Melbourne bringing "home" the money.

Summary
This year - Auctions: 990 / Clearance rate: 77%
Last year - 
Auctions: 1446 / Clearance rate: 70%
Source: REIV

It was another bumper weekend for Melbourne property. Unsurprisingly, the clearance rate for houses was higher than apartments, at 80% compared with 71%, respectively.

Over 20% of properties sold on Saturday did so before the auction, as buyers clamber to get a jump on the competition.

Volumes are expect to remain high throughout the remainder of November, at or above 1000 auctions per week.

This week's auctions

Each week WBP’s property advisers review hundreds of properties and attend auctions throughout Melbourne,
ranking each property on a scale of 1 to 10 based on its investment potential. This week their focus is on...

 161114 2.8 Stawell Street Mentone

161114 2.76 Mathoura Road

161114 4 Illawarra Road

Investment rating:

5.0 / 10

Investment
rating:

8.5 / 10

Investment rating:

7.0 / 10

2/8 Stawell, St., Mentone

2/76 Mathoura Rd., Toorak

4 Illawarra Rd., Flemington

Bed 1    Bathroom 1   Parking 1

Bed 1   Bathroom 1    Parking  1

Bed 2Bathroom 1   Parking 0

Suburb median unit price (REIV)

$675,000

Suburb 
median unit price 
(REIV)

$1,327,500

Suburb
median house
price 
(REIV)

$918,000

SOLD: $426,000

SOLD: $611,000

SOLD: $860,000

This one-bedroom villa unit has a great floor plan with separate bathroom and powder room. The single car garage also has a storage area which opens onto the rear courtyard which results in a large amount of outdoor space for a one-bedroom property. The interior is in a neat, but original condition and would benefit from a renovation. The location allows for a short walk to Mentone Train Station and the bustling village on Mentone Parade and Balcombe Road. Upon further investigation we found the property to be Stratum titled which means purchasers need to have a larger deposit in order to obtain finance for the property. Given this entry level price bracket is appealing to first home buyers who often don’t have a large deposit at hand this could alienate potential purchasers when selling down the track.

This older style apartment block always generates strong results and has an excellent history of capital growth. The location is very popular with owner occupiers and investors alike as it’s situated just around the corner from Toorak Village and trams,  and it’s  very close to South Yarra and Hawksburn villages, too. The apartment is a great size and the living room and balcony is facing the front of the block so it not only has a lovely street aspect, but also a west facing aspect which receives the afternoon sun.  The apartment has a great floor plan and could benefit from an internal renovation, but perfectly rentable as is.

Single fronted Victorian cottages are always popular with buyers and fully detached houses, like this one, even more so. The floor plan of this house is not ideal with the bathroom located off the kitchen, but there's good scope to remodel to a central bathroom in the future. The rear courtyard is north facing and offers dual street frontage which makes it ideal for rear parking. It would also suit a double storey extension.  The location behind Newmarket shopping centre and Racecourse Road village is excellent, offering easy access to trams, Showgrounds Station and Flemington Racecourse.  

Speak with a WBP Property Adviser about how we save you time and improve your chances of buying a property with the right fundamentals for growth. To find out more click here or contact us on 1300 302 581.



Disclaimer: © 2016 WBP Property Group (WBP). The WBP Market Wrap has been produced as a general guide and does not constitute advice. While it was produced in good faith and with due care, no representation is made for the accuracy of the whole or part of the document. WBP accepts no liability for damages suffered by any party resulting from their use of information in this presentation.


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