Market pushes on as end of year looms

Market pushes on as end of year looms

2 Dec 2014 By: Greg Hocking 0 Comment

The State election barely caused a blip on the property radar as buyers and sellers went about their business last weekend with more than 1100 properties going to auction.

Many sales at the upper end of the market fared well, with several attracting multiple bidders who drove prices well above reserve. The REIV has indicated that 170 properties sold before auction which is more encouraging news for sellers.

International investors continue to favour Melbourne real estate, with the Financial Review reporting that a new wave of offshore buyers are snapping up apartments in new CBD developments.

With many of Melbourne’s new city apartments boasting prices that are significantly more competitive than anything comparable in major Asian cities such as Singapore or Hong Kong, foreign buyers are attracted by what is being deemed ‘affordable luxury.’

This comes as no surprise, particularly in a year when local property investors were extremely active in the market. The appeal of investing in bricks and mortar is likely to endure for some time yet.

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Greg Hocking

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