Weekly Market Update 16th March 2016
By | 16th Mar 16

The Melbourne auction market was quieter as expected this weekend due to the Labour day weekend  with only 335 auctions being held. A fairly consistent clearance rate of 70% was recorded with some great results being achieved. Domain published an article over the weekend outlining that long weekends seem to affect the million dollar plus market more so than the sub million dollar market, in particular highlighting that those who live in prestige suburbs are more likely to take this opportunity to go away, although it does not seem to impact the Chinese buyers. This coming weekend is scheduled to be the biggest auction weekend thus far for 2016 with more than 1600 auctions set to be held in metropolitan Melbourne.

There are always doomsayers who predict a market crash, many had predicted a crash for the start of 2016 however thus far we have seen some record breaking results and consistent market conditions. Over the weekend we attended an auction for a client at 61 Summit Crescent, Ringwood North the 4 bedroom family home sold under the hammer for $1,061,000. This property was purchased by the current vendor in 2012 for $756,000. We often hear from buyers ‘we are going to wait to see what happens with the market’, often they wait so long that they are priced out of the market. This article published by The Australian highlighted many factors buyers should consider before wishing for a market crash. Any property market crash inevitably has a fall out effect which reaches far beyond property owners, the effects of a declining market can be seen in unemployment statistics and within the banks lending criteria. To read the full article of why Adam Creighton does not predict a crash, please CLICK HERE.

We are happy to report it is back to business as usual and I look forward to continuing to personally provide Buyers Advocate Services to all of our clients. Our popular Footy Tipping competition is returning for the ninth AFL football season. Please, CLICK HERE. To register as the season starts this week. We are also taking expressions of interest for our exciting “Group Block” Opportunities in Bentleigh East and Chelsea. Please, CLICK HERE for further details and inspection times.