Melbourne Property Market Update – November 2, 2013

By Peter Sarmas on 2 Nov 2013
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Melbourne-Auction-Results-November-11-2013

 

 

 

 

 

 

 

 

In the lead up to next Tuesday’s Melbourne Cup, the property market has been flooded with new properties. Though the number of auctions expected this weekend is much lower due to the public holiday, REIV CEO Enzo Raimondo did not expect this to affect vendors’ chances of selling their homes.   

• Last week marked the thirteenth week in a row that the clearance rate was above 70 per cent, making it clear the Melbourne market is now in a recovery phase.

• For those considering putting their property on the market, Cate Bakos discusses the benefits of accepting an offer before your home goes up for auction.

• If you’re a bit hesitant about entering the market at the moment, Peter Sarmas reflects on his experience with a family who missed out on their opportunity to buy a house.

• Are you planning a home renovation job this spring? Don’t forget to take into account these hidden costs.

• And Victorians, if you’re planning to dine out when you watch the Melbourne Cup next Tuesday, here is a list of recommended bars and eateries around the city.

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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