Monique Sasson Wakelin’s four tips for buying in the Melbourne market

The Melbourne property market is heating up with RP Data recording a preliminary clearance rate of 76.9% based on 862 auctions.

RP Data stated that "the underlying health of the market is highlighted by the fact there have now been eight consecutive weeks with a clearance rate in excess of 70%."

Monique Sasson Wakelin of Wakelin Property Advisory told Property Observer that “clearance rates do not necessarily measure whether the market is pricing itself up or pricing itself down. They measure the level of supply to demand and it was at 72% this weekend just gone.

"That is still telling me there is pent up demand and insufficient supply. If it drops to something in the 60% range then it’s closer to balanced. Clearance rates are very good at measuring over supply.”

Wakelin provided Property Observer her tips for buying in the Melbourne market:

- Aim for within two to 12 kilometres of the CBD

- Look for established stock rather than new

- If buying an apartment seek out those from the 1930s to the 1970s and always elect for parking

- If looking over $650,000 then look for two-bedroom period-style properties from the 1880s to 1940s