Weekly Market Update - 17th October 2017
By | 17th Oct 17

Melbourne’s property market continues its consistent performance with a 75% clearance rate from 553 auctions. The auction levels will get higher and higher each week now as we get into the Spring selling season as many vendors have held off putting their properties on the market until Spring when their gardens are blossoming and blooming and looking pristine so they can attract premium prices for their property. Though, we will see some more opportunities for buyers because of the increased volume. There will be a number of ‘Super Saturdays’ with over 1000 auctions each weekend and it will give buyers the opportunity to take advantage of more passed in auctions as we saw this weekend ourselves, having snapped up a block of villa units in Erskine Street, Frankston after is passed in at auction for our syndicate of investor clients.

More and more First Home Buyers are being priced out of the market and they are turning to ‘rentvesting’ so they can continue to rent where they want to live, which is primarily in Melbourne’s inner lifestyle suburbs and then look at buying an investment property in the outer or middle suburbs of Melbourne. Our clients are more looking at houses with some opportunity for re-development in the future where the land value appreciates and buildings depreciate. It was great to see our client David Nguyen who has taken this approach in Hayley Goddard’s article. Read our comments also here in regards to this growing strategy of rent investing.

More Melbournians than ever before are now looking at buying in Melbourne’s outer suburbs as well as the middle suburbs. We are seeing this as the inner suburbs have become so high in price and there are opportunities to pick up properties at much lower prices. Outer areas are becoming popular with Sunbury, Frankston and regional areas such as Ballarat, Bendigo and Geelong. This is a more popular strategy today as there is much more growth in these areas than there was ten to twenty years ago, as Melbournians have been forced to push outwards and buy more properties in the outer suburbs.

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 new future one bedroom Group Block opportunities in Frankston, a block of six 1 bedroom villa units (approx. $233,333 each) and one bedroom Group Block opportunity in Brunswick East (approximately $295,000 each).