WEEKLY MARKET UPDATE 2ND NOVEMBER 2016
By | 2nd Nov 16

Melbourne’s clearance rate remained strong over the long weekend recording an 80% clearance rate from only 450 auctions with the lower volume due to the Melbourne Cup Weekend. We attended an auction at 10/30 Barnsbury Road, Deepdene for a downsizer client. We bid against 4 bidders and purchased for our client under the hammer for $961,000. We sold 15/77 Westbury Street, St Kilda East through our Vendor Advocacy service over the weekend as the one bedroom apartment attracted two bidders and was sold for $380,000. There was a new record set in Sunshine with 3 Hertford Road, a 767sqm block selling $500,000 over reserve for $1,615,000. The property attracted interest from both neighbours due to being within the designated Activity Centre Zone. To read more about the weekend’s results, please CLICK HERE. 

We have heard many buyers over the last 18 months say they are going to sit back and see what the market is going to do. Many of these same buyers are now finding it inconceivable now to purchase with the growth rate in Melbourne the fastest within the country. House prices have gone up 9.1% with the average Melbourne home now selling for $773,669 according to Domain statistics. With so much competition within the Melbourne housing market, we have been successfully purchaseing as much “Off Market” or before auction as possible to miss out on the heated competition of an auction. Over the weekend we secured two off market properties for investor clients. One located at 38 Blanche Street, Ardeer for $573,000 and the other located at 27 Darebin Blvd, Reservoir for $820,000. To read more about the Melbourne property growth according to Domain, please CLICK HERE. 

We have seen an increased demand for single level town houses and villa units, with developers rarely accommodating for this niche market.  We have attended many auctions recently with this style of property selling under fierce competition, especially from downsizers who require single level accommodation. With the shortage of this style of property being built we can only foresee this demand growing. Please CLICK HERE to read the aspirational features high on a downsizers list.