Good morning,
I hope you had a lovely break and are feeling all refreshed to tackle 2020.
The team at Elite are already into the full swing of things and excited about what this year will bring. All indications are suggesting we will be entering into a very active property market with confidence from both buyers and sellers. It appears investors are largely back into the market as the banks ease their lending restrictions to enable them to enter. This is not great news for first home buyers as many are continually being priced out of the market. We are expecting to see some solid property price rises in Melbourne and some regional areas throughout the year.
The first round of auctions for the year saw the clearance rate surge into the 80%, however, it must be noted that the amount of auctions were low. We won’t really understand where property prices are at until after the first four to six weeks of auctions have been completed. That being said, there is a lot more confidence from buyers than there was this time last year. As a comparison, the clearance rate this time last year was 55% on a similar amount of auctions.
Last year, prices ended on a high with the median house price jumping 5% in the last quarter of 2019 to $901,951. Similar prices to the peak of the market in December 2017 and it is highly possible we could soon surpass this in the not too distant future.
Enjoy your week!
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 10 February 2020
This week: 303 Auctions | Clearance: 81% | Last Year: 55% [source: REIV]
Auction of the week
80 Ross Street, Port Melbourne
It is extremely rare for a church to pop up for sale, especially one that is a blank canvas ripe for a substantial makeover. These properties are always hard to value as there are effectively no comparable sales. The property was quoted at $1.85m to $1.95m before auction and attracted bidding from two parties with the successful bidder being a family who is going to create their dream home. The property sold for $2.19m after being announced on the market at $2.18m.
The property last sold in 2017 for $4.75m but was then on 711 sqm. The church has been subdivided and currently sitting on land size of 349 sqm. The vendor is planning on building townhouses on the remaining land.
Property of the week
FOR LEASE
59 Bayview Street, Prahran
$1,100 per week
This architecturally designed three bedroom, two bathroom townhouse is up for lease from our Elite Property Rentals team and available early March. Very conveniently located within a short walk to the trams on High St in a quiet side street. Spacious floor plan, open planing living/dining/kitchen area onto a north facing courtyard. You will need to be quick for this one as this won’t be available for long. Please contact the office on 9592 1122 to arrange an inspection.
Refer A Friend and Receive a $200 Voucher to Stokehouse.
Refer a friend to our Buyer Advocacy or Property Management services and enjoy a $200* voucher to Stokehouse Restaurant for a relaxing lunch or dinner by the Bay in St Kilda.
Please contact our team on 9592 1122 or email admin@elitebuyeragents.com.au
* Offer applies to a referral that leads to the engagement of our services.
What a year its been! The Melbourne property market wrapping up 2019 with a 75% clearance rate this week from a total of 974 properties going under the hammer. Of those properties, 581 sold at auction, while 150 sold before auction. In addition, there were 200 private sales. In comparison, the same weekend last year had a clearance rate of only 49% on a weekend of 931 auctions.
2019 finished on a high that not many predicted would occur. The May Federal Election was a game changer with property prices starting to increase soon thereafter. We have seen steady increases in Melbourne property prices ever since, not only due to the Liberal Government remaining in power, but declining interest rates have also stirred things up.
Overall, we are experiencing a lot more confidence in the property market and buyers now wanting to take the leap in. We believe this will continue into 2020 and the rate in which prices should rise will all depend on how much stock (properties for sale) comes onto the market, which is the unknown at this point. Vendors should certainly be feeling more comfortable with selling as we are witnessing a lot more competition at auction and generally more competition to buy. Investors are tipped to come back into the market and we may see first home buyers being further pushed out.
I hope everyone has a great break and look forward to another interesting year in 2020.
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 16 December 2019
This week: 974 Auctions | Clearance: 75% | Last Year: 49% [source: REIV]
30 Thomasina Street, Bentleigh East Sold for $1,505,000
This original home on subdividable land in the McKinnon High School zone was popular with both home buyers and also developers. The property had the bonus of approved plans and permits to build two townhouses. Quoted at $1,250,000 to $1,300,000 prior to auction, the auction was off to a very slow start so the agent offered a $1,250,000 vendor bid. Continuing at a slow pace, the auction again stalled at $1,300,000 and after a quick conversation inside with the vendor, the property was still not on the market. Bidding recommenced and the property was announced on the market at $1,350,000 before eventually selling for $1,505,000 thanks to six bidders.
9 Tower Hill Road, Glen Iris Sold for $2,301,000
A huge crowd of over 120 people attended the tranquil leafy streetscape on the quiet edge of Ashburton Village to view the auction of this lovely 1930’s clinker brick home. An opening bid of $1,950,000 eclipsed the quoted price of up to $1,800,000. From there seven bidders pushed the price to $2,301,000 with a consistent stream of $5,000 to $10,000 bids until the eventual buyer held off two buyers on the phone, for a final bid of $2,301,000.
3/48 Stanley Street, Glenroy Sold for $532,000
This brick veneer two bedroom villa unit, built in approximately 1993, in the premium pocket of Glenroy was popular with first home buyers, investors or those looking to downsize. Originally quoted $460,000 to $490,000. In front of a crowd of 60, the opening bid of $480,000 kicked off proceedings. A rise of $10,000 quickly followed, and three other bidders joined in. The home was sold under the hammer for $532,000.
A very busy weekend in the Melbourne property market with 1027 properties up for auction, and a strong clearance rate of 78%. There were 637 properties sold at auction and 162 sold before auction. In addition, there were 219 private sales. In comparison, the same weekend last year had a clearance rate of only 47% on a weekend of 1089 auctions.
The clearance rate is slowly creeping towards the 80% mark which may occur early next year with interest rates predicted to drop again. With interest rates further declining we will likely see even more investors back in the market. If the clearance rate increases past 80%, we could see ourselves back into a seller’s market in which we have not seen for a number of years.
This weekend coming will be the last ‘official’ auction weekend for the year. There will be the odd auction that occurs on Wednesday, 18th of December (in the evening) and Saturday, 21st of December.
Stay cool today and enjoy your week.
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 9 December 2019
This week: 1,027 Auctions | Clearance: 78% | Last Year: 47% [source: REIV]
13 Seaton Road, Highett Sold for $1,590,000
Six bidders battled it out to become the new owners of this four-bedroom home. Bidding commenced at $1,200,000 from an owner-occupier, jumping to $1,250,000 and then pushing up to $1,470,000 with three bidders in the mix. The explosive start saw the property announced on the market within the first 15 seconds. Bidding continued in $5,000 increments until the hammer fell down to a buyer from Sydney at $1,590,000 in front of approximately 70 onlookers.
10/1D Tovan Akas Avenue, Bentleigh Sold for $955,000
Forty people watched this three bedroom townhouse go under the hammer on the weekend. An opening bid of $800,000 kicked off proceedings, and two bidders took the price to $870,000 when a buyers agent entered the fray. Bidding continued up to $890,000, where it was announced on the market, and a fourth bidder joined in. The price was pushed up to $955,000 as the hammer was brought down.
29 Ryeburne Avenue, Hawthorn Sold for $4,520,000
A huge auction result for the weekend was for this a four-bedroom home in Hawthorn. The final result was $120,000 above the reserve when the home sold for $4.52 million, with three bidders involved. Quality family homes, close to schools have been finding strong competition in the market at the tail end of 2019.
The final Super Saturday for Spring 2019 saw 1082 properties going under the hammer, and the clearance rate increased to 77% with 669 properties sold at auction and 155 sold before auction. In addition, there were 191 private sales. In comparison, the same weekend last year had a clearance rate of only 48% on a weekend of 996 auctions.
Melbourne property prices have been on the move for quite some time now but the numbers are now statistically coming through. Corelogic have released data for November showing that the prices in Melbourne have increased by 2.4% in November alone which is the biggest monthly increase in house prices since May 2015.
It appears the property market will end the year strong and there are no indications that this will slow down in 2020.
Have a great week!
The Elite Team
Clearance Rates
Melbourne | 2 December 2019
This week: 1,082 Auctions | Clearance: 77% | Last Year: 48% [source: REIV]
5 Wilson Grove, Camberwell Sold for $1,770,000
A good crowd came to see the tidy two bedroom home, in need of some TLC go under the hammer in a handy location in leafy Camberwell. Originally quoted $1.32m – $1.38m in the hours prior to the auction the quote range was lifted to $1.4m. An opening bid from an advocate at $1.5m started proceedings, immediately placing the property on the market and prompting five other bidders to jump in and have a go. The advocate was out early and the keys eventually went to a lady with a baby for $1.77m.
2/12 Wimbledon Avenue, Elwood Sold for $990,000
A very quick auction in Elwood resulted in a ground floor two-bedroom unit selling for nearly $1 million. With a feel of a small single-fronted home, this property attracted a range of first home buyers and downsizers. The auction started with an opening bid of $850,000, and it was declared on the market quickly at $950,000. Only a handful of $10,000 bids later it reached $980,000, and then sold for $990,000 to downsizers.
20/211 Gold Street, Clifton Hill Sold for $726,000
Selling for $126,000 more than reserve, this fully renovated, light-filled upper level apartment was popular at auction. The bidding commenced at $550,000, but it didn’t take long to reach $640,000, before stalling. After consulting the vendor, the auctioneer announced the property on the market, prompting bids to take off until the hammer was brought down at $726,000, well above its $600,000 reserve.
Over the weekend, there were 838 properties going under the hammer, and the clearance rate increased to 72%. Of the auctions, 486 properties sold and 116 sold before auction. In addition, there were 206 private sales. In comparison, the same weekend last year had a clearance rate of only 47% on a weekend of 959 auctions.
Melbourne’s population growth is one of the main drivers as to why property prices rising. We simply are not building enough properties to house all of the new people wanting to call Melbourne their home. That, and low-interest rates, increased job opportunities and a healthy economy are the underlying reasons. In addition, buyers have gained the confidence to enter the market with no slowdown in demand insight.
We are predicting a strong start to the property market into the New Year with many buyers not having secured a property before Christmas. Stock levels are already declining for the Christmas break and new auction campaigns won’t be launched until late January.
Enjoy the sunshine this week.
The Elite Team.
Clearance Rates
Melbourne | 25th November 2019
This week: 838 Auctions | Clearance: 72% | Last Year: 47% [source: REIV]
12 McIlwrick Street, Prahran Sold for $2,265,000
50+ people were entertained and bewildered watching the super fast auction. Proceedings kicked off with a bid $10,000 above the quote range up to $1,840,000, followed by two more bidders offering $50,000 bids taking the price to $2,050,000. A downsizer jumped in with even deeper pockets and pushed the property to $2,200,000 and after a few $5,000 and $10,000 bids to be knocked down at $2,265,000, approximately $400,000 over the quote range.
2 Grandview Grove, Hawthorn East Sold for $1,825,000
The sunny Spring morning attracted a small crowd to gather in the very pretty tree lined street, moments from $15,000,000 mansions in the coveted Harcourt Precinct. An opening bid of $1,600,000 was quickly answered with a rise of $10,000. From there five parties took the price to $1,825,000 with the property being announced on the market at the top of the range at $1,750,000.
9/301 St Georges Road, Fitzroy North Sold for $910,000
It was a hot auction at a top-floor apartment in a converted fire station boasting stunning park views, with five bidders attempting to secure the home. The unit had an odd, triangular floor plan and two bedrooms with rounded outer walls. Bidding started at $750,000 and quickly climbed past the reserve price of $800,000. It was $110,000 more than the vendor’s reserve.
Over the weekend, there were 898 properties going under the hammer, and the clearance rate increased to 76%. Of the auctions, 537 properties sold and 146 sold before auction. In addition, there were 175 private sales. In comparison, the same weekend last year had a clearance rate of only 48% but on a weekend of 1183 auctions.
This is the last week of new auction campaigns hitting the internet, with the odd one expected to launch next week. Late November and December are usually months where it is a good time to buy as vendors become extremely motivated to sell before Christmas. That being said, it may not be vendors expectations that buyers are up against this year but rather other buyers.
As we enter the years end, we will see an increase in off market activity as selling agents are listing properties to sell in the new year.
Enjoy the sunshine this week.
The Elite Team.
Clearance Rates
Melbourne | 18th November 2019
This week: 898 Auctions | Clearance: 76% | Last Year: 48% [source: REIV]
4 Ashburton Road, Glen Iris Sold for $2,440,000
This architecturally designed four-bedroom residence’s single level home has a coveted location: walking distance to schools, Ashburton Village, Glen Iris and Ashburton train stations, the Ferndale Trail and freeway access. A family paid $220,000 above the reserve, with two bidders battling for the keys.
18 Fowler Street, Box Hill South Sold for $2,052,000
In one of the areas premier tree-lined streets, this charming brick Californian Bungalow has expanded to enhance the family-friendly home. A reasonably sized audience attended the auction of this five bedroom house on a large block of approximately 1032 sqm. Three bidders helped push the sale price $252,000 above the reserve, but it was a young family who secured the keys.
6 Littlejohn Court, Vermont Sold for $1,401,000
This large family home in a quiet location with beautiful Dandenong Ranges views attracted seven bidders to the auction on the weekend. With landscaped gardens and five bedrooms, the property was popular with families. The hammer was brought down at $1,401,000, a result that was $81,000 above the vendor’s reserve.
Elite’s Weekly Market Wrap
11th November 2019
This weekend in Melbourne saw 705 properties going under the hammer, and a slight dip in the clearance rate to 73%. Of the auctions, 422 properties sold and 91 sold before auction. In addition, there were 117 private sales. In comparison, the same weekend last year had a clearance rate of only 50%.
There is only a limited amount of time to buy before Christmas with the Christmas break fast approaching. The last big auction weekend for 2019 is scheduled to be the 14th of December with a few auctions likely to occur on the 19th and the 21st of December. The industry will then quieten down until the end of January. It appears with the amount of buyers in the market that many may not buy before the end of the year, and therefore, the market next year does not appear to be showing any signs of slow down. In fact, it is showing signs that prices will continue to rise.
Have a great week!
The Elite Team.
2/33 St Georges Road, Elsternwick Sold for $665,000
This expertly renovated two bedroom apartment offers garden-focused single-level living in a great ground-floor front position in a boutique mid-Century group. A huge crowd turned out to see the apartment go under the hammer. With a price guide of $500,000 – $550,000, the auction opened with a cheeky bid of $475,000 to kick things off. Six bidders helped push the property on the market at $550,000 before selling at a healthy $665,000 result in the pretty street close to Glenhuntly Road Shopping Village.
1/8-10 Stuart Avenue, Cheltenham Sold for $730,000
Freestanding, to the front of a well-groomed group, this renovated two bedroom unit stands clear with single-level style and a sun-catching aspect. A crowd of about 80 attended the auction which opened with a bid of $570,000 by a potential buyer who hadn’t inspected the property before auction day. But it was a first-home buyer from South Yarra who came out on top, after competing against four other bidders for the two-bedroom unit, which quickly sold over the reserve.
28B Severn Street, Yarraville Sold for $810,000
An attractive price guide of $650,000 – $700,000 ensured this well presented two bedroom house saw some healthy competition at auction amongst first home buyers and investors. The $810,000 sale price completely shocked the vendors who had their reserve at $700,000. The small home is ready to move in, and in a great location close to Yarraville shops.
Clearance Rates
Melbourne
11th November 2019
This week: 705 Auctions
Clearance: 73%
Last Year: 50% [source: REIV]
Elite’s Weekly Market Wrap
28th October 2019
A boost in auction numbers brings a Super Saturday to the Melbourne property market.
This weekend Melbourne held almost double the number of auctions as last week with 1067 properties going under the hammer, while the clearance rate held steady at 76%. 685 properties sold at auction and 131 sold before auction. In addition, there were 186 private sales. The same weekend last year had a clearance rate of 54%
The boost in buyer confidence has resulted in the Melbourne median house price increasing by 4.5% for Melbourne for the September quarter. This is the highest quarterly result since March 2017, while units have increased by 3.9%. These results are just averages and we are certainly seeing some suburbs and property types have increased in value by more than this.
The rise in volumes of properties for sale is helping to keep the median price growth at a reasonable level. That being said, we only have 7 more auction weekends before Christmas where stock levels will drop dramatically while the property market takes a break. We can only hope for stock levels to healthy in the new year to avoid any dramatic price rises.
Have a great week!
The Elite Team.
29 Tintern Crescent, Wantirna South Sold for $960,000
Resting in an enviable tree-lined pocket, this three-bedroom, two bathroom residence attracted a decent crowd of 40 to the auction. An advocate started the bidding at $870,000, before a young family joined in and the two parties went back and forth with rises of $5,000 and $10,000. At $890,000 the property was declared on the market, and bidding slowed at $950,000 with final bids coming in at $1,000 and $500 before the keys were secured for a final price of $960,000.
1/4 Turner Road, Highett Sold for $791,000
30 people braved the cold wind to watch five bidders try and secure this street fronted villa unit in a small development of only four. Quoted $650,000-$700,000 prior to auction, the auction started with an opening bid of $600,000. The agent responded with a vendor bid at $650,000 and another party jumped in at $660,000 where the auction took off quickly. With five bidders, the property was announced on the market at $740,000 but likely reserve reached prior to that. The hammer was brought down to the successful bidder at $791,000.
28 Calembeena Avenue, Hughesdale Sold for $1,836,000
A large crowd gathered under the grey skies to watch the auction in a popular location in Hughesdale. The updated Californian Bungalow on approximately 758sqm received an opening bid of $1.45m, which at the top of the range was a decent bid. However, from there it took another five bidders an excruciating amount of bids to take it past its reserve of $1,550,000 to a whopping $1,836,000. The winning couple hugged and the underbidder shed a tear.
Clearance Rates
Melbourne
28th October 2019
This week: 1067 Auctions
Clearance: 76%
Last Year: 54% [source: REIV]
Elite’s Weekly Market Wrap
21st October 2019
Hello to Spring! We had quite a mix of weather this weekend, as is typical during the Spring selling season.
This weekend Melbourne held a few less auctions than last week with 652 properties going under the hammer, while the clearance rate held steady at 77%. 415 sold at auction and 85 sold before auction. In addition, there were 180 private sales. The same weekend last year had a clearance rate of 50%
Speculation continues about where the housing market is headed. With lower interest rates, more buyers are coming onto the market, but is there enough stock to meet this demand? Is the housing market stabilising again after months of uncertainty?
Vendors are enjoying a period of buyer confidence with the recent interest rate drop however we are noticing a slight improvement in stock levels so this may start levelling out some competition at auction.
Have a great week!
From The Elite Team.
17 Mclean Avenue, Bentleigh Sold for $1,780,000
575sqm of north-facing rear period house with a moderate update located in a popular school zone and moments walk to Centre Rd, Bentleigh train station, and Brighton Beach is only a few kilometers away. The auction opened with a vendor bid of $1,450,000, quickly followed by a genuine bid of $1,460,000, then quickly eclipsed by a $100,000 rise at $1,560,000. From there the auction took off between 6 parties and it was declared to be on the market for some time when a person in the crowd asked if the price had reached reserve … and then three groups continued and the hammer was brought down at $1,780,000 in front of a crowd of at least 60 people
6/24 Hotham Street, East Melbourne Sold for $825,000
Occupying a prized elevated position, this sun-drenched apartment dishes up a true sense of space enhanced by an irresistible classic appeal. The property attracted first home buyers and investors alike, as it is a great opportunity on the city-fringe. The hammer was brought down at $825,000, which was slightly higher than a similar apartment on the level below which sold 12 months ago for $810,000.
1/56 Rathmines Road, Hawthorn East Sold for $1,070,000
A vendor who lived in this home for the past 22 years put this property to auction on the weekend with interest from multiple bidders. This entry level townhouse previously sold in 1997 for $236,000. A husband and wife team used an under and overbidding strategy to try to intimidate other buyers which in this case seemed to work as they took home the keys for $1,070,000.
Clearance Rates
Melbourne
14th October 2019
This week: 652 Auctions
Clearance: 77%
Last Year: 50% [source: REIV]
Elite’s Weekly Market Wrap
14th October 2019
Good morning everyone!
This weekend there was a jump in the number of auctions in Melbourne with 698 properties going under the hammer, while the clearance rate held steady at 77%. 448 sold at auction and 88 sold before auction. In addition, there were 147 private sales.
Melbourne’s property market is heating up with more stock arriving onto the market to be sold before Christmas, yet the clearance rate has remained fairly consistent.
Buyers can enjoy the choice, coupled with their renewed buying power following the recent interest rate drop.
The Elite Team.
97 Mowbray Drive, Wantirna South Sold for $1,007,000
A four bedroom family home on 723 sq. metres of land attracted 85 people to the auction on Saturday. Bidding commenced with a young couple offering 760,000, followed quickly by an advocate jumping the price to $870,000. Bidding continued at $5,000 increments between the advocate and a new bidder. Bidding slowed at $950,000 when it was called on the market, and finally the hammer was brought down at $1,007,000.
37 Langridge Street, Middle Park Sold for $1,970,000
Only a quick walk to the beach, Albert Park Lake, Village shops and restaurants, schools and trams, this charming solid brick period home was hotly contested on Saturday. Bidding started at the bottom of the quoted price range of $1.7 million to $1.8 million. The home was announced on the market at $1.9 million, and it was an investor who arrived late and threw in two knock-out bids to scare off her competition and secure the property.
2A Myrtle Street, St Kilda East Sold for $1,500,000
Five bidders helped push the sale price of this two-bedroom terrace to $971,000. The quoted range of $810,000 to $890,000 was quickly surpassed by the mix of bidders including owner-occupiers and investors. Properties in the sub-million category are increasingly popular in Melbourne.
Clearance Rates
Melbourne
14th October 2019
This week: 698 Auctions
Clearance: 77%
Last Year: 55% [source: REIV]
