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Advice , Market Wrap

Welcome to the new financial year!

With the close of the 2017/2018 financial year now behind us we look forward to what we anticipate to be a strong start to the new financial year. Already our office has been busy, we have had strong buyer enquiry and inspection numbers across the board. Interest rates are still on hold after the Reserve bank meeting today and with the overall Melbourne property experiencing 2.2% increase in price compared to this time last year. The spring selling season is now upon us and many owners are looking to have their plan in place for a spring sale and some other owners are looking to capitalise on the low level of property on the market at this time of year also.

Some standout results over the last month have been:

3/60 Wattletree Road, Armadale – 3 bedroom apartment selling for a record price of $1,097,500

8/29B Hampden Road, Armadale – 2 bedroom Art Deco apartment in one of Armadale most prized streets – sold prior to auction $952,500

4 Leila Street, Prahran – double fronted Victorian home selling for an undisclosed price

As we look forward throughout July and into August the number of properties coming onto the market is limited, meaning that buyers will be more competitive over the lesser volume. On the rental side our rental department has a very low vacancy rate of 0.78% compared to the industry average of 1.8% for the same geographical area. Higher end rental properties are in very strong demand at the moment meaning we are achieving higher than anticipated rental (some up to $100 per week more than expected!)