Weekly Property Market update - July 4, 2018
By Advantage Property | 4th Jul 18
Your weekly Property update by award winning Buyer’s Agent Frank Valentic
Melbourne continued it's consistent performance with a 64% clearance rate from 586 auctions. The RBA again kept interest rates on hold and owners of property have had a fantastic run as there hasn't been a rate rise by the RBA since November 2010 which is seven and a half years of good times for property owners.
It's interesting seeing how the stamp duty concession increases from the 1st of July last year for first homebuyers have impacted that market. We are seeing so many more first homebuyers in the marketplace for properties up to $750,000 now and the numbers are growing each week and they are definitely dominating that market place. My advice to first homebuyers is to try and buy a unit or a townhouse with some land component if they can't afford to buy a house and continue to be priced out.
We are often asked where we see the next "Hot Spot" opportunities in Melbourne. Hot spotting is a very important part of our strategy when buying for our many of our investor clients. We look forward to presenting at the Melbourne Property Expo on 20 - 22nd July and I will be presenting every day on Hot Spotting-how to pick the next Hot Spots and where we think they will be in the future. Click on this link for discounted tickets for Advantage clients and use promo code: ADVANTAGE
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