Weekly Market Update- 27th February 2018
By | 27th Feb 18

Melbourne passed its first Super Saturday test with a large volume of auctions with flying colours with a clearance rate of 70% from 1148 auctions. There were some more opportunities as the volume of auctions was tripled compared to most weekends and there will be a similar number of auctions this weekend with many vendors trying to avoid the Labour Day and Easter long weekends which will impact their campaigns.

Not all properties go up over long term as Lleyton Hewitt found out with his Yve apartment on St Kilda Road which he purchased in 2004 for $8,325,000 and just sold for less, $8,175,000 fourteen years later. This just shows that some properties are not going to achieve the same capital growth because of the demand and supply equation typically affecting this apartment market at the moment.

Melbourne continues to be the strongest market in the nation and has an average days on market of 33 days which is the fastest selling period in Australia, compared to the nation’s average which is around 45 days. Melbourne continues to perform strongly and continues to see solid growth and demand for most houses and we are also seeing a pick up now in some markets in the apartment sector.

Subdividing and renovating can be a great way to add value to a property which we saw with one of our Group Block purchases in Embankment Grove in Chelsea where the property had much added value. It was settled for $230,000 in 2016 and just sold for $615,000, showing that adding value with renovations and subdivision, as we see on The Block TV series every year, can be a sure fire way to create some equity and build your portfolio faster.

Please don’t hesitate to check out our website for more information about our popular Buyer’s Advocate, Sellers Advocate, Owner’s Corporation and Property Management services and our latest newsletters as well as our future Group Block opportunities including our block of two bedroom art deco apartments (without parking) in Duke Street, St Kilda which we have now negotiated the purchase of from $483,000-$541,000 each (contact Megan for the Saturday inspection time) and our block of two bedroom villa units in Noble Park, each with a car space approximately $325,000 each (open for inspection Wednesday 28th February 3:00-3:30pm and Saturday 3rd March from 1:00pm-1:30pm) and our two bedroom villa units in Essendon West, each with a courtyard, own street frontage and car space for approximately $495,000 each (open for inspection Wednesday 28th February 12:30pm - 1:00pm and Thursday 1st March 5:30pm-6:00pm. Ballot will be drawn Friday 2nd March 2:00pm).  Please register your interest by contacting mfairbank@advantageproperty.com.au