Melbourne’s auction market further improved today achieving a 72 percent clearance rate compared to last weekend’s 67 percent. This is higher than the national average of 69.6 percent and Sydney’s 69.7 percent.
There were more scheduled auctions this weekend with 541 and 400 reported auctions. Of the total number of listed homes that went under the hammer, 300 were sold while 18 were withdrawn. The total sales recorded was more than $194,621,000 while the median price was $690,500.
With regards to Melbourne suburbs to watch this year, predictions are strong that Coburg and Brunswick West will lead the northern area.
According to Jellis Craig agent and auctioneer Lee Muddle, Coburg’s advantage is its vibrant and multicultural environment while Brunswick West’s edge is the affordability of homes in the suburb. Other northern suburbs that will continue to perform well are Collingwood, Abbotsford, Fitzroy and Northcote.
In the south, the Beaumaris suburb is being tipped to soar this 2018. The opening of the new secondary college in the area this year is predicted to cause a high demand for housing particularly from parents searching for a good school for their children.
The east also has gems tipped to boom such as Kew East and North Balwyn. There two areas remain undervalued with smaller-sized homes and single-fronted Victorians the most ideal investments there.
As for the west, suburbs foreseen to experience house price hikes. These include Yarraville, Seddon, Newport, Williamstown, Sunshine, Maidstone and Albion. South Kingsville is another area where period-style homes remain affordable.
International buyers particularly from Asia are noted to be eyeing Melbourne’s prestige property market. Most of these investors are from mainland China, Singapore, Malaysia and Hong Kong planning to relocate for good in the city.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2018 | All Rights Reserved
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a Buyers Advocate gives her buyers an experienced voice they can trust when it comes to negotiating to purchase something as important as their new home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.FollowWendy.com for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.
