Market still heated in April sun
Over April’s first two weekends the Real Estate Institute of Victoria (REIV) recorded more than 951 auctions. 782 properties sold, 597 at auction, with 171 passed in. 181 properties were sold before auction & 4 properties were sold after auction. The clearance rate averaged 85.5%.
Competition remains strong this month producing a super-high clearance rate of 91% on April’s first weekend, with an unusually warm Easter and a hot market firing up the bidding.
Two great buys for our clients
Buyer Marketing has purchased two properties for clients, off-market, so far this month. 7 Rattray Court, Altona Meadows is a successful acquisition for $650,000, at 80-100k below what it would have achieved had it gone to auction. We also secured 3B/635 St Kilda Rd, off-market for $690,000. A one-bed apartment opposite, 3D/635, sold two weeks prior for $685,000. Both our buys are excellent outcomes, for two very happy clients!
Top homes coming to market
With the recovery of house values, long time owners are deciding the time is right to cash in, so we are now seeing more great properties, in great locations, coming up for sale. But for every new listed property, 1.1 homes are sold, meaning demand is firmly in overdrive and stock is under supplied. For just about every home sold there’s an underbidder looking for the next opportunity. It’s certainly a time to have Buyer Marketing assisting you in the process.
Prices shooting up
All these conditions means rising values in some unexpected places. A typical house on Melbourne’s eastern fringe added 21.16% in value over the last 12 months to hit an average of $700,000. Remote working practices are now commonplace and are a shot in the arm for outer suburbs values right around Melbourne, from Launching Place, to Tootgarook, to Sunbury.
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