Melbourne's property market is currently providing a fantastic opportunity for sellers as buyers continue to take advantage of available incentives and record low interest rates.
We can report high numbers of qualified buyers are generating a stronger than average level of demand as they seek to secure property while the current incentives are in place.
A shortage of property coming to market is also contributing to competitive market conditions. Multiple buyers are often competing at auction and increased bid levels have driven some high price results for sellers. We can report that many sellers choosing to list and sell property right now are achieving excellent results.
Notable Sales include:
- 5 Lochabar Court, Ivanhoe selling for $2,400,000.
- 82 Ivanhoe Parade, Ivanhoe selling extremely well at auction for $2,475,000.
- 99 The Righi, Eaglemont selling for $2,600,000.
For more recent SOLD results click here.
This general upturn has seen Auction Clearance Rates remain high, with results across Melbourne and Banyule, being well above average for the season.
While we anticipate this positive market sentiment will continue for some time, it is realistic to expect the market will eventually level out. We therefore recommend that anyone who is considering selling should make it a high priority to understand their properties value now.
We can also report that median house prices in metropolitan Melbourne had an 8.8% increase over the past quarter. This is a positive outcome for home owners given more recent challenging economic conditions.
Note-worthy local suburb median house price increases include:
- Heidelberg Heights with the greatest recorded rise at 18.8%
- Ivanhoe 11.3%
- Macleod 17.6%
- Rosanna 10.7%
- Viewbank 15.1%
Buyers in todays strong market are encouraged to keep themselves informed by regularly seeking expert advice and staying up to date with property market movements.
For new homeowners click here for a link to the Victorian State Government first home buyer guide.
Upsizing or downsizing, first home buyers or investors, feel free to get in touch to discuss all your property needs.
Request an obligation free appraisal click here or if you need more information about Miles Real Estate and to get in touch click here.
