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Market Update Autumn 2018

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2018 First Quarter Market Update

Brad Pearce and Stewart Oldmeadow are at the Arty Farty Festival bringing you the 2018 start of the year Market wrap. 

Residential sales market statistics

This year is starting off basically where we finished off last year. The last quarter of last year we saw a more balanced market take place and that's pretty much what is consistent so far. 

When we look at the results the last couple of weeks just as an example: Melbourne's clearance rates have been at 71% and then 68% yesterday. It does show a more leveling out, balanced sort of marketplace. The good news is we are always above the Melbourne average and we always pride ourselves on that. Here are Miles we are sitting just around that 80% clearance rate so far this year, which is good. I think it shows that good homes are still selling really well. 

What we are noticing that buyers are educated, so they are looking on the relevant websites and just chasing down and working out through those values. So that if a property is overpriced they will certainly work it through and find that out.

We had a good sale this week at 525 The Boulevard, Ivanhoe East selling for just $4,250,000 to an overseas global buyer. The buyer came in on a Sunday and bought the property which was great news. They flew in specifically from Singapore to come and buy it, which was fantastic. That was a great sale for the area, selling over $4,000,000, it was a lovely home and was a great outcome. 

Property management market statistics

The property management team have been incredibly busy this year, leasing to date this year over 150 properties.

We have had three significant leasings in 13 Marshall Street which leased for $1,150 per week, we have a property at $940 per week in the Ridgeway, and also the one up in Hopeton Grove which was leased incredibly well at about $940 per week.

Now of course, what that tells us is that the high-end properties in the property management arena are incredibly sought after. The family homes have been snapped up very quickly and even Marshall Street is the classic example where we knew that client and basically, it didn't even get to market, so 0 days on market is a great outcome. Of course, the units, apartments, and townhouses are still doing incredibly well.

We have got a vacancy rate at this point in time of 0.9%, the Melbourne average is normally around the 3%, and currently, the Melbourne average at the moment is sitting at 1.8%. So we all well and truly below that with the amount of properties we have vacant at the moment, which is great. 

Commercial market statistics and investment opportunities

Commercially, it has been a bit of a slower start of the year. They had a very very strong year last year so it is sort of really only just getting underway. I think that everyone is just seeing what all the market's got to offer.

We have a couple of exciting opportunities properties coming up. First being, the fruit shop on Silverdale Road, Eaglemont coming up for sale, looking in the $700,000s. Second, we have got 188 Upper Heidelberg Road, Ivanhoe coming up for sale, just near the ANZ bank, the double story property there. Finally, the cartridge site in Chifley Drive coming up as well, we are going to be chasing an excess of $3,100,000 so that is a great site.

I think on the leasing side of this they are finding that there's no sort of dramatic change in any way shape or form. It might actually take interest rises to actually make a change with that, but it's a pretty steady balanced market there.

Your neighbourhood, your life.

So overall, the market for 2018 is quite fine. We are selling them well, properties are leasing, properties are selling. We are indeed looking forward to a wonderful 2018 and from Sills Bend, with the Arty Farty Festival, we bid you farewell.

Prepare now for the autumn selling season by contacting us on   (03) 9497 3222 or   (03) 9459 5666 for local market expertise and a detailed appraisal.


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