THE most expensive property sold at the weekend, as reported to BusinessDay, was this nineroom federation house in Brighton. It was quoted between $5 and $5.5 million. JPP Buyer Advocate Catherine Cashmore said the auction had a slow start, despite a large crowd. The property opened on a genuine bid of $4 million but passed […]
SENTIMENT “Indications point to the market rising March/April Next year, with less stock and more demand. The [excess] christmas stock will have cleared but vendor activity will slow based on last year’s results – only those who need to sell will; others will wait for an indication of market recovery.” – Click here for the […]
A sudden increase in the planned stock supply of inner-city apartments should have us singing if we’re to believe spruiked reports of a huge housing shortage. However while the need for affordable rental accommodation is growing, with recorded low vacancy rates in many inner city suburbs, high-rise apartments are unlikely to satisfy the large number […]
Clearance figures are down and the papers are full of catch phrases such as ‘buyer’s market’ and ‘Golden opportunities for purchasers’. Even those properties that record ‘auction sale’ in the published results have often passed in andbeen sold via negotiation – (from experience, roughly 50% fall into this category.) It’s impossible to teach negotiation without […]
Owning a property is probably one of the best investments you’ll make. Not only does it fulfil an essential need for accommodation, when it’s time to sell the Government won’t hit you with alarge tax bill. Therefore any money you ‘invest’ inupdatingyour home not only improves lifestyle, italso ‘adds value’ to borrow againstat alater date […]
DESPITE the rain and the state election, some savvy buyers turned up at the weekend’s 1025 auctions. Though the clearance was 61 per cent — and likely to be downgraded — there were some isolated strong results in what was described as a patchy market. With more than 3000 auctions scheduled in the next few […]
MELBOURNE real estate is facing a key test over the next few weeks as interest rate rises bite into the number of homes sold and a potential over-supply of properties clogs the market. But how well the market performs will depend on who is keeping score — buyers or sellers. Clearance rates — the percentage […]
POLL FAILS TO DETER BIDDERS ELECTION day brought slightly improved auction results yesterday, but 38 per cent of properties still failed to find a buyer. Real Estate Institute of Victoria spokesman Robert Larocca said Victorians had proven for the fourth time this year that big events don’t stop them from bidding at auctions. ‘‘For the […]
WITH THE HOLIDAYS LOOMING, BUYERS STAY CAUTIOUS DESPITE THE MARKET GLUT. Melbourne is facing a glut of stock heading into the holidays and new year, as a large number of homes that fail to sell under the hammer remain on the market. With about 40 per cent of all properties auctioned inNovember being passed in, […]
Growth in construction work unexpectedly declined in the September quarter, led by a drop in completed residential buildings compared with the previous three months. The Australian Bureau of Statistics (ABS) on Wednesday said total construction work in the September quarter fell by a seasonally adjusted 2.1 per cent to $41.4 billion, down from a revised […]
