Market Update 15th October 2019
By Advantage Property | 15th Oct 19
The Melbourne property market continues its strong recovery with some strong run away results again. The clearance rate was a healthy 77% from 698 auctions. The market has now shifted to be a great market for downsizers who are dominating. They are making hundreds of thousands of dollars in the change over from larger to smaller properties. In the market prior to the election when it was a buyers’ market, it was upsizers who were making the great change over gains and saving a few hundred thousand dollars.
The entry level segment of the market continues to be solid and first home buyers now account for 1 in 3 transactions or 33% of the total market. It is really important to present a property well to attract a first home buyers emotion. This was evident at our Vendor Advocacy sale in Carlisle Street, St Kilda. We had local agents value the property around $300,000 while it still had the tenants in the apartment and it was not being presented well. We sold the property over the weekend after some minor works and professional styling with four first home buyers fighting it out. It was sold for $451,000, $111,000 above the reserve and $151,000 above the valuations which were prior to the election.