WEEKLY MARKET UPDATE - MARCH 15TH 2017
By | 15th Mar 17

WATCH: Frank Valentic on the pros and cons of selling off market

Record runaway results continue to be common occurrences in the Melbourne market. We missed out for an investor client as a block of flats in Chapel Street St Kilda sold for $6.7 million, around one million more than our valuation with two investors fighting it out.

A development site in Tooronga Road Hawthorn East also sold for $730,000 above reserve with six developers fighting it out, including three Asian developers. It looks like the increased stamp duty and fees for foreign buyers are not slowing their insatiable demand for Australian land sites.

I was asked my opinion on the new underquoting laws which are to come into effect from May 1st this year. This will increase transparency even further but many of our buyers still feel they could have gone further by requiring the vendor’s reserve to be in the agent’s quoting range and also stop agents who are still now permitted to advertise with no quoting range and “Price by negotiation”.  Read our comments in Scott Carbine’s article.

 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, including our future opportunity in Fawkner which is open for inspection this Saturday.