Melbourne Property News Monthly Wrap – July 2018

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Melbourne Property News - Buyer Marketing

Reduced supply as market battens down for Winter.

Over July’s first 2 weekends more than 933 auctions were recorded by the Real Estate Institute of Victoria (REIV). 423 homes were sold at auction, with 323 homes being passed in, 139 of those on a vendor bid. The clearance rate so far in July has averaged 62%. July so far has been marked by dwindling supply in many inner suburbs as home sellers sit tight and wait out retreating values, holidays, and cold weather.

An unusual auction mid-July was a Middle Park home that had been donated to a charity (Monash University). Four keen bidders pushed the rundown house at 207 Little Page Street to a sale price of $1.91 million achieving $11,437 per square metre. Having no heritage overlay helped boost value for the back lane location.

New data shows rents are falling in some expensive inner suburbs like Kew, but rents are increasing further east, as people turn their attention to those outer suburbs
looking for affordability, plus the large blocks good for young families. So where is great value identified in Melbourne right now? CoreLogic data analysts have just assessed Coolaroo as the “most affordable suburb in Australia – with consistent median value growth”. In other words cheap as chips, with good growth prospects.

A house in Coolaroo has a median value of just $475,235, but has also jumped in value by 33.4% over the last year and 64.2% over the last 3 years. Coolaroo is on the Hume Highway just 22 kilometres (13 miles) from the CBD. Older neighbourhoods there feature tidy bungalows with nice gardens. Other sections are less appealing with plenty of ‘front-lawn parkers’ – the only safe place for cars overnight!

Rosebud is another star on CoreLogic’s new list – a low median of $499,582, with value growth of 29.9% over the last 12 months.

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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