Market News

Melbourne’s autumn property market has continued to go from strength to strength despite a record number of properties for sale.

Many vendors have opted to list their homes for sale earlier this year to avoid Easter, school holidays and Anzac Day, resulting in more choice for buyers and more competition for sellers. However, this year buyers remain hungry for property, and demand is likely to keep putting upward pressure on prices over the coming months.

The month of April saw 25 properties sold by Lucas Real Estate, including a magnificent three bedroom Southgate apartment in the vicinity of $3 million. Well-presented property priced from $550,000-700,000 is being increasingly sought-after by astute investors, many of whom are located interstate.

The rental market also remains solid, with strong tenant demand enabling rental prices to remain firm, or increase in some instances. Notably there is shortage of sizeable one-bedroom apartments in premier buildings for lease.

To find out how the current market conditions can add value to your existing home or investment property, please contact your local area experts on 9091 1400.