Weekly Property Market Update - June 20, 2018
By Advantage Property | 19th Jun 18
Your weekly Property update by award winning Buyer’s Agent Frank Valentic
There continues to be a big pickup in the apartment market as we saw again on the weekend with a number of big sales. One of our clients sold an apartment in Lansdowne Road, East St Kilda for $651,000 which was $101,000 above the reserve with a number of first home buyers and investors fighting for the keys.
The overall clearance rate in Melbourne for the weekend continues to present more opportunities for buyers with a 61% clearance rate from 731 auctions.
The market is definitely transitioning into a buyers' market. We are seeing this at open for inspections on weekends where there are actually fewer numbers of buyers in the market place apart from the first home buyers' market, which is the strongest market in Melbourne currently. It looks like it will continue to transition from the sellers' market of the last six years to a buyers' market for the rest of this year and into the next year.
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