Summer market sizzle still strong.

Summary
This year - Auctions: 1094 / Clearance rate: 79%
Last year - 
Auctions: 1539 / Clearance rate: 65%
Source: REIV

Last week we bid spring farewell and welcomed summer with open arms. The change in season is a sign of urgency for some property pundits and a welcome relief for others.

On one hand it indicates there’s just two weekends remaining until the unofficial closure of the real estate industry for the remainder of the year and early into next. On the other, it’s time to relax and reflect on the year that was 2016.

It’s been a busy year for Melbourne’s real estate markets, with more than 35,000 auctions held to-date – 75% of which have sold under the hammer – and a total number of transactions estimated to be 110,000.

According to REIV, on average house prices in metropolitan Melbourne have increased by 4.5% to $740,000 in the 12 months to September, with units slightly lower increasing by 3.5% to $545,500. During this same period, the greatest growth has been seen among inner city houses at 8.8%, which well and truly top the $1 million price barrier.

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...

 161205 1.14 The Avenue

161205 4.2 Callanish Road Camberwell

161205 61 Hodgkinson Street

Investment rating:

6.5 / 10

Investment
rating:

6.0 / 10

Investment rating:

7.0 / 10

1 / 14 The Avenue, Windsor

4 / 2 Callanish Rd., Camberwell

61 Hodgkinson St., Clifton Hill 

Bed 3    Bathroom 1   Parking 1

Bed 2   Bathroom 1    Parking  1

Bed 2 Bathroom 1   Parking 0

Suburb median unit price (REIV)

$590,000

Suburb 
median unit price (REIV)

$796,500

Suburb
median house
price (REIV)

$1,270,000

SOLD: $825,000

SOLD: $729,000

SOLD: $1,265,000

This property is a ground floor three-bedroom apartment in a 1970s development, featuring a modernised bathroom and kitchen and north facing decked courtyard. As houses in the inner suburbs become more expensive, many owner-occupiers and investors are turning to three bedroom, courtyard apartments. This apartment was let down by privacy issues to all bedroom windows and its location on a busy street.

 

This 1980s two-bedroom villa unit has been updated internally and is favourably located to the front of a four-unit development. The unit features a large fenced courtyard, although WBP investigations reveal this area is common property and not on Title. WBP cautions owner-occupiers and investors when buying properties with courtyards to investigate whether you have exclusive use of that area.

This renovated attached Victorian terrace comprises an ideal floorplan, albeit south facing rear yard. Internally the dwelling comprises two bedrooms, central bathroom, first floor study and living room that flows out to a paved courtyard. The property is well-located within the suburb with local shops, parks and Clifton Hill Train Station all within walking distance. Although having a strong history of capital growth, the potential rental return and yield are low, making this a difficult investment to hold in the short to medium term.

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.


SUBSCRIBE
Receive the WBP Market Wrap each Monday by subscribing here.