VICTORIA’S clearance rate was 57 per cent yesterday, with more than 660 properties up for auction. Data from the Real Estate Institute of Victoria shows Melbourne’s clearance rate has averaged 59 per cent this year. A healthy market averages 65-75 per cent. While the rate is trending down, the market is anything but uniform. Inner-eastern […]
Location and history put established houses in the lead for value for money. Whether to buy an older, established property or a new one is a choice all house buyers face, whether it’s a first purchase or subsequent buys. However, the same rules apply no matter what the property’s age. The old adage about location, […]
VENDORS ARE DROPPING THEIR EXPECTATIONS IN THE FACE OF BUYER CAUTION. The current conditions inMelbourne’s property market are forcing vendors to work harder to secure a sale, as buyers take the upper hand. With recent falls in home values, vendors are having to increasingly adjust their asking prices to be able to attract buyers and […]
True, owning a $1 million house may not hold the same ‘wow’ power it did a decade ago. Median house prices in four out of the eight Australian capital cities are now above $500,000. But seven—figure sums in real estate still facinate most property investors and homeowners. Watching Australia’s steady rise suburbs with median house […]
Known for its tree-lined streets and Victorian-style houses, Malvern is arguably one of Melbourne’s best suburbs, situated just 12 kilometres southeast ofthe CBD. It’s just been listed as a hotspot by ‘WBP Property Group, and chief executive officer Greville Pabst says it’ll “outperform” the Melbourne market in the coming years due to its desirable location […]
DESPITE fewer auctions over the weekend, the clearance rate remained about where it has been over the last month, at 57 per cent. There were 146 auctions reported, the lowest number of auctions on a Queen’s Birthday long weekend since 2004. Adrian Jones from Noel Jones said it was now ‘‘definitely the quiet period’’, as […]
THE production company behind Channel 9’s hit, The Block, may have bitten off more than it can chew after paying $3.6 million for a row of rundown terraces in Richmond. As the property market cools, Watercress Productions might struggle to cover the cost of sales and renovations to the houses, which are in the shadow […]
CRITICS BELIEVE SOME AGENTS ARE MANIPULATING AUCTION FIGURES. The health ofMelbourne’s auction market may beweaker than reported, with new figures casting doubt on the accuracy of the selfreporting system used by the Real Estate Institute of Victoria. The REIV has reported that the clearance rate is averaging 60 per cent for the year to date, […]
Are we starting to see more distressed vendors than may have been reported? Australia wide, the delinquency rate has climbed from around 1.4 per cent to 1.79 per cent. It may be low in comparison to Europe and America, however it’s a figure the reserve bank should be paying close heed to because it seems […]
We’re currently in an opportunistic phase of a typical property market cycle and although I don’t expect it to last perpetually, it presents a wonderful window of possibility for homebuyers. Quality of stock is not in abundance, however there’s enough on the market to reduce the intensity of competition around each individual listing, therefore providing […]
