Weekly Market Update - 21st November 2017
By | 21st Nov 17

Your weekly property insights by Frank Valentic.

The Melbourne market continues its consistent form with a clearance rate of 70% with a super Saturday volume of auctions of 1175. As I predicted, there will be some more opportunities for buyers with these larger Super Saturday volumes as we saw at a number of auctions on the weekend that passed in and there were negotiations afterwards in Preston, Reservoir and at our own Vendor Advocacy sale in Somers where our vendor’s property passed in for $1,675,000 and we were able to negotiate a result of $1,750,000 after auction.

The market is slightly turning into more of a buyers’ market than a sellers’ market and there will be some great opportunities to negotiate deals afterwards. We were asked recently to provide our comments in an article with our client Judy Carnsew featured and we predicted that there would be more opportunities in the market place to purchase properties at better prices than earlier in the year for buyers. There have been on average around 600 auctions on average on weekends which will rise to around 1200 each weekend for the last few weeks of the year. To read the article, click here.

So what if you are a vendor and your property is passed in at auction? As we saw with our client on the weekend, we were still able to negotiate a great result as we have done for many clients this year when a property has been passed in and we have gone into ‘plan b’ mode and looked at trying to negotiate with the highest bidder which is your best strategy while the buyer is ‘hot’ rather than letting them walk away and cool off. Read our comments in Hayley Goddard's article here.

We are very excited to be hosting our last Investor Club meeting for the year this Thursday night with Dea Jolly from The Block headlining our panel providing tips on renovating for profit. I look forward to presenting on the panel with other renovation experts, Jane Slack-Smith and Jensa Matthee and also providing my “Hot Spot” tips for 2018. Bookings are strictly limited now so make sure you get your tickets by clicking here.

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. Our newest opportunities are a block of five 2 bedroom villa units in St Albans, approximately $290,00-$300,000 each (open for inspection Saturday 25th November 9:30am-10:00am), a block of four 1 bedroom and two 2 bedroom villa units in Ballarat, each with a car space (approximately $150,000 each for the 1 bedroom units and approximately $200,000 each for the 2 bedroom units) and a block of two bedroom art deco apartments in St Kilda with street parking only approximately $490,000-$510,000 (open for inspection Thursday 23rd November 1:00pm-2:00pm and Saturday 25th November 11:00am-12:00pm). Please register your interest by contacting mfairbank@advantageproperty.com.au