Melbourne has continued to experience lack of quality stock across the board, or perhaps at this point this is the new normal? Previously we had seen a two-tiered market with a lot of investor stock flooding the market. In particular the apartment market, however now we are seeing many first home buyers getting into the market with the dire rental situation in Victoria. While the overall sentiment in the market still seems to be a cautious, one many buyers are using this time in the market as an opportunity to purchase properties at lower prices than they would have paid 12months ago and with less competition.

There has been a lot of talk around inflation and changes to interest rates, with some predications they may increase while many lenders are locking in lower fixed interest rates which is usually a strong indication that they are not predicting the rates to increase.

We have seen some strong results across different price points of the Melbourne property market. We attended an auction of a family home in Palm Ave, Caulfield North which had been quoted $3,000,000 -$3,300,000, the home sold under hammer for $4,100,000 which is 24% more than the top end of the quote range. The area has had low stock for turn key family homes. At the lower end of the market we attended a auction in Mathoura Rd,Toorak. The ground floor, one bedroom apartment had been quoted $390,000 - $410,000and sold at auction with multiple bidders for $470,000 which is 14% above the top end of the quote range.

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