Weekly Market Update - 8th November 2017
By Advantage Property | 8th Nov 17
Property news by Frank Valentic
WATCH: Frank's first property update for November
Melbourne’s property market took a bit of a breather this weekend with many Melbournians taking the opportunity to have an extra long weekend with the Melbourne Cup Day holiday on Tuesday. It was a much quieter weekend in the auction market with only 231 auctions and again a very consistent clearance rate of 76%. We are still seeing some runaway results as we saw at a house in Docker Street, Elwood selling for $2,450,000 which was $300,000 over reserve. Unfortunately, we missed out for a young upsizing family. We are seeing interesting outcomes at auctions at the moment as a developer held the highest bid at this auction at $2,460,000 and he was on the phone to his partner or a colleague and he then retracted the bid and the property sold to the underbidder for $2,450,000 when the auction rules clearly state you cannot retract any bid.
We saw an interesting scenario with our bidding for Georgia and Ronnie’s property on The Block when we were the highest bidder and the highest bidder is meant to be given sole right to negotiate at the vendor’s reserve price without any other buyers having the opportunity to negotiate.
We are always looking to think outside the box as Buyer’s Advocates for our clients and a savvy and experienced Buyer’s Advocate is always looking at adding value for their client. We bought a two bedroom apartment in Beach Street, Frankston in November 2011 for our investor client for $177,000 and we saw great opportunity with a double garage underneath to add another apartment and the client ended up getting permits approved to build another apartment. We now have around four interested parties and our clients will most likely more than double their money with offers around the $360,000 mark. This is a great result given that many apartments around Melbourne in the past six years have had zero growth and our client will have doubled their money here.
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. Our newest opportunities are a block of five 2 bedroom villa units in St Albans, each with a car space (approximately $290,00-$300,000 each), a block of four 1 bedroom and two 2 bedroom villa units in Ballarat, each with a car space (approximately $150,000 each for the 1 bedroom units and approximately $200,000 each for the 2 bedroom units) and block of two bedroom art deco apartments in St Kilda with street parking only (approximately $490,000-$510,000).