Weekly Market Update
By Advantage Property | 18th Sep 18
18 September 2018
There are more opportunities coming up as Melbourne’s clearance rate has dropped to 57% this weekend from a larger volume of 710 auctions. There are definitely more properties coming onto the market with the spring selling season as this usually bring a larger supply of family homes with the gardens looking their best at this time of the year.
We had a great result for our client thru our Vendor Advocacy service at Watt Street, Bentleigh East where we purchased the property thru our Group Block purchases for $550,000 only 18 months ago. After some cosmetic renovations, the villa unit sold for $770,000 with good profit. There were four bidders competing with a number of other parties that didn’t get a chance to put their hand up, again showing that there is a strong demand for villa units with some land attached.
First Home Buyers are keen to get into market place at present and the number of first time home buyers has increased to the highest levels for many years. They have now increased over 30% in the last year alone and we again noticed their presence at many auctions of apartments and units and this has definitely helped market apartment to recover in the last year.
Its exciting times as The Block contestants continues their renovation and they enter the second phase of the contestant’s show renovations. We are excited that we are involved for our 10th series in a row. The Block are already looking ahead as it has been confirmed that they purchased The Olso hostel which is on Grey St, St Kilda for $10,815,000 last year. They will be converting those properties into large terraces with large amounts of land.
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