Melbourne Auction Results – August 11, 2014

Valuer-General Claims Surge In Higher Priced Properties

A clearance rate of 72 per cent was recorded this weekend, compared to 72 per cent last weekend, from 611 auctions.

There have been a record number of auctions in Victoria this year, so it’s no surprise that the value of property transactions also hit a record of $10.8 billion, which is 38 per cent higher than it was at this time last year.

Supply Becomes A Problem For Spring

According to senior economist Andrew Wilson, houses and units were selling strongly in the inner and middle suburbs, but replacement properties were “not coming up as quickly behind them”.

Due to a tightening property supply in these areas, it’s thought that we will see a more stable property market rather than a boom bust situation.

“The total number of listings is down to 29,091 from 32,145 last year…”

Robert Larocca of RP Data believes that the gradual reduction in the number of properties coming onto the market could mean that buyers expecting to secure a property in the coming spring may struggle.

At the same time, figures show that the total number of listings is down to 29,091 from 32,145 last year and 37,588 in 2012.

Those suburbs in higher demand – the inner, middle and eastern suburbs of Melbourne – clearly demonstrate this supply shortage.

Photo: Orin Zebest

Valuer-General Claims Surge In Higher Priced Properties

Robert Marsh, the Victorian Valuer-General, claims there was a surge in higher priced properties last September quarter.

Since the last revaluation of properties across residential, commercial, industrial and rural sectors, they increased by $150 billion or 10.8 per cent.

“… buyers expecting to secure a property in the coming spring may struggle.”

“The big impact was the election in September last year, which resulted in the large increase in the last quarter of 2013,” Mr Marsh said.

“That increase for the median house price of about 9.5 per cent is the largest quarterly increase in the past decade.”

“This is predominantly due to a surge in higher priced property sales; inner-metro Melbourne municipalities increased sales volumes in that last quarter of 2013 by 40 per cent-plus,” he said.

Photo: Wikicommons

Street Advocacy News: Buying & Selling Property With Street News

Buyer advocate Peter Sarmas’s recent due diligence pays off for clients buying in the northern suburbs

I want to take the time to congratulate Chelsey and Michael, two clients who successfully bought a property in the northern suburbs after they were forced to reject another home with some serious issues.

It’s no doubt tough enough finding the ideal property these days, but it adds another layer of complexity when you discover a seemingly perfect home has hidden problems.

“Needless to say, we were very upset…”

Fortunately, through extensive due diligence we were able to find out that the property we were considering had been in a fire only six weeks prior to going on the market.

My extensive Street News network of real estate agents and a helpful local alerted me to the fact that a number of fire engines had been called to the property to put out the blaze.

Needless to say, we were very upset, but we moved on, and everything turned out for the best in the end.