop all together.

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 opportunities are a block of two bedroom art deco apartments (without parking) in Duke Street, St Kilda for $485,000-$535,000 each that we have negotiated after auction with a developer and a block of 4 one bedroom and 2 two bedroom villa units in Ballarat, each with a car space (approximately $150,000 each for the one bedroom units and approximately $200,000 each for the two bedroom units) as well as our two bedroom villa units in St Albans (approximately $290,000-$300,000 each).  Please register your interest by contacting mfairbank@advantageproperty.com.au