Weekly Market Update - 30th January 2018
By Advantage Property | 30th Jan 18
Your weekly Melbourne Property Update by Frank Valentic
The REIV released the December quarter housing price figures and it showed that Melbourne prices are at an all time high and also demonstrated that Melbourne’s median house price rose 13.2% for the year. That was the largest capital growth increase since 2010, showing that Melbourne’s property market is still very much as strong as ever.
Melbourne’s prices continue to rise and we are still seeing some record results and it looks like there will be a new all time record with a Toorak property set to sell for over $50,000,000, beating the record of close to $40,000,000 earlier last year. We are still very affordable compared to Sydney where a block of eleven apartments recently sold for $33,250,000, meaning they sold for $3,022,727 each in Edgecliff!
We continue to see runaway results and the rezoning that the Government put in place in most areas from July 1st, 2016 has created some big windfalls for some owners. We saw this in Box Hill where a site that has been rezoned to Residential Growth Zone now allowing multi-level apartment developments recently sold for $12,200,000.
We will have our first Investor Club meeting of 2018 on the 15th of February. It is important to understand your financial position and options when purchasing a home or investment property. We will have a panel of finance experts answering your questions and providing crucial information about strategy and process. You will also hear from me on current market conditions and what’s to come in 2018 and as always there will be an experienced client talking about how they have built their portfolio and answering your questions. To book your tickets, click here.
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. Our opportunities are a block of two bedroom art deco apartments (without parking) in Duke Street, St Kilda for $485,000-$535,000 each as well as our two bedroom villa units in St Albans (approximately $275,000 each). Open for inspection Saturday 3rd February 10:00am-10:30am. Please register your interest by contacting firstname.lastname@example.org