Weekly Market Update - 25th October 2017
By | 25th Oct 17

You weekly property update by Frank Valentic

Melbourne continues to have a very consistent period with a 75% clearance rate from around 902 auctions and the market is nowhere near the peak when a house in Parkville sells for $1,800,000 over reserve! The REIV have released their latest quarterly median house prices in September and prices continue to increase in most suburbs but they have moderated which is good news for buyers. There are now over one hundred and forty suburbs with a median house price of over $1,000,000, with suburbs such as Coburg, Newport and Vermont entering the fray so Melbourne continues to become more expensive. There would have been only around ninety million dollar suburbs a few years ago.

It is definitely a sellers’ market when properties are selling so quickly in Melbourne. The average days on market is now around twenty five days for houses and it was fifty five days only a year ago. This shows that most properties are selling straight after a four week auction campaign and if they are not selling under the hamper, they are generally selling reasonably quickly afterwards.

The Block auctions are on this weekend and we hope to be bidding for a number of clients on our ninth series in a row. The houses are definitely getting some great feedback from buyers and there will be a bit of a mix this year with young upsizing families and investors. In previous series, it has been mainly investors that have dominated The Block auctions and from the buyer feedback we are receiving, the prediction is that Josh and Elyse will win and Jason and Sarah will be runner ups. The other three should do well as well and will be fighting for third spot. We look forward to hopefully buying our seventh property on The Block, as we have now bid on twenty five of the thirty four Block auctions!

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. Last week we secured some fantastic one bedroom villa units in Erskine Street, Frankston for six of our investor clients and we are already seeing results well above the $233,333 each that we paid. Our newest opportunity is a block of five 2 bedroom villa units in St Albans, each with a car space (approximately $320,000 each).