WEEKLY MARKET UPDATE 18TH OCTOBER 2016
By | 18th Oct 16

This week's video is from Brant - Landlord Tips - The Hidden Costs of Purchasing a Property

The Melbourne Property market had another solid performance with a 79% clearance rate from 989 auctions. We achieved a great result for a client at 59 Hertford Road, Sunshine where her home of 17 years attracted 7 bidders and sold under the hammer for $825,000. She purchased the property for $94,000 in 1998. We purchased 322 Bambra Road, Caulfield South for a client last year for $692,500, the property sold over the weekend after auction for $930,000. We also attended an auction at 103 Raglan Street, Preston where the renovated 3 bedroom home had a reserve of $850,000 and attracted fierce competition from 6 bidders who pushed the sale price up to $971,000. To view more results from the weekend, please CLICK HERE. 

Earlier this year with the uncertainty surrounding proposed changes to negative gearing we saw many investors hold off on purchasing to see what the election outcome would be. In particular these proposed changes affected the sub $600,000 market and we noticed a dramatic shift in the inner suburban apartment market where investors often make up 50% of the buyer pool. We have seen a rise on numbers attending open for inspections with buyer confidence restored. To read our comments in the Herald Sun article over the weekend, please CLICK HERE. 

We often see buyers struggle to find a property they can afford within the location they first desire. Many buyers are looking for alternative suburbs where competition is lower and prices are more realistic. These suburbs were often once considered undesirable such as Sunshine where we have seen dramatic growth in recent times and like so many ever changing suburbs will attract a very different buyer demographic for the future. To read about some of the lesser known suburbs to consider during your property search please CLICK HERE.