Weekly Market Update - September 4th, 2017
By | 4th Sep 17

Your weekly update by Frank Valentic

Melbourne’s continued its consistent performance with a 73% clearance rate from 745 auctions and again there were some strong results with the biggest result we saw at a house in Bangalay Avenue, Frankston South which sold for $1,550,000. This was around $500,000 above the top of the quoted range or 48%.  Our clients are definitely very happy as they purchased the property across the road on bigger land for only $910,000 twelve months ago showing how fast the market is moving.

There was an interesting scenario at an auction for a townhouse in Carnegie on the weekend where our client was the highest bidder and the property was $300,000 over reserve. They went in to sign contracts but the vendor refused to sign the contracts as they knew that the next door neighbour was the successful bidder. Our client was trying to buy for his Mum to live in and the owner sold the property to the under bidder for $50,000 less than the highest bid! I have never seen this happen before, I am aware that the vendor can retract the property from sale at any time but I didn’t think they could actually change their mind when a property had been announced sold to the highest bidder. It ended up selling for $1,780,000 which was $360,000 over the top of the quoted range.

School zones continue to get premium results and the property mentioned earlier in Frankton South was also in the Frankston South School zone which tends to attract sales figures $100,000 to $200,000 more than properties outside the zone. In other areas of Melbourne now, some of the primary school zones are emerging and becoming as popular as the secondary school zones and attracting between $100,000 to $600,000 more in many suburbs in inner Melbourne.

Please don’t hesitate to check out our website for more information about our popular Buyer’s Advocate, Sellers Advocate, Owner’s Corporation and Property Management services and our latest newsletters also for information on our upcoming Investor Club night with a panel of experts talking all things "Development" this Thursday night, as well as our future two bedroom group block opportunity in Dandenong.