‘A’ grade properties shine in March.
Over the 5 weekends of March more than 3,225 auctions were reported to the Real Estate Institute of Victoria (REIV). Approximately 1,347 sales were recorded at auction. 1,212 properties were passed in, 647 of those on a vendor bid. The clearance rate averaged 55%, similar to February’s 56.5%.
As we know, Melbourne market performance is fragmented at present with some suburbs trending to higher value, some holding steady and many easing.
Generally the more expensive 25% of Melbourne properties have declined in value by up to 13.1% over the last year. But at the more affordable end of the market the least expensive properties have declined in value by just 2.1%. According to property market analyst CoreLogic, Melbourne home values eased another 1.1% last month to a median of $624,425.
Regardless of adjustments in the market, good properties remain in demand. ‘A grade’ properties are still highly sought after and attracting higher than expected prices.
Mount Waverley was going strong across March. Our own client’s property at 9 Francis Street Mount Waverley (see below) sold at auction for $1,500,000, achieving $200,000 above reserve and $74,000 above average “Best Case” scenario price, with 6 bidders. We can proudly note that 3 out of 5 Vendor Marketing’s clients properties sold above average “Best Case” scenario price and 1 sold above average “Realistic” price in March.
Demand for homes was also soaring in some of Melbourne’s outer suburbs. Properties under the 1 million mark keep drawing competitive bidders with many auctions steaming above reserve. Craigieburn for example is a top performer with Real Estate Institute of Victoria data showing the median house price rose 6.6% to $565,000, across 2018.
Investors wanting a solid return know Bayside Melbourne is always a good choice. New data shows Victoria’s top rent returns are in Melbourne’s Bayside suburbs. The average Bayside median house rental has risen to $824. Unit rental in Bayside now averages $520 a week (CoreLogic).
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