Weekly Market Update - 8th February 2017
By | 8th Feb 17

WATCH: Frank Valentic's first market update for February.

The Metropolitan Melbourne market had its first real auction weekend back after the summer school holiday break. The market continued where it left off and achieved a 77% clearance rate from the smaller volume of 274 auctions at the start of the year. With interest rates on hold again at the first Reserve Bank meeting, the signs look positive for another strong performing year for the housing sector. Read our comments in Scott Carbine’s article regarding last weekend’s auctions we attended.

There are a growing number of overseas developers competing for our family home/development sites with 38% of all sites purchased by foreign buyers in 2016. Developers were flexing their muscles at an auction of a 650sqm site in Thornbury that sold for $1.645 million, 31% or a whopping $385,000 over the vendor’s reserve. The potential five townhouse site sold well above our developer client’s budget.

If you think Australian real estate is becoming more unaffordable for many buyers, a recent study showed that you are right as Australia ranked as the third most unaffordable country, behind Hong Kong and New Zealand. Sydney was our most unaffordable city (ranking 3rd overall) with Melbourne offering more value for money (ranking 6th overall), supported by our median price being 30% more affordable than Sydney. 

In great news, I have a limited number of free tickets for the one day Personal Development Workshop I will be presenting at. All you need to do is "Like" our Advantage Facebook page and send us a message saying “Free Ticket” and twenty will be drawn for free tickets (valued at $1999 normally). Also don’t forget tickets for the Melbourne Property Expo and our own Investor’s Club meeting. Please click on the details of each of these exciting events on the relevant sections of this email as special discounted rates/ tickets are offered to all Advantage Property bookings. Please visit our website www.advantageproperty.com.au or contact us regarding our popular Buyer’s Advocate, Vendor Advocacy, Property Management, Owner’s Corporation services and Group Block Purchases.