Weekly Property Market Update - 6th March 2018
By Advantage Property | 6th Mar 18
Your weekly property update by Frank Valentic, leading Melbourne Buyer's Advocate
Melbourne’s market passed another Super Saturday test with a large volume of auctions due to many vendors trying to avoid the Labour day long weekend coming up this weekend. Melbourne’s clearance rate was a consistent 68% from 1032 auctions and we continue to see some record results. A property in Point Road, Beaumaris sold for $3,720,000, a massive $720,000 over reserve as it had great bay views and is on around 1000 sqm of land. Another property in Barkly Avenue, Richmond sold for $1,420,000, a strong $420,000 over reserve.
There is some good news for investors who have been smashed around in the last year with APRA tightening their lending criteria, increased land tax bills and depreciation allowances reduced. It now seems that there is something to celebrate as it looks like APRA will lift the 10% cap on investor loans and this is welcome news as many of our clients were not eligible for loans last year due to APRA tightening the screws and making it harder to get loans. This will lift the market in the sub $750,000 - $1,000,000 category as more investors play in this space.
Melbourne’s median house price is now at a record high of $903,589 and it won’t be long before we see Melbourne having a median house price of over $1,000,0000. We already have over 44 suburbs with median house prices over $1,000,000 and more entering the million dollar club every quarter. We are definitely making ground on Sydney and catching up with their median house price which is around $1,180,000, though Melbourne’s house prices are still more affordable. We are still seeing Sydney siders relocating to Melbourne and Sydney investors buying due to much more affordable market conditions.
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 (contact Megan for the Saturday inspection time). Please register your interest by contacting firstname.lastname@example.org