12 Nov 2014 By: Greg Hocking 0 Comment
Investors have maintained a strong presence in Melbourne’s property market all year and have been very visible at auctions across the city. Positive market conditions, good capital growth and record low interest rates have been the basis of the appeal for investors.
After analysing the latest ABS figures, Australian Property Monitors has not only confirmed the vigorous levels of investor activity in the year to date, they have highlighted that investors are more active now than during the last market peak in May 2010.
Of all home finance loans approved in Victoria for the month of August, 49.7 per cent of those loans were for investors. In 2010, that figure was slightly lower at 49 per cent.
Determined buyers, both investors and owner occupiers, were out in force last weekend with one of the standout auctions being the sale of a stunning 5-bedroom property at Hall Street, Brighton. After a carefully executed sales campaign, talented Greg Hocking auctioneer, Warwick Gardiner, coaxed more than 100 rises from four bidders to achieve a sale price of $3.515 million – an impressive $365,000 above reserve.