Weekly Market Update - 5th December 2017
By Advantage Property | 5th Dec 17
Your weekly property update by Frank Valentic
Melbourne’s housing sector has seen some unbelievable growth in the last five years. I haven’t seen capital growth, particularly in the last twelve months like it, where many suburbs have increased by thirty to forty nine percent in the last twelve months in the housing sector. The last five years in Melbourne has seen many suburbs increase from one hundred to one hundred and forty percent and this growth is unprecedented. Read our comments in Hayley Goddard’s article here.
So, what do we think will happen in the future with this unprecedented growth we have seen in the last twelve months? Many experts are predicting that Melbourne’s market will level off as it can’t continue at the same crazy rates, so there will have to be a levelling off and I would think there would still be some growth in the middle to outer suburbs which generally lag behind the inner suburbs where many are already at their peak.
There were some more opportunities in the Melbourne market on the weekend again as I predicted with a 68% clearance rate from 1179 auctions. There are some better opportunities with the larger Super Saturday volume auction weekends. We were surprised when a property passed in to our young upsizing family in Hampton Street, Brighton and our client picked up a very good buy and were also surprised to see a house in the highly regarded Reservoir location called the Oakhill Estate in Oakhill Avenue pass in with only two vendor bids. Now is a buyer’s chance to pick up a great deal before Christmas as some vendors will want to be sold and be able to move on without having to worry about opening the property and presenting it for sale over the Christmas holidays.
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 newest opportunities are a block of two bedroom art deco apartments (without parking) in Duke Street, St Kilda for $510,000 each that we have negotiated after auction with a developer, block of 4 two bedroom villa units in Tullamarine (open for inspection Saturday 9th December, 10:00am-10:30am), approximately $310,000 each, a block of 4 one bedroom and 2 two bedroom villa units in Ballarat, each with a car space (approximately $150,000 each for the one bedroom units and approximately $200,000 each for the two bedroom units) as well as our two bedroom villa units in St Albans (approximately $290,000-$300,000 each). Please register your interest by contacting firstname.lastname@example.org