West Melbourne's apartment market gives buyers plenty to compare, and clearance has eased to 47.6 per cent as a result, down 23.8 per cent on last year, with more than 300 unit sales showing just how much choice is on offer. This is the clearest buyer's market for apartments anywhere in this update.
Houses are a different story entirely. Clearance has jumped 43.2 per cent to 65.6 per cent, and prices are up 8.8 per cent, as buyers compete for the suburb's smaller pocket of period homes.
With so much apartment stock to choose from, standing out matters more than ever right now. A well-presented, accurately priced unit is what wins the competition, while anything anchored to an older figure is likely to be passed over quickly by buyers who know they have options.
Median sale price for houses in West Melbourne is $1,295,000, up 8.8% from last year.
Median sale price for units in West Melbourne is $550,000, up 6.8% from last year.
Properties sold for houses in West Melbourne is 38, up 15.2% from last year.
Properties sold for units in West Melbourne is 301, up 0.0% from last year.
Auction clearance for houses in West Melbourne is 65.6%, up 43.2% from last year.
Auction clearance for units in West Melbourne is 47.6%, down 23.8% from last year.
Av days on market for houses in West Melbourne is 53, down 32.1% from last year.
Av days on market for units in West Melbourne is 45, down 10.0% from last year.
Wondering what homes are actually selling for locally? Browse recently sold properties in the area
Good property management should remove uncertainty, not create more of it.
If you're considering engaging a property manager, one of the first questions you're likely to ask is: how much does property management actually cost?
Owning an investment property and owning a good investment property are not necessarily the same thing. It’s an important distinction, and one that property investors should revisit regularly.
The Reserve Bank's decision to leave the cash rate on hold at 4.35 per cent is welcome news for buyers, sellers and businesses alike. While it's not a silver bullet for Melbourne's property market, it should provide some reassurance that the aggressive phase of the interest rate tightening cycle may be easing.
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