Weekly Property Market update - July 11, 2018
By Advantage Property | 11th Jul 18
Your weekly Property update by award winning Buyer’s Agent Frank Valentic
Melbourne's clearance rate remained consistent at 63% from 441 auctions and we can see that the market has levelled out with clearance rates remaining consistent over recent weeks. Melbourne continues to be more affordable than our neighbour Sydney which has recently recorded seven of the ten most expensive suburbs in the country while Melbourne only had two, Toorak and Portsea and Western Australia only recorded one.
Its interesting to see the popularity increase of apartment living as now one in ten Australians now live in apartments and I think this will only continue to see their popularity increase in the future as affordability and proximity to the CBD pushes people into buying apartments rather than houses. 46% of all new constructions are now apartments, it will be interesting to watch the capital growth in the coming years with such a dramatic increase in supply hopefully for investors the demand will remain consistent as our population continues to grow.
We continue to see strong demand and growth in Melbourne’s middle suburbs and I can talk from personal experience about middle suburb Preston, my parents bought a house in Scotia Street in 1976 for $52,000, sold it in 1995 for $123,000 and now the medium house price in Preston is over one million dollars and it continues to see strong growth. We recently saw with the sale in Regent Street which sold for nearly $1.5 million and it nearly doubled in value since it was last purchased around three years ago.
WATCH: Frank Valentic's second market update for July.