Weekly Market Update - Tuesday 22nd August 2017
By | 22nd Aug 17

Melbourne continues to perform solidly with a clearance rate of 78% from 756 auctions and it doesn’t seem like there is any sign of slowing down in the Melbourne housing market. The big reason for Melbourne’s growth has been the demand for and popularity of Melbourne as it was voted the world’s most liveable city for the seventh year in the row. Population growth is driving our strong house growth as 146,000 people called Melbourne their new home in the last year, which is 46% higher than previous years. Melbourne is well ahead of our other rival capital city, Sydney which just came in at number 11 in the popularity awards.

Even unfashionable suburbs are starting to see strong demand from the Generation Y population as many are getting priced out of the rental and sales market and are now moving out to the ripple suburbs, many of which we have been buying in. We are always looking for the next unfashionable suburb before it becomes popular and we are seeing younger generations moving into areas like Brooklyn, Ardeer and Kingsbury which were considered to be quite daggy in previous years. See our comments in Samantha Landy’s Herald Sun article here.

You know the housing market is hot in Melbourne when previously unpopular streets and parts of a suburb are getting strong results and we saw that again in Reservoir. The Keon Park end has always been the unfashionable or less popular end and now we are seeing some big results in that area as well. A property in Liston Avenue had five bidders fighting it out even though it was south facing and it still sold for $866,000, $66,000 over reserve and well above the $575,000 we paid for a client a client for a less renovated property only twelve months ago.  

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 two bedroom apartment opportunity at 5 Herbert Street, Dandenong (approximately $250,000 returning approximately $225 to $240 per week).