Weekly Market Update - 4th April 2018
By Advantage Property | 4th Apr 18
What you need to know about property from the Easter long weekend.
WATCH: Frank Valentic's first market update for April 2018
Hope you had a great Easter and some time off to spend with the family. There was a massive result over the break where a block of land in Dromana sold for a whopping $791,000 over reserve. We continue to see some very strong results in the Melbourne market place and strong growth. We had a client that purchased through our group block strategy in High Street, Malvern and almost doubled the price they paid for the property as they sold for $1,295,000 after we purchased the block of townhouses for $650,000 each only four years ago. Property is really about long term growth as our repeat client that just sold in Bignell Road, Bentleigh East for $1,191,000 can support as he was delighted as the area had become a lot more popular compared to when he purchased the property for $117,000 in 1996. We are still seeing some record results and some solid results across Melbourne's inner to middle suburbs.
Melbourne is now one of the ten fastest growing large cities in the world as it continues to have the strongest population growth across Australia and record interstate migration levels as many interstate buyers are looking to move to Melbourne. Melbourne is now ranked up there with New York and London as one of the fastest ten growing cities and this really is driving our property growth as population growth is underpinning this strong demand for family homes/development sites.
Our cost of living and our Real Estate is still much more affordable than Sydney which has been ranked as the tenth most expensive city in the world which is one of the reasons many Sydney siders are moving to Melbourne. Sydney is now more expensive than both London and New York to live in and 49.3% of the properties sold last year were over $1,000,000 so it is getting harder and harder for Sydney siders to get into the market. Melbourne by comparison had 28.3% of properties sell for over $1,000,000, so 21% less properties making us a lot more affordable. Across the nation, one in every six houses now is sold for over $1,000,000 and affordability continues to be a challenge across all our capital cities, particularly for First Home Buyers.
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 including our block of two bedroom art deco apartments (without parking) in Duke Street, St Kilda which we have now negotiated the purchase of from $483,000-$541,000 each, and our Reservoir two bedroom villa units with courtyard and undercover parking approximately $399,000-$425,000 each. Please register your interest by contacting firstname.lastname@example.org