Weekly Market Update 27th September 2016
By | 27th Sep 16

The sunny Melbourne spring weather must have bought the buyers out as our clearance rate increased to 81% over the weekend from 780 auctions. 16B Regent Street, Brighton East was sold through our Vendor Advocacy service $411,000 above reserve for $1,511,000. We bid on behalf of an investor client at the auction of 19 North Street, Ardeer. The 3 bedroom brick home sold under the hammer for $565,000 which was above our client’s budget with competition from 5 bidders. 25 Evans Crescent, Reservoir a 4 bedroom brick home on 726sqm sold at auction with competition from 3 bidders for $750,000.

Many of our clients often ask for our advice on the best time of year to sell their property. There are many factors to consider when choosing the right time to sell your property and ensure you maximise your final sale price. One of the factors often over looked about in the winter months is the lower stock levels give buyers less choice, while Spring you will undoubtedly see an increase in the number of properties on the market. The other consideration is when your property looks and feels its best. If it is hot in the summer or cold in winter, avoid the relevant season especially if you do not have heating or cooling to counter act the relevant climate. To read more about the right time to sell your property, please CLICK HERE. 

Foreign buyers make up 11% of all residential real estate transactions and 42% of all commercial real estate transactions. Now the tightening of foreign buyer laws seem to have done little to deter purchasers from buying within Australia. When you consider the stability and affordability of our market place in comparison to other foreign countries, it is no wonder we are a first choice for so many investors. The government has continued to crack down on buyers purchasing properties without the correct approvals in place and only recently the treasurer ordered foreign buyers to sell 16 properties worth a total of $14 million. To read more about this story, please CLICK HERE. 

We are excited to be a part of the eighth season of ‘THE BLOCK’ and look forward to showcasing the apartments to our buyers. For a chance to join me at our VIP Cocktail Party and view all 5 completed apartments make sure you enter our competition.

HOW IT WORKS:

All you need to do for your chance to win is: Guess the total number of apartments that Frank Valentic has bid on (hint: out of 30) in all eight Melbourne seasons. 

Email your answer with your name and contact details to tswift@advantageproperty.com.au by 5pm, October 1st for your chance to win. 

Terms and Conditions apply. A winner will be drawn from the correct entries and contacted directly.