WEEKLY MARKET UPDATE - DECEMBER 13TH 2016
By | 13th Dec 16

It was the third last weekend of selling before Christmas and from the 1264 auctions reported to the REIV, a clearance rate of 80 per cent was recorded, compared to 78 per cent last weekend and 67 per cent this weekend last year. 1014 properties sold and 250 were passed in, 99 of those on a vendor bid. The REIV reported that the auction record for December looks set to be broken this month as almost 4000 homes go to auction, 200 more than December last year.

The highest selling properties were both located on the North side of the city with a house at 6-8 Yolande Ct Templestowe selling for $7,200,000 and the highest apartment selling for $2,270,000 at 2B Creek Parade, Northcote. On the other end of the scale, the cheapest house sold for $170,000 at 97 Princes Hwy Norlane and the cheapest apartment sold for $277,500 at 97-99 Raileigh Rd Maidstone.

The September quarter results showed a strong market with an overall increase of 3.2% and the Melbourne wide median increased to $740,000 which was a record. The inner parts of Melbourne also increased by 4.2% with a median of $1,300,000 which has lifted the overall result.  The standout suburbs included Langwarrin with a 20% increase to a median of $561,000. Seaford also increased by 17% with a median of $605,000 and Williamstown with a 17% with a median of $1,300,000. With two of the three being bayside areas, showing Melbourne’s love of being close to the bay.

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 and Group Block Purchases.