Weekly Property Market Update
By | 22nd Oct 18

23rd October 2018

Have we reached the bottom of this market cycle?  We have definitely seen prices come back and buyer demand has dropped this year as we expected. The clearance rate was 50% from 769 auctions.  This weekend and that was the lowest clearance rate since the last down turn period from 2010 to 2012. Sydney’s clearance rate has dropped even further and is now in the low 40s. Though, the entry level market continues to see strong demand from First Homes Buyers and is the strongest market, as seen with an apartment in Glen Iris selling for $615,000 with four First Home Buyers interested. Though there are better buying opportunities overall as seen with a property in Manchester Grove, Glen Huntly that sold for $960,000 after being passed in to the sole bidder. Looking back a year ago, similar properties were selling about ten percent more for around the $1,050,000 mark. 

The REIV released the latest September Quarterly median prices and it showed that Melbourne’s Median house and unit prices have stayed unchanged during the September quarter. Melbourne’s Median house price still showed an increase of 5% over the last twelve months and the unit median price showed an increase of 0.2%. So it’s not all doom and gloom as many Melbourne suburbs have still maintained their prices. Although, we have seen some of the inner suburbs level off and seen some price decreases as some of the prices went up so high.

It is the last week before the exciting Block auction’s and I am always asked who I think will win the finale and I have been able to manage to tip the winner and runners up for the last three series. After taking hundreds of buyers through over the last few months, buyers are telling me that Kerrie and Spence and Bianca and Carla will be fighting for the crown followed by Norm and Jess, Sara and Hayden and then Courtney and Hans.  We look forward to hopefully bidding on our 10th Block auction series in a row and we are hopeful of buying our 8th property on The Block for our clients.

Watch: The People you Need on your Team for Great Results