Weekly Property Market Update 15th May 2018
By Advantage Property | 15th May 18
Your weekly property market update by award winning buyer's agent Frank Valentic.
There are definitely more opportunities opening up in Melbourne’s market place for buyers as the clearance rate has reduced to 63% from around 890 auctions last weekend. Though we have seen some phenomenal growth in Melbourne’s market, such as a house in Moodie Street, Caulfield East which sold for $1,051,000 when an identical property next door sold for $915,000 only two years ago. The shows how quickly the market is moving for some of Melbourne’s middle suburbs.
There was a recent article stating that Feng Shui properties can see sales results of at least 15% higher than properties that don’t have feng shui qualities. This is interesting as it would particularly affect Chinese buyers and become an affect for many properties in the popular eastern suburbs. In the last 20 year cycle which is finishing in 2024, number eight was the lucky number, but in the next 20 year cycle starting from 2024, number nine will be the next lucky number to target when you are buying properties in the future.
Melbourne continues to be Australia is premier city and it is underpinned by our strong population growth which looks like it will hit 125,000 new people this year after a record of 146,000 new people last year. This is well above the ten year average of the 100,000 people per annum. Melbourne has grown by more than a third in the last decade and it is most popular capital city with Amazon and David Jones now relocating their headquarters into our city.
WATCH: Frank Valentic's hot tips for the Melbourne Property Market