Stewart And Brad

Market Update Spring 2017

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2017 Spring Market Wrap

Of On Saturday (16 October, 2017) we had a great sale where Stewart Oldmeadow was the Auctioneer at Von Nida Crescent. And the good news is that Roxy, who you might have seen in the media, did sell her house for $1,720,000 with six bidders competing on the day for a fabulous family home in the Rosanna Parklands area there.

Residential sales market statistics

Melbourne's auction clearance rates hovering around that 73% - 74% mark which shows a good balanced market. We at Miles always would like to be head and shoulders above that and the good news is we are at 88% and that's of as of the 1st of September.

With about 3-4 bidders that running through each auction, we are getting good numbers through our open for inspections at this point in time too. On average we have about 40 buyers through each of the properties.

This shows that we are selling around about 1/3 of Banyule and really we are leading by results, which is fantastic.

Upcoming investment opportunities

We currently have a landmark sale, taking place in Burgundy Street. The Burgundy Plaza is coming up for expressions of interest. It's an exciting opportunity there is 2520 sqm (approx) of prime residential land there so an exciting opportunity for an investor, a land banker there to grab an amazing site in Heidelberg. It's very much a one off offering, you won't get the opportunity to grab again. This property has been in the family for 30 odd years, so great opportunity for somebody there.

Property management market statistics

Melbourne's vacancy rates hovering around that early 2% it is currently 2.1%. Again we always like to be underneath that and we're at 1.6%.

I think an interesting trend that we've seen in a recent times is the family homes having multiple applications and that $1,000 threshold, which use to be very much be a barrier is no longer. We have a number of properties being leased well over that $1,000 mark into the $1,200 and $1,300 mark.

The best results come from experience

There is time to market and sell your home this year. We're booking in auctions for the end of November, looking into early December now.

So please, do give your team at Miles Real Estate a call.

We are your neighbourhood local guide and we look forward to talking to you soon.

Thank you for watching.


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