Weekly Market Update - 20th February 2018
By | 19th Feb 18

Your weekly property market update by award winning buyers agent Frank Valentic.

WATCH: Frank Valentic's second update for February.

Melbourne's property market continued its solid start to the year with a 72% clearance rate from 727 auctions. We saw some strong demand in Melbourne’s middle suburbs where there was strong bidding for houses in Reservoir, Thomastown and Seddon as Melbourne’s property market pushes buyers outwards from the inner suburbs due to affordability and strong demand.

 

Melbourne’s inner blue-chip suburbs do however always stand the test of time over a longer period. We have seen a new Melbourne record set in Malvern as the landmark Stonnington house has sold for $52,500,000, well ahead of the $40,000,000 that was previously the record for a St Georges Road, Toorak house last year. Once again it was the influence of a foreign buyer from overseas as was the case for the Toorak property. The vendors made a small fortune, having purchased the property for only $17,000,000 in 2007, seeing an increase of $35,250,000 over the past decade which is phenomenal growth.

 

Melbourne’s house prices keep increasing and it doesn’t look like there is any slowing down in the immediate short term. There are now over one hundred and forty three suburbs with median house prices of over $1,000,000. Thirteen new suburbs joined the million dollar club, including Cranbourne South, Wantirna South, Aspendale and Arthurs Seat. This again shows how much Melbourne’s population has pushed outwards as these suburbs are now in demand and prices are above $1,000,000 for family homes.

 

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 future Group Block opportunities including our block of two bedroom art deco apartments (without parking) in Duke Street, St Kilda which we have now negotiated the purchase of from $483,000-$541,000 each (open for inspection Saturday 24th February from 10:30-11:00am) and our St Kilda East block of twelve apartments consisting of nine x 2 bedroom apartments, two x 3 bedroom apartments and one x 1 bedroom apartment, approximately $300,000-$550,000 each (open for inspection Thursday 22nd February 12:00pm-12:30pm and Saturday 24th February 12:00pm-12:30pm)  Please register your interest by contacting mfairbank@advantageproperty.com.au