Weekly Market Update - November 22nd 2016
By | 22nd Nov 16

The Melbourne clearance rate remained consistent at 80% over the weekend from 976 auctions as buyers try to secure a property before the traditionally quiet December/January period. The Northern suburbs have continued to recognise strong growth with 3/4 Murrell Street, Glenroy, a 2 bedroom villa unit attracting 8 bidders (including ourselves) and selling under the hammer for $434,500. 22 Chrystobel Cres, Hawthorn an original condition Victorian home on 831sqm attracted 5 bidders that pushed the sale price $400,000 over reserve, selling for $3,750,000. 21 Fay Street, Fawkner this 3 bedroom original condition brick home on 629sqm was declared on the market at $577,000 and sold under the hammer for $620,000. To read about further results from this weekend please, CLICK HERE. 

We always recommend buyers obtain have a pre-purchase building inspection done when buying a property to ensure there are no nasty surprises down the line. We have heard some horror stories of buyers purchasing properties only to find out that major works need to be undertaken. This is important for both investors and owner occupiers as these works can often be costly. It is important to employ a qualified building inspector who can provide you with the correct advice and ensure you are making an informed purchase decision. The Sydney Herald recently published an article about unqualified building inspectors and how vital it is in conducting your due diligence to ensure you are receiving correct advice so you can make an informed decision, budget for any future costs and of course confirm what purchase price you are comfortable paying factoring in any expenses. To read the full article, please CLICK HERE. 

We are seeing more and more buyers purchasing investment properties over homes for themselves to occupy and it seems Gen Y is leading the way. A recent survey showed that many buyers between 18 and 34 were unable to afford to buy in the location they would like to live but still wanted to invest in bricks and mortar, more so than any other generation. Many buyers are buying in the middle to outer ring suburbs which are recognising strong growth and choosing the flexibility of renting and the convenience of an inner city location. To read the full article and our comments, please CLICK HERE.