Weekly Market Update: 8th April, 2019
By Advantage Property | 8th Apr 19
What does April have in store for buyers and sellers?
The Melbourne market continues its consistent performance with a 58% clearance rate from 643 auctions. There has definitely been a pick up in the market over the last month as now many buyers are just getting on with business. The two strongest results we saw was a house in Moray Street, South Melbourne which sold for over $200,000 over reserve and another house in Phoenix Street, South Yarra which sold for $90,000 over reserve, showing that the houses in the inner suburbs are very sought after.
Looks like all experts now predict the RBA to cut interest rates once or twice this year, this is after no interest rate increase since 2010. Great news for people trying to get into the market, property prices have come back more than the 1990’s recession where prices dropped by 10% which is the biggest fall since Core Logic began recording data.
More than 70% of Investors will shy away from purchasing a second hand property as they can no longer claim negative gearing according to a new survey. Results show that there is almost no need to change the country’s negative gearing policy and so it will be interesting to see how it pans out if Labor are elected.
Good news for First Home Buyers as it is taking less time to save up that hard earned first deposit. It now takes an average of 5 years and 9 months to save a deposit for an entry level home in Melbourne. This is two months earlier than when measured at the same time last year and is approximately $113,600 for a First Home Buyer in the current market.