MARKET REVIEW: CITY OF MELBOURNE

01-Feb-2017

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Author: melbourne property market

Position is everything in real estate and city living offers lifestyle convenience plus easy access to a huge range of amenities at your fingertips. In fact, vertical living has never been more popular, with low-maintenance apartment living the preferred choice for a range of buyers in 2016.

During the past year, Lucas was proud to facilitate the sale of over $100,000,000 of property. Responsible for the management of over 1,200 local properties and the sale of over 150 homes in 2016, Lucas welcomed over 2,000 new residents to our vibrant waterfront community.

Whilst owner-occupiers were responsible for over 60 percent of purchases in 2016, investors were also highly active, buoyed by the strong returns on offer. Our average sale price of $718,663 highlights the increasing demand for inner-city homes, when compared to the Melbourne average unit price of $545,500 during the past year.

“All signs are indicating the strength of the local property market in 2016 will continue into 2017,” according to Lucas Sales Director Chris Henson. “Low interest rates, a strong local economy and a growing population will underpin demand for Melbourne homes.”

“Competition will remain fierce with fewer homes to choose from. Properties that are unique or offer buyers a point of difference will attract strong competition and results. A great example of this was the sale of 151 in Docklands’ Dock 5 for close to $2M after attracting offers from five interested parties.”

“We are finding some people opting to ‘try before they buy’ and renting an apartment before purchasing, or are relocating to the city to be closer to friends, family, study or work. We have a large number of buyers who have registered their interest to live in specific buildings or precincts, with defined buying criteria and an intention to make a move in 2017.”

For a current sales market appraisal of your home or a report detailing the recent sale results in your building or suburb, please contact our knowledgeable and friendly team on 9091 1400.