Ensure you never miss an issue of the
real estate business bulletin
Melbourne: property underdog

Melbourne: property underdog

by Reporter 0 comments

Staff Reporter

Despite being labelled the property underdog, Melbourne is actually doing quite well, WBP Senior Residential Advisers’ Sean Thomson said.

According to Mr Thomson, the Melbourne market has successfully absorbed a considerable amount of stock.

So far this year, Melbourne has held 5,500 auctions, marginally above the 5,300 held to this time in 2010. While the clearance rate is lower, most of the properties passed in at auction have been successfully sold later.

“What we’re witnessing is a textbook case of quality properties finding a buyer and compromised properties being left at the altar," Mr Thomson said.

“It is a good time to be a buyer, as most auctions are selling close to their reserve. But we’re also seeing a lower quality of property being offered compared to last year. Any property that isn’t correctly priced is not selling on the day.

“In our current market buyers need to be selective. In these conditions, investors who believe they are getting a bargain are likely to be sorely disappointed with the performance of their asset in the years to come.”


le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Melbourne: property underdog
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?