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From: Dave 
Hi everyone,
In Melbourne, the market is so hot now...
Check out this article in today's Age.
http://www.theage.com.au/news/state/2001/08/25/FFXTNQWUQQC.html
Summary:
* 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.....
Cheers,
Dave
{Life's short...play hard}
Hi everyone,
In Melbourne, the market is so hot now...
Check out this article in today's Age.
http://www.theage.com.au/news/state/2001/08/25/FFXTNQWUQQC.html
Summary:
* 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.....
Cheers,
Dave
{Life's short...play hard}
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