WEEKLY MARKET UPDATE 2ND NOVEMBER 2016
By | 8th Nov 16

Melbourne’s clearance rate remained a consistent 79% from 703 auctions. We have continued to see some strong results in the housing market with 99 Leila Road, Ormond, a 4 bedroom Californian bungalow on 688sqm selling for $1,700,000. The home was only purchased in 2015 for $1,540,000, achieving a solid 10.4% growth in only 18 months. We have continued to see some good buying opportunities in the apartment market such as 6/94 Gillies Street, Fairfield, the 2 bedroom apartment in a boutique block with off street parking sold for $446,000 just over the $420,000 reserve. We attended the auction of 73 Major Road, Fawkner on behalf of an investor client and unfortunately we were met with fierce competition from 5 bidders with the property selling to an owner occupier for $526,000 and 18% over the vendor’s reserve of $445,000.

With many buyers struggling to join the property market, at Advantage we have long understood the power of buying as part of a group. I and client Darren Maiden were recently interviewed by the Herald Sun about our experiences with purchasing property through these alternative methods and group buying strategies. We have seen many buyers over the years who simply could not have afforded to purchase but by thinking outside of the square. To read the full article please CLICK HERE to view the full article. 

It seems developers and town planners may be listening to the market trends with apartment approvals falling 17.5% while detached homes increased in development number by 1.7%. This could be good news for the Melbourne inner city market which has seen over development of apartments flood the market and halt capital growth with the housing market far out performing the once strong market share. To read the full article please CLICK HERE.