Age article on state of Melbourne Market



From: Dave :)

Hi everyone,

In Melbourne, the market is so hot now...

Check out this article in today's Age.


* Property market is hotter than ever in history, stronger than any other city, including Sydney, which has been slowing since December

* Housing prices are rising weekly.

* The average Melbourne property rose 65% between 1996 and 2000, and a further 8.5% between March and June this year alone - the equivalent of an annual rise of 34%.

* This weekend should see the average Melbourne house sell for more than $300K for the first time.

* 85% clearance rates at auctions

* Rental market has softened due to the FHOG. Vacancy rate has increased from 3.3% to 4.3% in the last year - this will increase. However, vacancies in units/flats dropped from 3.8% to 3.4%.

* Suburbs up to 8km from the CBD are booming or on the verge of taking off.

* 'Urban drift' - more and more people choosing to live closer to the city - to apartment living. (Gen X - hence the lower vacancy rates in these types of properties?)

* Mentioned Hot Spots: West Melbourne, North Melbourne, Collingwood, Abbotsford.

And the article says the season's just beginning.....



{Life's hard}
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