Weekly Property Market Update - 6th February 2018
By | 6th Feb 18

You weekly property market update by Frank Valentic

Melbourne started the auction year with a solid 76% clearance rate from 486 auctions and it augers well for another strong year in the property market. We have seen First Home Buyers come out in force at a number of those auctions, in areas like Epping, Hoppers Crossing and other middle Western and Northern suburbs. First Home Buyers are dominating the market, now they are 28% of the total market place and that is a marked increase from the 12% average prior to the 1st of July 2017 when the State Government increased the stamp duty concessions.

We always look at the results in Melbourne’s market and if there are still record results happening, it means the market hasn’t peaked yet. We saw a recent runaway result with our own office building that just resold for $57,300,000 after it was purchased for $40,000,000 in late 2014. Until we start to see some plateauing of results, there is definitely still some petrol in the tank for many suburbs in Melbourne.

Women continue to be an important player in the Melbourne property market as they are now making many decisions when purchasing as partners in a couple and the number of single females purchasing property is also increasing. We have noticed in our own business that there is strong demand from many of our single female buyers. Read our comments in Samantha Landy’s article here.

We will have our first Investor Club meeting of 2018 next Thursday, 15th of February. It is important to understand your financial position and options when purchasing a home or investment property. We will have a panel of finance experts answering your questions and providing crucial information about strategy and process. You will also hear from me on current market conditions and what’s to come in 2018 and as always there will be an experienced client talking about how they have built their portfolio and answering your questions.  To book your tickets, click here. 

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 for $485,000-$535,000 each as well as our two bedroom villa units in St Albans (approximately $275,000 each). Open for inspection Saturday 10th February 12:00pm-12:30pm and the ballot being held on Monday 12th February at 4:00pm.  Please register your interest by contacting mfairbank@advantageproperty.com.au