Weekly Market Update 5th November 2018
By Advantage Property | 5th Nov 18
Your weekly Property update by award winning Buyer’s Agent Frank Valentic
The Melbourne property market took a breather for the Melbourne Cup weekend. As there were only 168 auctions and the clearance rate improved to 57%. There is a lower volume of auctions as many of vendors are trying to avoid putting their properties on the market with any interruptions in their campaign. With racing days next weekend there will be a larger volume of round 700 auctions on the market though Stakes Day will not be a major disruption. There continues to be very strong interest from First Home Buyers as we saw it at two auctions that sold well above reserve in Wollert and an apartment in St Kilda in the Metropole building.
How do you make $100,000 over night in real estate? Well you have a little bit of luck as a suburb name change can definitely assist as we have seen as some areas have seen their property prices go up by over $100,000 overnight due to a name change. We saw that in Rosebud West which had prices increase as soon as the suburb name changed to Capel Sound and also parts of Burwood when they were renamed to Camberwell. Read our comments in Chris Tolhurst’s article
There is much of talk about the looming State and Federal elections and one of the distraction items is negative gearing and Labour has made it very clear that they will abolish negative gearing and reduce concessions on capital gains tax. A number of studies recently showed that this could cause a 40 million hit to the construction market and cause over 32,000 constructions jobs that could be lost. The housing industry says Labour said that this was a positive move but clearly studies suggest otherwise.