Weekly Market Update 2nd March 2016
By | 2nd Mar 16


(Picture by The Leader Newspaper)

The clearance rate remained strong at 78% over the weekend with 1250 auctions held and this was the first ‘Super Saturday’ for the year. Many of the results achieved over the weekend would indicate that the Melbourne property market has not yet reached its peak. A four bedroom house in Yarraville beat the suburb record by $535,000. In Brunswick East a tiny 2 bedroom house in original condition, with a three metre frontage sold for $740,000. In Mitcham a record price was achieved for a fully renovated 4 bedroom home with the property selling for $1.75 million.

Towards the end of last year many predictions had been made about the Australian property market. Recently 60 minutes aired a story about a woman who purchased 10 properties in a small mining town in Queensland. She was loaned $6.5 million dollars to invest in this volatile market and at the age of 24, has now had to declare bankruptcy. This story only further outlines the importance of seeking professional advice and doing your due diligence when making purchases. I have often had clients enquire about purchasing in similar areas and it is always important to remember that these market places are extremely unpredictable and while you can make a quick buck, the risk factor is huge and you should be careful when building your portfolio. To read the full article, please CLICK HERE. I found it interesting the show chose to include predictions from an American researcher who has little to no knowledge of our market place. Clearly Smart Property Investment Magazine found this a strange choice. To read the full article written about the 60 minutes special please CLICK HERE.

The Yarra Council have approved rejuvenation for Collingwood and Abbotsford which includes some residential rezoning. The proposed changes are being put forward in an attempt to create a more active Street frontage, with hopes that lower levels will remain commercial frontages such as cafes, bars and restaurants while the upper levels of the proposed developments will be housing. The changes have been controversial with approval for the rejuvenation only being approved by a five to four vote. To read the full article, please CLICK HERE.