Good morning everyone,
The clearance rate held in the 70’s over the weekend with a rate of 71% achieved over the weekend on 285 auctions. 178 sold at auction, 24 before auction and additional private sales 170 bringing the total sales for the week 374. Interestingly we are noticing less properties are passing in on vendor bids and rather on genuine bids which demonstrates that most auctions now are attracting interest and participation from buyers.
The REIV released data on the weekend regarding the median house prices for both Metropolitan Melbourne and Regional. The Melbourne median price has now fallen for a consecutive 5th quarter to $785,000. A drop of 1.1%. The sentiment in the market, however, is demonstrating that this could be the last drop that we see and we really did not see confidence come back until after the election which is not fully reflected in this data. Our expectation is to see a rise in the median price in the next quarter’s data which will be released in October.
Enjoy the sunshine today everyone.
Kim Easterbrook and the team at Elite Buyer Agents.
Have a great week.
Kim Easterbrook and the team at Elite Buyer Agents.
Clearance Rates
Melbourne | June 20-21 2019
This week: 282 Auctions | Clearance: 71% | Last Year: 63% [source: REIV]
39 Ironbark Dve, Templestowe Lower Sold for $1,350,000
A five bedroom unrenovated home in good condition on 796 sqm went under the hammer and attracted strong bidding from five parties. The 50 year old family home sold to another family for $350,000 over the $1,000,000 reserve.
60 Pakington St, St Kilda Sold for $843,000
St Kilda’s worst house which was deemed unliveable due to structural issues went under the hammer over the weekend and was in hot demand. Six bidders drove the price to $843,000 which was $100,000 over reserve.
17/49 Head St, Brighton Sold for $1,522,000
Demand for entry level properties in Melbourne’s most expensive suburbs is still strong. Downsizers secured this property over three other bidders for $1,522,000 which was well over the price guide of $1,300,000.
Good morning everyone,
Another cold weekend with low auction volumes resulted in a surge in the clearance rate to 76% over the weekend. 254 auctions occurred over the weekend with 163 selling at auction and 30 before auction. In addition, there were 203 private sales. Showing that 50% of sales sold via an auction campaign and the other 50% by private treaty.
Stock levels have remained very low of the school holidays but we expect this start to increase now for the next 6 to 8 weeks until a lull during the football finals (September) before ramping up again for Spring.
A few weeks ago we reported that there has been some increase in enquiry from Hong Kong buyers due to some of their residents wanting to move their money out of the country. There are now reports that Chinese buyers are looking to return back into the Australian property market due to the Aussie Dollar being down over 10% against the Chinese Yuan over the past year.
This now allows the Chinese to offset the extra 8% tax they have to pay due to being foreign investors and therefore now making property in Australia more appealing. An interesting space to watch for the rest of the year.
Have a great week.
Kim Easterbrook and the team at Elite Buyer Agents.
Clearance Rates
Melbourne | June 13-14 2019
This week: 254 Auctions | Clearance: 76% | Last Year: 62% [source: REIV]
9 Clarendon Street, Armadale Sold for $1,350,000
This small but renovated two bedroom, one bathroom house close to Armadale train station was sought after by four bidders at auction. An investor snapped up the keys to the property for $1,350,000 which sold right at the top of the pre-auction price range.
10/9-15 Palmer Street, East Melbourne Sold for $942,000
Over the years we have seen some competitive auctions of apartments in East Melbourne but this one might just take the cake. This derilict one bedroom apartment with views of the city smashed its $650,000 reserve set by State Trustees, selling for $942,000.
4 Shackell Street, Coburg Sold for $889,500
6 bidders competed to secure this two bedroom, one bathroom, brick period home. The property was quoted at $700,000 to $750,000 and the vendors set their reserve at the top of the range at $750,000. The reserve was smashed by $139,500 selling to a first home buyer.
Fitzroy North is an inner suburb of Melbourne just 3kms from the Melbourne CBD. One of Melbourne’s older suburbs the area is well known for its wide streets and terrace style housing. Many established houses in the area include late Victorian and Edwardian styles with plenty of iron fretwork and embellishment with a mixture of freestanding and semi or attached homes.
Many of the older houses in the suburb are under heritage overlay meaning there are strict limitations with what you can do with relation to development or redevelopment of the dwellings. This, in turn, maintains and protects the integrity and history of the suburb, which of course is one of its main attractions.
Property in Fitzroy North does not come cheap. In fact, the suburb is one of Melbourne’s most expensive inner city locations. This in part is due to the lack of commercial activity in the area as well as the wide and leafy streets that it is so well known for. Highly sought after amongst buyers are the stunning and grand terraces that grace the suburb, however not for the fainthearted as you most likely need to renovate after spending top dollar just to get into one.
Popular with the locals is Alfred Crescent (for its distinctive architecture), Fitzroy Bowls Club, football oval, children’s playground and Edinburgh Gardens. Walking distance from there is both Queens Parade shopping strip and Nicholson Street shopping strip. You will never be far from a café in Fitzroy North and transport is aplenty with trams, buses and trains servicing the area. Bikes tracks are also popular with the Inner Circle Trail running East/West through the suburb joining Merri Creek Reserve and Royal Park just North of the CBD.
Schooling is well provided for in Fitzroy North and includes Fitzroy High School, North Fitzroy Primary School, Fitzroy Community School, Meek Creek Primary School and the Deutsche Schule Melbourne.
Notable residents in years gone by include Alfred Deakin (2nd Prime Minister of Australia), the Harvey brothers (cricketing family), Bert Newton, Mary MacKillop and Sir Doug Nicholls to name a few.
All in all Fitzroy North oozes charm, everything you need is within walking distance and the pretty streetscapes provide a beautiful backdrop for easy inner city living.
Good morning everyone,
The weekend results in a consistent clearance rate of 72% but on a low number of auctions. Of 290 auctions, 176 sold at auction, 33 before auction and in addition there were 142 private sales. The clearance rate for houses was 74% and units/apartments was 68%.
There is still no doubt we are battling with low stock levels but many selling agents are reporting healthier stock levels for August and so on. So hopefully more choice of properties will come onto the market soon.
Interest rates have now decreased twice in the past four weeks to be a historically low cash rate of 1%. Some banks are now offering fixed rates as low as 2.99% which raises the questions, is it now cheaper to buy than rent?
In some areas where there are an oversupply of rental properties, for example, Southbank, CBD, the answer is yes it could be. Other areas where the housing supply is lower, being Brighton, Thornbury, Yarraville and so on, it may be more expensive to buy. However, it must be said, money has never been cheaper to borrow and the Melbourne property market has certainly entered into recovery mode with a prediction of price rises not too far in the distant future.
There likely has not been a better time for tenants to take the leap into home ownership.
Have a great week.
Kim Easterbrook and the team at Elite Buyer Agents.
Clearance Rates
Melbourne | June 6-7 2019
This week: 287 Auctions | Clearance: 72% | Last Year: 62% [source: REIV]
8 Guthrie Ave, North Geelong Sold for $773,000
The interest in Geelong of late has increased over the past couple of years due to Melbourne being so unaffordable and Geelong being an easy commute from Melbourne either via car or train. The auction of this popular was strong with six bidders participating to try and secure this three bedroom, one bathroom, period home. The property sold $73,000 over the $700,000 reserve.
15 Linton St, St Kilda East Sold for $1,555,000
Well located, renovated, single fronted period homes are always in demand. Two bidders tried to secure the home which is just a hop, step and jump from the shops on Carlisle St. The auction started on a genuine bid of $1,480,000 where it was announced on the market. Another bidder participated and the two battled it out before it sold to a young professional couple for $1,555,000.
69 Ruskin St, Elwood Sold for $1,940,000
A perfect property for a downsizer. The auction of this renovated, single level home in one of the best streets of Elwood attracted bidding from two parties. A young professional couple and downsizer went head to head where the downsizer eventually won the keys for $1,970,000 after it was announced on the market for $1,830,000. A strong result of $110,000 over reserve.
Good morning everyone,
The Melbourne auction clearance rate increased again over the weekend to 73%, up from 70% last weekend. The clearance rate has consistently been improving since the election as a result of more confidence in the market and lower stock levels. Hopefully, the positive sentiment and the occasional runaway result will start to encourage vendors to put their properties on the market.
Of the 407 auctions on the weekend, 247 sold under the hammer, 47 before auction, 2 after auction and an additional 172 private sales.
Core Logic have released their statistics for the first 26 days of June and according to their data, Melbourne’s property prices resulted in a 0.1% increase for the month which is the first set of data released that supports the improved clearance rate and sentiment in the market. The market is starting to turn.
Any buyers that have been waiting until the market has stabilised to buy might want to start acting now. The two more interest rate cuts predicted, a healthy sentiment in the market, low stock volumes and improved clearance rates, the signs are there that the property prices will start to increase very soon, if not already.
Have a great week.
Kim Easterbrook and the team at Elite Buyer Agents.
1 Kent Grove, Caulfield North Sold for $1,820,000
A huge result yesterday at the auction of this three bedroom, two bathroom, 2 car park villa unit, the rear of two on the block. The property was quoted $1,100,000 to $1,200,000 before auction and was lifted mid campaign to $1,200,00o to $1,275,000 although comparable sales were indicating the property was worth $1,400,000 to $1,500,000. Four bidders fought fiercely to secure this property with all four bidders having budgets over $1,700,000. The property sold $520,000 over reserve for $1,825,000.
26 Lennox Street, Hawthron Sold for $1,720,000
An original 1970’s home on 308 sqm in a well located position of Hawthorn was in strong demand with 6 bidders participating in the auction trying to secure this piece of real estate. The winning bidder is the owner of the neighbouring property who secured that land over a decade ago. The purchase of number 26 will allow him to now build something larger scale. Not dissimilar to the auction of 1 Kent Grove, this property sold for a huge $500,000 over reserve.
19 Meagher Road, Ferntree Gully Sold for $733,000
The auction of this property was expected to be competitive with over 160 groups inspecting the property during the four week campaign. The vendors were leaving the home to downsize into a smaller property and the winning buyer was a young couple with a baby on the way. The property was announced on the market for $700,000 and selling under the hammer for $733,000. The fast bidding resulted in many other bidders being knocked out not being able to put up their hand.
Clearance Rates
Melbourne
June 22-23 2019
This week: 407 Auctions
Clearance: 73%
Last Year: 62% [source: REIV]
Good morning everyone,
I hope everyone is managing to stay warm in this cold snap.
The clearance rate increased again to 70% with some strong results in the marketplace. Stock levels are still low and this could be the case for some time to come. Of 487 auctions, 298 sold at auction, 42 before auction and in addition there were 178 private sales. Each week we are seeing a slight improvement in the clearance rate and it should remain stable throughout winter. We are expecting more buyers to enter the market soon as many are waiting on banks to approve their loans since the surge in applications after last months applications.
A very interesting report came out over the weekend in relation to the increase in enquiry to both Melbourne and Sydney real estate agents from Hong Kong residents looking to buy properties in Australia as they look at ways to move their money out of the country in light of the civil unrest. There was a significant decline in foreign investment in recent years due to the increase in government taxes and also China’s crackdown on their residents’ money being spent outside the country. It will be interesting to see what unfolds here.
The winter school holidays commence on Friday (with some schools already on leave) and it is common for the market to quieten during this time but we are expecting things to be reasonably active from mid July through to the commencement of the footy finals in September.
Have a great week.
Kim Easterbrook and the team at Elite Buyer Agents.
19 Hopetoun Street, Elsternwick Sold for $2,245,000
A large crowd attended the auction of this home that was going under the hammer for the first time in 42 years. A genuine bid got things going which was quickly answered by a second bidder raising the bid by $10,000. Three bidders involved in total with the property being announced on the market at $2,010,000 and sold for a healthy $2,245,000. The property has lovely period features but could do with some updating and is on land size of 478 sqm.
40/183 Kerr Street, Fitzroy Sold for $1,270,000
Converted warehouse apartments continue to be in strong demand due to their scarcity factor and the character they offer. The factory has a story behind it as well and used to be the factory where freddo frogs and cherry ripes were made. Two owner occupiers and an investor competed to secure the property but it was the investor who took home the keys to the three bedroom, one bathroom apartment for $1,270,000.
4/24 Leopold Street, South Yarra Sold for $875,000
This two bedroom, one bathroom, very well located art deco apartment was in demand attracting multiple bidders at auction. Art deco apartments attract simliar interest as what converted warehouse apartments do for the same reasons. Several bidders tried to secure this apartment but the winning bid was $875,000 which is a decent amount more than what is sold for two years ago for $767,000.
Clearance Rates
Melbourne
June 22-23 2019
This week: 487 Auctions
Clearance: 70%
Last Year: 64% [source: REIV]
Good morning everyone,
Each week, we are seeing slight improvements on the clearance rate with this weekend achieving 69% which is the highest clearance rate we have seen in quite some time. Properties on the market are still down though and we were expecting to see an increase of properties come onto the market after the election, however it could be that many vendors are still holding off to see evidence that the market is recovering.
Of 521 auctions on the weekend, 286 sold at auction, 72 prior to auction and there were an additional 154 private sales.
Not unexpectantly, there were some runaway results at auction over the weekend and large crowds watching on. With another one or two interest rate cuts predicted this year, we expect the improved confidence in the property market to continue. Agents are reporting that buyers attending open houses have increased as well.
The valuer general has released their median price information for 2018. This information comes from properties that have settled, so very accurate data. It appears that the price drops predicted for Melbourne in 2018 by some of the nation’s biggest data providers were much higher than the reality of what actually happened. The valuer general has released data to show that the median price only dropped 4.9% across 2018. A far cry from many of the reports that came out of the media and the reports that were coming from many of the major banks and other “industry experts”.
Looking forward to a more optimist second half of 2019.
Have a great week.
Kim Easterbrook and the team at Elite Buyer Agents.
1/1 Lucy St, Gardenvale Sold for $843,000
This two bedroom, one bathroom, townhouse conveniently located in Gardevale attracted four bidders at auction. Entry level quality properties close to transport are continuing to sell well across Melbourne. A strong opening bid of $800,000 did not deter 3 other bidders until the property was announced on the market at $830,000 (potentially could have hit reserve earlier than announced) and sold for $843,000.
4 Little Dow St, Port Melbourne Sold for $715,000
This small, red, funky two bedroom, two bathroom townhouse on 60 sqm of land in a great location of Port Melbourne smashed its auction reserve by almost $200,000. Within two bids, the $530,000 reserve had been met with six bidders trying to secure this rare and affordable piece of real estate. The property had its own title and sitting in an affordable price point for downsizers, investors and first home buyers.
22 Seddon St, Seddon Sold for $1,600,000
A four bedroom, two bathroom, one car park, double fronted period home in a fabulous street in Seddon was very popular attracting six bidders at auction. A lack of stock most likely contributing to the run away result. The property was quoted at $1,300,000 to $1,400,000 before auction and sold well over reserve for $1,600,000. This is a big result considering the land size of this property was only 352 sqm.
Clearance Rates
Melbourne
Jun 15-16 2019
This week: 521 Auctions
Clearance: 69%
Last Year: 60% [source: REIV]
Clifton Hill is an inner Northern suburb of Melbourne only 4kms from the CBD. Once perceived as the Bohemian centre of Melbourne the suburb has since undergone rapid gentrification in recent years. Bordered by Collingwood, Fitzroy North and Fairfield the suburb is now a family favourite with an abundance of parkland, sporting amenities, bike trails and walking tracks, just to name a few. The suburb today is a mix of families, professionals and young singles enjoying the inner city café culture and easy living lifestyle the suburb has to offer.
Once home to a basalt quarry, land sales were released in the mid 1860’s and became home to a more upmarket type of construction to that of its neighbouring counterpart in Collingwood. The new homes were built using red brick and terracotta tiles rather than weatherboard and tin iron roofs. Those houses still stand today and make up part of the architecture that is as we now know it.
Typical houses sought after in the area today include Victorian terraces that you might see in South Terrace, Hodgkinson Street and Wellington Street. Ramsden Street provides us with a good example of workers cottages and Victorian weatherboards that were and still are part of the makeup of Clifton Hill. And, as in all inner Melbourne suburbs the streets are dotted throughout with apartment blocks from the 50s-70’s, brick veneer homes, corner shops and now of course, modern complexes and apartment buildings. Houses in Clifton Hill will set you back a minimum of around $1m for a single front weatherboard home right up to the $4m-$5m range for a grand Victorian Terrace.
With close to proximity to Smith Street and Johnson Street the Bohemian lifestyle is not too far away, if that’s what you’re chasing, however with Fitzroy North and the CBD also nearby this area is also very popular with professionals and families alike.
Local attractions in the area include the famous Clifton Hill Shot Tower (built for the manufacture of lead shots), Ramsden Reserve, Merri Creek, the Collingwood Leisure Centre and of course the iconic McDonalds (Jazz Modern Architecture c. 1937) on Queens Parade – now known as the most beautiful McDonalds in the world! Local schools include Clifton Hill Primary, Brunswick Street College, Spensley Primary School and St Johns Primary. The suburb also has its own train station, unfortunately, made famous during the 1987 Hoddle Street Massacre involving a then 19 year old Julian Knight.
Clifton Hill is now a gentrified and safe suburb ranking number 11 as the most liveable suburb in Melbourne.
Hawthorn East is an inner Eastern suburb of Melbourne only 7kms from the CBD. Hawthorn East is home to many well preserved and grand period homes as well as 60’s and 70’s apartment blocks, workers cottages and townhouses. In the better section of Hawthorn East you will find tree lined streets with renovated period homes on traditional sized blocks. In the more commercial parts of Hawthorn East you will find a mix of older style apartments and single front homes as well as lots of new boutique apartment blocks ranging from mid to large scale developments. The most notable street in Hawthorn East is Harcourt street. This grand boulevard was made famous by the late 19th century architect John Beswicke who designed many of the grand mansions along the street. Of the 15 that he built in this street alone 14 are still standing and now command prices up to $16m in today’s market. It was at number 13 that he first built a home for his family. One of John’s children Rupert Beswicke went on to live at another of John’s residences in Harcourt Street for 87 years! John Beswicke is also famous for building the Hawthorn, Brighton and Essendon town halls (as well as 203 homes, 9 banks, 44 commercial buildings, 11 hotels, 15 institutions, 45 shops and 11 town halls).
Hawthorn East is very well located with great freeway access and good transport options. Auburn train station sits at the Northern end of the suburb while Tooronga train station sits just outside the Southern border. Buses run on Tooronga Road while trams service Camberwell, Riversdale and Burke Roads.
There are lots of options for schooling in Hawthorn East including Auburn South Primary, Auburn Primary, Auburn High and Bialik College. Popular parks are Anderson Park, John Gardiner Reserve, Auburn Park, Sir William Angliss Reserve and the much loved Fritsch Holzer Park.
For the locals there are plenty of watering holes and eateries within reach with St Cloud, Porgie and Mrs Jones, Pizza Religion, The Bakers Wife and The Palace Hotel being amongst the more popular. Also well-known and well frequented in the suburb Is the much loved Art Deco Rivoli Cinema, the newly renovated Well Shopping Centre, Tooronga Village Shopping Centre (bordering Camberwell) and Camberwell Junction, also bordering Camberwell.
Buyers flock to Hawthorn East to take advantage of its proximity to the CBD, excellent network of schools and transport, leafy streets and friendly and vibrant atmosphere.
Good morning everyone,
The dreary weather did not stop buyers coming out to auctions on the weekend with another improvement in the clearance rate. Of 522 auctions held this week, 296 sold at auction, 45 before auction and there were additional 151 private sales. Houses had a much stronger clearance rate on the weekend of 68% with units 62% bringing the overall clearance rate to 65%. The auction count though is still significantly lower than this time last year.
The after effects of the election are starting to be felt across not only the property market, but other industries as well. The nation seemed to be in a holding pattern due to the level of uncertainty a potential Labor win was going to bring. The travel industry has since seen a boom in holiday bookings due to self funded retirees no longer putting their holiday plans on hold because of the proposed reform in the franking credit policy.
In addition to that, it seems that some buyers are no longer putting their property purchasing plans on hold with the banks and mortgage brokers reporting a significant increase in home loan applications since the result of the election was known.
Core Logic has also reported that the falls in property prices have substantially improved with its lowest fall rate in quite some time of only 0.3% across Melbourne in May.
For those who have been delaying their property purchasing plans waiting to see what is going to happen with property prices, now might be the time to make the leap. There are multiple signs that a market recovery is not too far in sight and there is a confidence in the market that has not been seen for quite some time.
Stay warm and have a great week.
Kim Easterbrook and the team at Elite Buyer Agents.
31 Johnson St, Northcote Sold for $1,430,000
This two/three bedroom, one bathroom, single fronted home proved very popular at auction. The bidding started with an opening bid of $1,275,000 well over the advertised price range and announced on the market at $1,300,000. Five bidders participated in the auction (many knocked out early) and the property sold $130,000 over the reserve price for $1,430,000.
1/20 Clydebank Road, Edithvale Sold for $855,000
This well located, street fronted, brand new townhouse attracted a good crowd at auction. The bidding commenced at $800,000 and quickly rose to $840,000 within two bids. Another bid took it to $850,000 where the property was announced on the market (and top of the advertised price range) where it sold with just one more bid at $855,000.
11 Jeffrey Street, Blackburn Sold for $1,920,000
When purchasing property, we love to see some kind of X Factor and this property certainly had that with a creek running through its large backyard. Three buyers participated in the auction but it was an architect who is planning on renovating the home that took away the keys. The property was announced on the market at $1,850,000 and sold under the hammer for $1,920,000.
Clearance Rates
Melbourne
Jun 1 – 2 2019
This week: 522 Auctions
Clearance: 65%
Last Year: 62% [source: REIV]
