With the weather cooling and autumn rapidly leaving us for winter the real estate market in Melbourne would normally look at hibernating. But it is not. Nearly 1200 auctions on the weekend depending on which data company’s website you read, with the REIV putting the clearance rate at an amazing 77%. Domain’s result put the clearance rate at 74% on well over 1200 auctions and Core logic which Realestate.com.au use had the clearance rate at 74% as well. Whilst clearance rates are only an indicator for the market, they will be looked at by potential vendors as a good sign that the market is still running fairly hot.
The data companies are unanimous when it comes to the best performing city in Australia as well. Melbourne! With the fastest growing population, with the most liveable city tag and the best performing capital growth for real estate yet still cheaper (for the time being) than Sydney, investors are flocking to Melbourne.
And there are plenty of different options for investors in Melbourne. Villa units and townhouses to the Inner North, development options to the West and South East, revenue neutral options to the outer East. There are options aplenty. You do not have to buy within 5kms of the CBD in order to see good capital growth. In fact the chances of good growth in apartments that close to the CBD are almost non existent until the current tranche of apartments get sold out.
One investment type does not suit all investors and anytime you are talking to someone regarding property matters and they tell you the best investment type before listening to what you want to do isn’t helping you – they are trying to sell you something!
If you are considering purchasing a property this year please feel free to call for a chat or an appointment.
JPP Buyer Advocates