Weekly Market Update 24th April 2017
By | 24th Apr 17

The Melbourne market continues to perform solidly with the clearance rate being 78% from around 585 auctions. The market took a bit of a breather with Anzac day on Tuesday and some people taking a long weekend and therefore we saw a lower volume of auctions. Melbourne's house prices are now at an all time high and they haven’t peaked yet as the median house price increased to $826,000 up from $770,000 in the last quarter. Melbourne houses had very strong price growth of around 7.6% percent for the first quarter of this year and apartments also rose 3.8% to also be at an all time high of $583,000. It is becoming tougher and tougher for home buyers to get into the market with Melbourne’s house prices continuing to move upwards and the market keeps rippling further outwards.

Many suburbs have now joined the million dollar club with median house prices over a million dollars. There are now over 115 suburbs that have median house prices of over a million dollars and this continues to grow, as it was only 82 suburbs only 18 months ago. New suburbs that have been added to the list include many from the middle suburbs of Melbourne where demand keeps pushing buyers out further from the inner suburbs making it harder for First Home Buyers and investors to get into the market place.

We definitely haven’t seen a drop off in demand from Chinese buyers even though the Government increased stamp duty rates and taxes. Chinese buyers appetite for Melbourne Real Estate is second only behind California in terms of their preferred country. Recent studies showed that the Chinese had favourite suburbs including Point Cook, Preston and Melbourne CBD and the Chinese demand continues to grow and compete with local buyers in our local markets. 

Please don’t hesitate to 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, including our future opportunity in Fawkner.