MELBOURNE’S median house price has risen for the fifth consecutive quarter, with the city remaining a “seller’s market”, but growth is tipped to cool. The citywide median jumped 2.9 per cent to $822,000 in the three months to June 30, according to the Real Estate Institute of Victoria. AUCTION CAPITAL: Melbourne auction records hammered in first half of 2017 BOOMING ‘BURB: Suburb price record broken for second time this year HOT WINTER: Auctions...
A clearance rate of 82 per cent was recorded this week compared to 76 per cent last week and 76 per cent this week last year. There were 879 auctions reported to the REIV, with 724 selling and 146 being passed in, 53 of those on a vendor bid. Another auction record is set to fall this year with the highest number of auction sales ever for the month of April.
Purchasing a property is often the most expensive asset that many people will invest in. It provides the possibility of long-term wealth and financial security. However, like any investment, you want to ensure that it is well-maintained and appreciating in value rather than depreciating. When purchasing a car you invest in ongoing maintenance, upkeep, replacement of items and regular cleaning, which is no different from owning an investment property – if not more...