Weekly Market Update - 9th April 2018
By Advantage Property | 9th Apr 18
Your weekly property update by Frank Valentic
Following Easter and with school holidays interrupting auction campaigns, it was a quieter auction volume weekend with only 549 auctions and a clearance rate of 71% showing Melbourne's market is still as solid as a rock. There continues to be some runaway results as we saw in popular Mornington Peninsula suburb Dromana where the former Masonic Hall was sold as a development site and reached $791,000 over reserve.
One of our 'Hot Spot' middle Northern Suburbs Reservoir also achieved a massive result in Queen Street where a house sold for $1,355,000 which was $225,000 over reserve with five bidders in the popular prized Oak Hill Estate. I know the area very well having missed out on properties in neighbouring streets Edgar Street and Arlington Street back in 1995 when I was a First Home Buyer. Those properties sold for $122,000 and $125,000 each and I thought they were too much back then but look at how far they have grown in value and how they have gone up more than tenfold in a period of twenty three years.
The housing market continues to dominate as land is King as we still have an oversupply of apartments and that is again confirmed with some of the sale results we are seeing. There was an apartment in Joyce Street, Elwood which recently sold for $551,000 and one in the same block sold in 2011 for $560,000 so these apartments have had no capital growth over a seven year period whereas the Elwood housing market has more than doubled.
Our prices keep increasing in Melbourne and home ownership numbers are unfortunately on the decline. A survey recently showed that home ownership had dropped from 66% back in the early 1980's to the current level of 44%. That is a drop of 22% as prices keep increasing and many Melbournians unfortunately can’t meet the challenge of buying the great Australian dream and owning their own home
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, and our Reservoir two bedroom villa units with courtyard and undercover parking approximately $450,000 each. Please register your interest by contacting firstname.lastname@example.org