Weekly Market Update April 29, 2019
By Advantage Property | 29th Apr 19
What you need to know about the upcoming election.
The Melbourne property market had a breather this weekend with no auctions scheduled because of the Easter long weekend. There continues to be some more confidence in the market place as the clearance rates have definitely improved this year averaging around 56% for the year. There will be some slowing down now expected with the upcoming elections on May the 17th and after this I expect most buyers that are looking to get into the market will just get on with business.
The Block properties tend to always rent for very good returns compared to the Melbourne market place. There are a number of properties in the former Gatwick Hotel achieving $2,400 - $2500 per week rental plus over $140,000 per annum depreciation benefits for investors.
Apartments can be a much more affordable entry level for First Home Buyers taking 21 months less to save a deposit for an apartment compared to a house. This can be a great stepping stone for them to get into the market place.
There are definitely less investment properties on the market now for rent and this may have the affect of potentially driving rents up. In our own Property Management Portfolio, most of the entry level apartments and units are now selling to first home buyers and not investors so they are being removed from the rental market.