Local Market Update - April 2017
The Melbourne home auction market surged over April despite the distractions of holidays, recording a strong clearance rate of 78.1% - up on both last month and April last year. Whilst the Melbourne median auction price fell over April, this was a reflection of a lower proportion of higher-priced suburbs listed over the holiday month.
With the latest data showing Melbourne median house price surged 4% over the March quarter to a record high of $843,674, Melbourne house prices have now increased a remarkable 15.2% over the past year, the strongest result of all the capital cities. Melbourne house prices have risen every quarter for four ½ years, with the latest $32,000 jump pushing the median to a record $843,674. The median is more than $110,000 higher than this time last year, and has more than doubled in a decade; in 2007, it was $386,411.
Melbourne house and unit prices will likely continue to rise over the remainder of 2017 driven by low interest rates, record-level migration, rising investors, a solid local economy and a surge in first home buyers from mid-year after the end of stamp duty payments for this group.
Locally, there were only 14 sales in Beaumaris for April – down from 28 last month and a reflection of our pause over the Easter and school holiday period. There are 36 properties currently on the market – up a little from 27 last month.
There were only 8 sales in Black Rock for April down from 21 in March and a reflection of our pause over the Easter and school holiday period. There are 24 properties currently on the market – healthier than the 11 of last month.
There were 28 sales in Cheltenham in April with 88 currently on the market.
Whilst a few more properties have hit the market as we bounce back after Easter, supply in Black Rock and Beaumaris is still tight. I sold a villa unit in Alfred Street Beaumaris last weekend for nearly $200,000 over the reserve – the auction was incredible and it was a great campaign. With so many buyers for each property I open, I have compiled a hefty database of very keen buyers which means I am showing properties before they even hit the net and am finding my off-market sales are flying out the door.
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