WEEKLY MARKET UPDATE 25TH OCTOBER 2016
By | 25th Oct 16

The Melbourne clearance rate remained strong at 81% from 1083 auctions over the weekend. 252 Station Street, Carlton North was sold through our Vendor Advocacy service for $1,055,000. The property was purchased in 1972 for $12,500. We attended a number of auctions for Buyer’s Advocate clients with all selling well above reserve. 12 White Street Reservoir attracted 5 bidders who pushed the sale price $130,000 over reserve selling under the hammer for $950,000. 5 Waratah Street, Thomastown attracted a large crowd and had 4 bidders fight it out with the property selling for $870,000. To read more about the weekend’s results and our comments please CLICK HERE. 

We were recently asked to contribute to an article published by the Herald Sun about secret suburban hot spots. Many buyers are finding they are being priced out of their first location choice, drawn in by amenities and an overall feel to a suburb. Many are now looking to neighbouring suburbs as a consideration and saving big and getting what they want from a property rather than just what they can afford. Often this is a great idea for investors, with many of these suburbs not yet recognising their capital growth potential, in the long run they often make for a better investment than then the highly desirable location which may have already peaked. To read more about the secret suburbs hot spots of Melbourne. CLICK HERE. 

They say no one has a crystal ball when investing but I recently read an interesting and comprehensive article about the changing landscape of the Melbourne property market and the suburbs achieving the greatest growth and the factors we are seeing that are contributing to this. With Melbourne’s population growing by around 100,000 per annum we are seeing the demand for inner city homes increase and the opportunity for many to own within a 20km radius of the CBD decreasing every year. To read the full article please CLICK HERE.