Weekly Property Market Update - June 27, 2018
By Advantage Property | 26th Jun 18
Your weekly Property update by award winning Buyer’s Agent Frank Valentic
Melbourne's market continues to provide more opportunities for buyers with a 63 per cent clearance rate from 696 auctions. We were delighted to be able to buy for a home buyer client in Hoppers Crossing on Saturday for $535,000 and we are seeing so much more competition now in the middle western and northern suburbs.
There are still many vendors that aren't pricing their properties at the current market levels and these properties tend to stay on the market for double the time compared to vendors that are meeting the market in pricing. We are seeing that some vendors are still expecting 2017 boom prices and the market has definitely shifted. Read my colleagues Robert German comments in Scott Carbines article https://www.news.com.au/finance/real-estate/melbourne-vic/super-pascoe-vale-result-earns-vendors-77500-beyond-reserve/news-story/acbfb755b3c700f8bd0b6cc097235e82
It seems that investors just continue to get hit with more taxes and restrictions. In another change, the government has announced that if you are transferring an investment property from your spouse’s name into your name then stamp duty will apply and this is now on top of the increased land tax bills and increased loan rates that investors are paying.
WATCH: Get ready for July with this great market update by Frank Valentic