Weekly Market Update - 5th October 2017
By Advantage Property | 4th Oct 17
Your Weekly Property Update by Frank Valentic.
There was no official clearance rate in Melbourne this weekend because of the AFL Grand Final and it was great to see a Victorian side win again with the Tigers winning their first premiership in 37 years. The auction market took a breather but we were busy negotiating good deals for clients and there were still some great opportunities around with our off market contacts.
We had an investor client who purchased a house in Ridley Street, Albion off market without auction competition, which only settled in July this year for $640,000. It had the added value of having a permit for another townhouse in the rear and our clients just sold for $785,000, making it a great investment, returning $145,000 or 23% growth in only a few months!
The Melbourne market has seen some massive gains and adding value with permits is a great way to manufacture instant capital growth. A property at 11 Elsey Road, Reservoir sold for $750,000 a year ago and it just sold for a whopping $1,070,000. All they have done is had approved endorsed permits for four townhouses and it sold for $320,000 or 43% more in only a year later.
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 new future one bedroom Group Block opportunity in Brunswick East (approximately $295,000 each), open for inspection Thursday 5th October from 12:00-12:30pm, our Hawthorn two bedroom Group Block Opportunity (approximately $490,000-$510,000 each), open for inspection Saturday 7th October from 12:15-12:45pm and our Frankston one bedroom villa unit opportunity (approximately $250,000-$270,000 each), open for inspection Saturday 7th October from 12:40-1:15pm.