Weekly Market Update 4th September 2018
By | 4th Sep 18

Your weekly Property update by award winning Buyer’s Agent Frank Valentic

The Melbourne market continues its some consistent performance. The clearance rate was 61% from 595 auctions with 286 properties selling at auction over the weekend.   One very strong result was the sale of two semi-detached houses that sold together in Malvern with 4 bidders pushing the sale price to $3,355,000, which was well above our investor client’s budget.

Another interesting result was in Spring Street, Prahran where the next-door neighbour put in only the second bid and it was a knock out bid, that was $210,00 above the last bid to secure the property for $1,210,000. 

There has been a lot of talk in the past week about interest rates and what impact they may have on the market. Westpac have increased their standard variable rate by 0.14% and many of the smaller banks followed. It will be interesting to see if the other major banks will also do the same, which is what is predicted.  Any increases to interest rates always have a negative effect on the property market.

We are often asked if Spring is the best time of the year to sell your property or whether there are any other ideal times of the year to buy or sell.  There are always opportunities at any time of the year and it is more important to look at the market dynamics including the economy, interest rates and supply and demand, rather than just the time of year.  Spring will bring more family homes onto the market place, but it will also bring more buyers, so it doesn’t necessarily mean it’s the best time of the year to buy or sell.