Weekend wrap up.... Saturday’s market again saw some outstanding auctions results. As we’ve seen over recent months buyers appear too keen to take advantage of historic low interest rates. This is across all sectors of the market from first home buyers through to families keen to upgrade to larger family homes. A couple of auction results that stood out were: • 21 Glassford Street, Armadale which sold before Auction in excess of $2m - an outstanding result for a single fronted Edwardian home. • 46 Wheatland Road, Malvern which was on the market for $1.6m and sold in excess of $1.8m after fierce competition at Auction by 6 buyers. Another encouraging sign for the market is the number of bidders, at most auctions, has also increased since the start of the year. To conduct an auction where there are 3 or 4 bidders or more is on the rise. Are we in a “boom” market? I don’t think so. The Melbourne market is broken into many different markets and even within any suburb we see various markets within markets. It is only when all market values are on the increase that we have a “boom” market. Supply and demand will always drive our markets and at the moment we are in a good strong market. - JB
Posted on: Sun, 01 Sep 2013 23:29:57 +0000
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