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Market Update Final Quarter 2017

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2017 Final Quarter Market Wrap

Brad Pearce and Stewart Oldmeadow are here at the newly renovated Rosanna Office bringing you the 2017 final quarter market wrap.

Property management market statistics

Melbourne's vacancy rate 2.1% as always, we like to be about half of Melbourne's average, and the good news is we are. Our rental team's vacancy rate is currently hovering around the 1.02% mark. The rental market is doing very well at the minute, this past month in November we leased around 69. Which does show that things are doing incredibly well. Our rental team are doing very well and are just about to head into their busy season, so we wish them well for that through December and January.

Commercial market statistics and investment opportunities

Our commercial team have had some notable sales in this past quarter, one of which is 181 Upper Heidelberg Road, the old Dawn Thornton shop, sold for $1,950,000 with a 3.2% yield. Another 152 Mahoneys Road, Thomastown, the old Coca-Cola Amatil site, for $6,200,000 with four people bidding. Of course, the iconic Burgundy Plaza which sold just in excess of $14,000,000, so that is an exciting opportunity coming along and we are all eager to see what is going to happen on that land site. There were a number of tenders for that site, very much a once in a lifetime opportunity to secure that. There was a lot of interest generated for that and we are every proud of our team a sale in excess of $14,000,000, it is a big result.

Residential sales market statistics

It has been a late spring, basically September and October were been a bit quiet for us. When you look and see the volumes we are currently dealing with, there is no surprise that Melbourne's clearance was down to 69% last weekend compared to 12 months ago where it was about 78%. But we're also looking looking at the volume of 1,573 auctions last weekend and projected for 1,210 this Saturday.

So it is very much a late run and the way we see it is, it is probably the most amount of stock locally in Banyule in about 18 months all at once. So really it does mean that there are great opportunities out there for buyers. We think it is a great time to be transacting in the real estate arena at the moment because things are selling. The good quality properties still have 3-4 bidders out and about. So we suggest that there is a great opportunity with the properties that are out there, with the stock levels that are there now to buy somewhere. Because we do believe that next year it will go back to being the normal sort of stock we have had.

Come February and March we will be having the conversations from buyers "should have, would have, could have" bought this year, but we didn't. We are saying that now is a great time to be looking to secure something prior to Christmas, if it suits your needs, jump onto it.

Local News

The all famous Boulevard lights in Ivanhoe, they have shortened the time period, so its Saturday the 16th and that kicks off with the Carols in the park on that evening, so Saturday the 16th onward until Christmas day.

For a successful 2017, we say thank you!

Thank you for tuning into the last quarters wrap, we look forward to catching up with you in 2018, thank you for your support.


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