Weekly Market Update: March 25, 2019
By | 25th Mar 19

Your weekly Property update by award winning Buyer’s Agent Frank Valentic

Melbourne's auction clearance rate continues to improve with the clearance rate being 58% from 550 auctions on the weekend.  There were again some solid results with a property in Bedford Street, Collingwood selling for $991,000, $141,000 over reserve with strong bidding from four bidders.  Another strong result saw a block of three units in Hartnett Court Moonee Ponds selling for $140,000 over reserve with four bidders pushing hard to secure a good investment property.

New infrastructure can increase the demand in a particular area or suburb. We see this with the opening of new schools and this could have the effect of increasing the demand in areas where new schools are going in, including Preston High School, Pakenham Primary School and Burnside Primary School. This could impact positively with increased property values in those areas.   The days on market in Melbourne is increasing and now it’s gone up from 34 days to an average of 43 days. Vendors now need to be a lot more patient and wait for the right buyers to come along.

Our Buyer’s Advocate team have been buying in Melbourne’s middle suburbs for the last few years and there continues to be some solid growth even though Melbourne’s inner suburbs have corrected. Carrum’s medium house price for instance has increased and joined the one million dollar club increasing from $825,000. It showed a 21% increase in the last year when many of Melbourne’s inner suburbs came back 10 to 15 per cent.