WEEKLY MARKET UPDATE - DECEMBER 21TH 2016
By | 21st Dec 16

Watch: This week's video is by Brant and he talks about increasing your rental return to a neutral or positively geared property.

Melbourne’s last big Super Saturday auction weekend passed another test with flying colours with a 77% clearance rate from 1006 auctions. You can tell that Melbourne’s housing market is nowhere near its peak when a house in Gowanbrae sells for $500,000 over the previous record price in the area. This time last year there was lower numbers of 790 sold with a clearance rate of 67%.

There is talk about whether Australia’s banks will retain their AAA Finance rating and if they don’t, whether we will see the banks again raise rates independently of the RBA, as they argue their cost will increase and therefore they will need to increase rates to offset this. Increased rates will be the only thing that will put a handbrake on the housing market segment at the moment.

The final month of the year has been significant as with one week to go, it looks like the December record for auction sales that was set nine years ago with 2,537 sales, will be broken. The highest selling properties last week was a house at 24 Alexandra Avenue, Canterbury selling for $4,012,000 and a Toorak apartment selling for $2,065,000.

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. I wanted to take this opportunity to wish you and your families a safe and enjoyable festive season and a Happy New Year in 2017! We thank you for your ongoing support and look forward to returning with our Market Updates from mid-January onwards.