Share market wavers but strong sellers market continues through August.
Over the five weekends of August, there were in excess of 3922 auctions reported to the Real Estate Institute of Victoria (REIV), with more than 3033 sales recorded. Approximately 889 properties passed in, 388 of those on a vendor bid. The clearance rate for August was 75.5%.
Winter caused auction activity to drop for several weeks in June and July, but the market resisted the traditional sharp slowdown, rebounding early with stronger than usual activity through August. August’s clearance rate is also higher this year – up from around 72% to 75.5%.
Agents also reported sales figures well above reserves in the Eastern suburbs indicating values are still edging up there. Instability in global share markets in the third week of August will only reinforce the notion of property as a stable long term investment.
In August, Melbourne was acknowledged by The Economist as the world’s most liveable city for the fifth year in a row. The REIV nominated Carlton as the most affordable suburb with one bedroom apartments there having a median price of $207,750. This reflects the development of student style accommodation, compact but on the CBD’s northern edge and presenting an entry opportunity for city workers looking for a first home.
Maribyrnong and neighbouring Footscray had the most affordable two-bedroom apartments with median prices of $410,000 and $408,000. Glenroy has the cheapest three-bedroom apartments at a median of $465,000, at just 13 kilometres from the CBD.
Chinese buyers helped bolster sales on Saturday, August 8 because the double 8 aspect is associated with luck and prosperity. This is because the figure eight is similar to the Chinese word for luck. Also, the numbers in this year’s date – 2015, added together, equal 8. More luck. Although short on logic, this phenomenon can translate to tens, if not hundreds of thousands of extra dollars, for a ‘lucky’ vendor.
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