Weekly Property Market Update: 1 May 2018
By Advantage Property | 1st May 18
Your weekly property market update by award winning Buyer's Agent Frank Valentic
There are more opportunities opening up for buyers as Melbourne finally transitions from a sellers’ market to a buyers’ market after six years of unprecedented growth where Melbourne’s house prices have more than doubled in many suburbs. The clearance rates are now averaging around 68% year to date compared to around 78% at the same time last year. This is great news for buyers as there are more opportunities to take advantage of better buying.
There are still some record results being achieved in certain suburbs. There was a house in Wheelers Park Drive, Cranbourne North on the weekend that sold for $2,350,000, setting a new suburb record beating the previous suburb record by $1,270,000. This shows that even though our prices are coming towards a peak for many suburbs, there are still some suburbs where we are seeing record results.
In great news for investors, APRA is going to loosen the screws on investment criteria as of the 1st of July this year after they had tightened the lending criteria in May 2014 and smashed a lot of investors out of the park. They are now going to relax the criteria that will open the door for many investors to get into the market for the first time or repeat investors to come back into the market.
We are all excited about our upcoming Investor Club night which will again feature a panel but we will be discussing all things Property as it will be a Property Forum and will include Andrew Crotty from Biggin & Scott in Richmond and Adrian Foster from Hocking Stuart in Frankston. It will also feature our Owners Corporation Manager Ronald Perera and Team Leader/Property Manager Laura Braun discussing all things property, including ‘Hot Spots’, Owners Corporations, leasing and lots of tips and strategies to be ready to invest in 2018 and beyond. Please click here to book your ticket now via our website. You can also see some videos from our past Investor Club events, in case you have never been before.
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 as well as our future Group Block opportunities including our block of two bedroom art deco apartments (without parking) in Duke Street, St Kilda which we have now negotiated the purchase of from $483,000-$541,000 each, our Reservoir two bedroom villa units with courtyard and undercover parking approximately $450,000 each and a Kew East boutique block of 4 two bedroom apartments with parking for approximately $625,000 each (open for inspection Wednesday 2nd May 5:00pm-5:30pm). Please register your interest by contacting firstname.lastname@example.org