Following the Reserve Bank meeting in November, the cash rate was left unchanged at 1.5 per cent – which represents 16 months at a record low level. This has helped underpin Melbourne’s strong spring property market with respectable auction clearance rates and stable median prices.
The month of October saw 4,956 auctions – the most ever for the month in Melbourne’s history. November is also looking like being a record auction month.
And positive results are not limited to any one sector of the market. For instance, our recent sale of a four-level, four-bedroom terrace home with spectacular views at 140 Adderley Street, West Melbourne was as keenly competitive as the auction of a two-bedroom apartment at 122 Maribyrnong Road, Moonee Ponds.
“One of the great things about Melbourne’s inner north-west is the variety and diversity of property types,” says Rendina Director Lou Rendina. “And demand is equally as strong for low-maintenance city fringe dwellings as it is for riverside executive living.”
Recent data released by the Real Estate Institute of Victoria shows that two-bathroom residences attract premium prices. For instance, in the City of Moonee Valley, a three-bedroom house with a second bathroom has a median price of $1.135 million – $175,000 more than the median price of a similar house with just one bathroom.
REIV President Joseph Walton said second bathrooms were highly sought after by buyers, particularly in premium inner city areas.