Weekly Market Update 8th May 2018
By Advantage Property | 8th May 18
Your weekly property market update by award winning Buyer's Agent Frank Valentic
WATCH: Landlord Tips - Leasing your Property during the Cooler Months
There continues to be more opportunities in Melbourne for buyers as Melbourne’s clearance rate is continuing to drop and move direction in favor of more of a buyers’ market. The clearance rate this weekend was 64% from 863 Auctions. There are definitely more opportunities opening up, particularly in the $1,000,000 plus category but there are also still some run away results. A former council site in Sunshine sold for a whopping $3,000,000 over reserve, well above the $2,500,000 reserve with five developers fighting it out.
Melbourne continues to see very strong unemployment figures as on average for the few last years it continues to be consistent around the 5.2% mark. There has been many new jobs created with 86,000 new jobs created in Melbourne and this has created some strong demand to live in Melbourne and therefore our population growth continues to lead the nation as we continue to have the highest population growth and should pass 125,000 new people this year.
When I first started buying properties in my portfolio 22 years ago, I read In Australian Property Investor magazine that you make money when you buy and that has always been a strategy of ours when we have tried to buy wholesale and in syndicates for our Group Block purchasers. This has enabled us to often buy well and make money when we buy. We just purchased another block of villa units in Reservoir for $450,000 on the Regent/Preston border, well below the $589,000 median unit price in the area, which should create some great equity for our clients.
We are all excited about our upcoming Investor Club tonight which will again feature a panel but we will be discussing all things Property as it will be a Property Forum and will include Andrew Crotty from Biggin & Scott in Richmond and Adrian Foster from Hocking Stuart in Frankston. It will also feature our Owners Corporation Manager Ronald Perera and Team Leader/Property Manager Laura Braun discussing all things property, including ‘Hot Spots’, Owners Corporations, leasing and lots of tips and strategies to be ready to invest in 2018/2019 and beyond. Please click here to book one of the last tickets via our website. You can also see some videos from our past Investor Club events, in case you have never been before.
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, our Reservoir two bedroom villa units with courtyard and undercover parking for $450,000 each and a Kew East boutique block of 4 two bedroom apartments with parking, downstairs with large courtyard approximately $675,000 each and upstairs for approximately $575,000 each. Please register your interest by contacting firstname.lastname@example.org