WBP Market Wrap

Market opens with gusto.

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Summary
This year - Auctions: 867 / Clearance rate: 79%
Last year - 
Auctions: 953 / Clearance rate: 75%
Source: REIV

Mid-February is considered the unofficial opening of the Melbourne real estate market – a time when the summer holidays are all but behind us and we’re making plans for the year ahead. And, as expected, the year has open with the same ferocity with which it closed in 2017. Property pundits in Melbourne sprang to action at the weekend with a whopping 867 auctions and an equally impressive 79% clearance rate.

While the weekend gave host to slightly fewer auctions than the same weekend last year, the month of February is scheduled to offer more than 3100 auctions to the market, according to REIV - representing an increase of three percent when compared with last year.

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...

 170220 21.3 Alfred Square st Kilda

170220 12 Barry Street Northcote

170220 4.9 Glenroy Road

Investment rating:

6.0 / 10

Investment
rating:

6.5 / 10

Investment rating:

8.0 / 10

21/3 Alfred Square, St Kilda

12 Barry St., Northcote

4/9 Glenroy Rd. Hawthorn East

Bed 2    Bathroom 1   Parking 1

Bed 2   Bathroom 1    Parking  1

Bed 2 Bathroom 1   Parking 1

Suburb median unit price (REIV)

$540,000

Suburb 
median unit price (REIV)

$1,317,500

Suburb
median house
price (REIV)

$594,375

SOLD: $705,000

SOLD: $958,500

SOLD: $818,000

Situated on the second floor of an eight level 1970s apartment complex, this larger than average two-bedroom apartment has a pleasant outlook and is close to Acland Street shopping precinct and the beach. Although well-located, being one of 32 units in the complex means this apartment lacks, in addition to having high owners corporation fees - both factors having negative implications for the property’s future marketability.

Located close to Northcote’s popular Westgarth retail precinct, this two-bedroom attached single-fronted Victorian terrace is an entry-level home. Although liveable in its current condition, the floorplan would benefit from centralising the bathroom and creating a kitchen/living area that flows onto the rear yard.

A tastefully renovated two-bedroom Art Deco apartment in a small block of eight, featuring a north easterly aspect, large living and dining area and decorative features throughout. The property is located on ‘Scotch Hill’ close to Glenferrie shopping precinct.

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: © 2017 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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And that's a wrap...

Summary

This year - Auctions: 1264 / Clearance rate: 80%
Last year - 
Auctions: 1543 / Clearance rate: 67%
Source: REIV

Well, that's a wrap. The Melbourne real estate market is now winding down for another year so we're taking a brief hiatus over the summer break.

But don't worry, we'll be back again in February with all the latest in Melbourne real estate, together with the usual tips and tricks to maximise your outcomes when dealing with property.

Until then, enjoy our final Wrap and, from the team at WBP, have a safe and enjoyable festive season and summer.

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.

Stock shortage evident despite strong auction weekend.

Summary
This year - Auctions: 1238 / Clearance rate: 78%
Last year - 
Auctions: 1754 / Clearance rate: 65%
Source: REIV

It was the final lot of November auctions at the weekend, and market performance didn’t disappoint. More than 1200 properties were offered to the market, with a high absorption rate.

While clearance rates held up compared with last year, volumes did not. According to REIV, there was a whopping 1754 properties auctioned on this same weekend in 2015 - the 2016 volume consistent with reports of a 20% drop in listing volumes in Melbourne this year.

Summer frenzy builds with countdown to festive season.

Summary
This year - Auctions: 1001 / Clearance rate: 80%
Last year - 
Auctions: 1346 / Clearance rate: 65%
Source: REIV

With just four weekends remaining until Christmas, the pressure on property pundits is mounting. Failure to buy or sell in the next four weeks will mean a wait of up to eight weeks in most cases as the market pauses for the summer break.

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.