Weekly Market Update - 26th June 2019
By | 26th Jun 19

Are we at the bottom of the market cycle?

Melbourne’s property market continues it recovery with improving clearance rates being seen this year. This weekend’s clearance rate of 70% was from a volume of 479 auctions and the clearance rate has improved considerably compared to 6 months ago. Many auctions again continued to have three to four bidders as we saw for an apartment in Warner Street Malvern where 4 bidders fought it out and the modern apartment sold to a downsizer for $720,000. There were 3 bidders in Leopold Street, South Yarra where an art deco apartment sold for $875,000 with an older lady winning the keys from 2 first home buyers.

 

Selling your property to a tenant may seem like a good option for some vendors as they can save on commission and advertising fees although there are risks in selling to tenants. You might be closing the door on getting a better deal when you go to market as there is always a chance that you haven’t captured the whole market for your property and that you under sold your property.

 

Buying property with family and friends has many advantages as it gives you a chance to leverage and buy better properties than what you would be able to afford on your own. Though there are pros and cons buying together. It was great to see our repeat clients Maxine and John Howie and son Ben featured in the Herald Sun article after we purchased a villa unit on their behalf in Nunawading.