Spring 2018 brings great value.
On November’s first two weekends more than 1,022 auctions were recorded by the Real Estate Institute of Victoria (REIV). 390 homes were sold at auction and 460 homes were passed in, with 193 of those on a vendor bid. The clearance rate so far in November has averaged 51%, down on October’s 53%.
Melbourne Cup weekend saw only 153 auctions but the numbers bounced back the following weekend with 810 homes under the hammer.
There was another fantastic purchase this month by Buyer Marketing – a client had been researching the market for six months around Seaford, but found it hard to find a good three bedroom property under 700k.
After engaging Buyer Marketing we recommended a look at a beautiful fully renovated character home at 11 Regent Court, a quiet leafy street in neighbouring Frankston. It was well-negotiated and purchased for $680,000, which presented great value. Frankston has had a great a deal of money injected into it over the past few years and has had excellent capital growth. With a new railway station, pier and $30 million shopping mall, the attractions keep growing. Access to Melbourne is good with the M3 and M11 freeways and it’s a short drive to Red Hill and the magnificent peninsula. The outcome is a very happy client!
So what are the implications for buying or investing at this point? In March Melbourne’s median house price was $914,000 (Domain). In June it was $882,000. By September it was $852,000. So the median’s down by $60,000 at least so far this year. So affordability has improved in many areas.
But in some areas, like Frankston, values have grown (REIV) in the past year with clear prospects for more good growth. The figures show it’s a very good time to buy in Melbourne – especially when you pick your suburb carefully!
Principal Advisor &
Licensed Estate Agent
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