Weekly Property Market update - August 1, 2018
By | 31st Jul 18

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

Melbourne's property market continued its consistent performance with a 62% clearance rate from 589 auctions and the market has definitely found its consistent level. There are going to be more opportunities in the second half of this year for buyers to take advantage of better buying conditions and sellers will continue to need to adjust their expectations in general. 

Though the family period home market is still rock solid at present in Melbourne.  We have seen that at a number of auctions over the last few weekends. A house last weekend in Mt Waverley achieved $200,000 above the reserve with five families fighting it out and we also saw a house in Victoria St, St Kilda where an unliveable house with a decent backyard sold for $1,927,000, $327,000 above the $1.6 million reserve with four families fighting it out.

We were unfortunately one of six bidders that missed out on a Californian bungalow family home in Mitchell Street, Bentleigh for an upsizing family. The property sold for $1,537,000 well above the $1.2-1.3 million-dollar quote range and there was a massive crowd and very strong and competitive bidding.

Melbourne’s market will holdup alright because of our large population growth which will reach 144,000, almost matching last year’s total of 149,000. This is well up on the ten-year average for Melbourne which is around 100,000 per annum and we are set to hit the 5 million population mark very soon. 

 

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