Weekly Property Market update - July 23, 2018
By | 23rd Jul 18

Your weekly Property update by award winning Buyer’s Agent Frank Valentic

Melbourne continues its consistent performance with a 63% clearance rate from 431 auctions as the market has definitely found a consistent level. It's interesting to hear the latest finance news as there are a number of changes with the banks. Major banks recently reduced their discounted rates for their short-term discounted offers and Westpac has just announced now that they will be pulling out of self-managed superfund lending. Now all the major banks apart from Commonwealth bank do not provide lending for self-managed superfunds which could make it tougher for investors to get finance for investment properties.

As the market shifts to a buyers’ market, vendors will need to do everything right to sell their properties as many make mistakes when they sell and one of them is not presenting their properties for sale to the required level. Many sell properties that are tenanted and are presented very poorly and this impacts on their sale price. Listen to our latest video with Suzy Nobilo-Lawson from Furnished Solutions giving some tips about preparing the property for sale to get the highest price. https://www.youtube.com/watch?v=JZn4Ddqq3PU&feature=youtu.be

The Melbourne market continues to provide more opportunities for buyers as it’s now taking an average of 35 days for properties to sell. Vendors will be required to price their properties in line with the current market forces as the days on market is increasing across Melbourne and the clearance rates are lowering and we are following the trend in Sydney.