Weekly Market Update 19th April 2016
By | 19th Apr 16

This week's video is Part 3 in Brant's Landlord Tips Series - Purchasing a property with investment grade.

Melbourne recorded a clearance rate of 76% from 613 auctions over the weekend. The unemployment rate is the lowest it has been in a number of years sitting at around 5.7% with most predicting interest rates will now stay on hold. There were some great results achieved including 1018 Drummond St, Carlton North which sold $220,000 above reserve for $2,520,000. Another great result was achieved through our vendor advocacy service at 201 Hope Street, Brunswick West with the property selling $31,000 above reserve for $711,000. To read our comments in the Herald Sun about some of the weekend’s results, please CLICK HERE.

We were recently asked to contribute to an article by the Herald Sun about statistics from realestate.com which revealed that the average buyer in Victoria was wanting a 3 bedroom, 2 bathroom home on a full size block for $620,000. These statistics fall perfectly in line with the last census data in 2011 with the makeup of the average family as two adults and two children. Although these results revealed what the most searched criteria, was the reality is it is becoming less likely for buyers to find these features for that price, especially in the inner and middle ring suburbs. I would suggest this is the starting point for most buyers and they will need to compromise on the accommodation, land size or price point to eventually make a purchase. To read the full article, please CLICK HERE. 

Over the past 12 months we have seen the demand for family homes grow, with some record results being achieved throughout Melbourne. In particular we have seen suburbs which are well serviced by public transport and quality schooling. We have also seen dramatic growth in many neighbouring suburbs with many buyers being priced out of their first suburb choices. To read the full article, please CLICK HERE.