Weekly Market Update - 28th March 2017
By | 27th Mar 17

Melbourne’s property market continued its solid performance with another strong 82% clearance rate from a large volume of 1171 auctions. There is no slowing the housing segment of the market as strong clearance rates have continued, despite a large volume of around 6500 auctions over the last six weekends, with five Super Saturdays presenting plenty of choices to buyers.

As we saw at a house auction in Fawkner recently, neighbours tend to pay a 20-50% premium to buy the next door neighbours property as the Mosque backing onto an Elizabeth Street house paid a big premium to secure the adjoining property. We have seen premiums of up to $500,000 extra paid recently by neighbours at auctions in Sunshine, Reservoir, Berwick and Ascot Vale. Read our comments in Peter Devlin's article.

The worst kept secret is out with The Block confirming that they have purchased the iconic Gatwick Hotel in the blue chip Fitzroy Street, St Kilda location for next year’s series. It is rumoured that they have also purchased a 3000sqm land site in Regent Street Elsternwick where they will be relocating big family homes on block sizes of around 430sqm land each for this year’s upcoming series. Read our comments in Sam Landy’s article.

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.