Weekly Market Update: 20 August 2018
By | 20th Aug 18

Your weekly Property update by award winning Buyer’s Agent Frank Valentic

Melbourne clearance rate dropped below 60% for the first time in many years with a 57% clearance rate from 608 auctions. There are definitely more opportunities opening up in Melbourne’s property market as the bidder numbers have dropped to one or two bidders at most auctions. We are seeing many more opportunities that can be taken advantage of and some better buying. The market will pick up now though with many more family homes hitting the market as the Spring is nearly upon us. More homes will come onto the market as gardens are looking at their best.

Melbourne and Sydney continue to dominate the real estate market over the past decades and the major contributing factor to this seems to be population growth. Australia’s population distribution has two thirds of people living in our capital cities, boosting those property prices. We have eleven million people living in Melbourne and Sydney combined due to the strong employment prospects, lifestyle and culture.

Melbourne continues to be one of the most popular cities in the World, as we have been voted second in the world’s most liveable cities after having been voted first for the last seven years. Melbourne continues to be a very strong choice for interstate and overseas migration and net population growth of 144,000 new people. It continues to be a very popular city with our culture, schools and amenities.

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