Weekly Market Update 9th March 2016
By | 9th Mar 16

The clearance rate stayed consistent at 74% with 1018 auctions being conducted. There were some amazing results achieved over the weekend including 80 Wellington Street, St Kilda where a crowd of around 300 gathered to watch four bidders push the price $650,000 over the reserve. Another outstanding result was achieved at 4 Kerferd Street, Malvern East where the property sold $480,000 above reserve. Although the most outstanding result was by far 12 Barnato Grove, Armadale which sold $1,600,000 over reserve. A great result for some of our "Group Block" clients was a sale at 3/9 Lambeth Place, St Kilda being sold for $580,000. Our clients apartments settled 6 months ago after purchasing them for $450,000. Melbourne’s property market has continued to achieve the highest capital growth within Australia with an 11.1% rise over the past twelve months. To read the full article, please CLICK HERE.

An article was recently published by Domain regarding the new breed of Chinese buyer, who is purchasing in capital cities due to frequent holidays within Australia and wealth preservation. Many of these buyers are choosing the world’s most liveable city to purchase in as our market has remained a safe investment by comparison to the global property landscape. To read the article, please CLICK HERE. 

The Melbourne rental vacancy rate has remained consistent at 3.1% with a median house rental of $415 per week for Metropolitan Melbourne. There are certain criteria you should consider before buying an investment property including the walkability of your property to amenities such as public transport, shops, cafes and schools are one of the most important factors for attracting tenants. Easy accessibility to the CBD by public transport is also one of the greatest contributors to achieving long term capital growth predicting the next ‘hot suburbs’. To check out any of your properties’ walk scores, please CLICK HERE. For further information on the factors to consider before purchasing an investment property, please CLICK HERE.