Melbourne Property Market Update – October 19, 2013

By Peter Sarmas on 26 Oct 2013
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Melbourne Property Market Update – October 19, 2013

Photo: Sarah M Stewart

Melbourne property prices jumped to record levels in the September quarter, though REIV chief Enzo Raimondo warned this may not be sustained over the long-term. First home buyers should also be aware of affordability issues when interest rates inevitably rise.

• The Melbourne market continued its upward growth cycle – this was the twelfth week in a row that the clearance rate was above 70 per cent. 

• Investors looking for an investment property away from the city should take a closer look at Mount Clear in Ballarat, according to buyer advocate Cate Bakos.

• During their search, they should consider the seven deadly sins of property investing – and how to avoid them.

Crocodile Dundee star Paul Hogan is divorcing wife Linda Hogan, and their luxury Malibu mansion was the first thing on the chopping block. Take a peek inside the lavish home.

• Finally, Melbourne wine lovers can enjoy a week of tastings, cooking demonstrations and special dinners until November 1, courtesy of Melbourne Wine Week.  

About the Author

Peter Sarmas is a Certified Property Investment Advisor (PIAA) and Vendor/Buyer Advocate. Before becoming the founder of Street News, Peter completed a Degree in Applied Science (Chemistry) and a Graduate Diploma in Property Valuations (Hons). Peter believes property investing is a major and potentially risky undertaking. In his view, everyone should have an independent person acting on their behalf when seeking property investment advice.

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