Melbourne Property Market Wrap

A reported 683 properties went under the hammer in Melbourne at the weekend, 55 per cent of which sold.

Savvy buyers secured auction properties at great prices and an increased number of properties sold early via private negotiation, reflecting agents’ fears of a failed auction campaign.

With only two weeks and fewer than 1500 auction properties remaining before the market closes for the year, buyers have limited time to make a purchase, and with vendors feeling the pinch now is a great time to buy.

The outcome of tomorrow’s Reserve Bank meeting is likely to have a positive impact on buyer activity leading into 2012, with a competitive market to ensue.

For those that miss out this year but can’t wait for auctions to resume on February 11 2012, consider off-market opportunities. Although harder to find they can often be very rewarding.

Prestige Group can assist with your Australian Property enquiries also. Contact a consultant for information and advice regading your property investment options, including investing via Self Managed Super Funds, and getting started with no cash upfront!

Source: WBP Market Wrap Newsletter, 5th December 2011