Finally, even the media has acknowledged we are in a strong upward movement in the Melbourne Property market. Since the third week in February, there have been more than 1000 reported sales to the REIV every week. This week was no exception, with 1249 sales, 426 sold under the auction system.
The biggest difference of the last 4 weeks is the sales data from properties over $1M. Properties that have been on the market for a very long time, properties that have failed in 2008 to sell and properties that were priced too high have now begun to gather interest. Anything with prime land content is now being looked at for development and long term holdings.
The market above $1M is now gaining momentum. Good properties are attracting 3 and 4 bidders. A property which we bought in Collingwood over $1M last Saturday had 9 people bidding. Throughout Bentleigh, McKinnon, Hampton and Sandringham, family homes just under $1M have all but disappeared. There is a greater amount of “off market” transactions in this level as well.
There are plenty of vendors “thinking” about selling, or just haven’t quite made up their minds to put something on the market. If you know who to ask there may be other options out there apart from what is being advertised.
If you are looking for property please feel free to call us and have a chat.
Ian James
