Weekly Market Update - 10th March 2017
By | 10th Mar 17

WATCH: Watch Frank Valentic’s insights on the current property market

Many Melbourne home owners are now benefiting from having bought in unfashionable and not so trendy suburbs many years ago. We missed out on a property recently in Magnolia Road, Gardenvale, which when the owners bought around 16 years ago was not considered to be one of Melbourne’s top suburbs. The other side of the Highway was very popular, being central Brighton but Gardenvale was not regarded highly. This property was sold on the weekend for $2,450,000, well above our client’s budget and well above the $1,750,000- $1,900,000 quote range. It was purchased for $552,000 only 16 years ago, so the vendors will still be celebrating I am sure!   

The Melbourne market continues to experience phenomenal growth. This was shown again with a property in Blanche Street, Elsternwick which the owners luckily bought right at the bottom of that cycle in 2012 for $1,000,000 and that sold this weekend for $1,950,000, showing how much growth there has been. Many Melbourne sellers have struck a pot of gold with many results similar to this growth.

There is a lot of talk about First Home buyers and there is good news that the government is reducing the stamp duty to zero for purchases under $600,000 and there is a reduction for purchases up to $750,000. This is welcome news for First Home Buyers as it will hopefully assist them in saving that elusive first deposit and buying their first property sooner rather than later.

 Please don’t hesitate to 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.