Weekly Market Update - 1st February 2017
By | 1st Feb 17

WATCH: This week Mario Borg talks about the changes in credit policy.

The Melbourne property market has kicked off like a firecracker with some big results in the coastal and Mornington Peninsula areas. All auctions we attended had crowds of around 100 people with five to six bidders and reserves smashed by 10-20%. Coastal markets tend to be slower so this is a scary sign for buyers in the metro Melbourne market.

The REIV December quarter figures were released and they show Melbourne’s median house of $770,000 was at an all-time high, up 5% in the last quarter along with the median unit price also increasing over 3% for the quarter. The strong recent growth was supported by the sale of a house on Maud Road Dromana for $1.483 million after owners purchased it less than two years ago for $1.180 million. Read our comments in this Herald Sun article.

I was interviewed on Channel 10 News regarding the Melbourne market and also about the impact the arrival of many Chinese for Chinese New Year may have on our property market as there is talk that many may purchase property whilst visiting here. Though, they are really restricted to mainly buying development sites, commercial properties and new properties and not older second hand properties. Click here to watch the Channel Ten News segment which also features our client Frank Rajakulenderan who will be selling his Mt Waverley property soon.

Just a reminder that  I will be presenting at Business Coach Jacob Galea’s one day Personal Development Workshop, Melbourne Property Expo and our own Investor’s Club meeting. Please click on details of each of these exciting events on the relevant sections of this email as special discounted rates/ tickets are offered to all Advantage Property bookings. Also, please visit our website www.advantageproperty.com.au or contact us regarding our popular Buyer’s Advocate, Vendor Advocacy, Property Management, Owner’s Corporation services and Group Block Purchases.