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 19^th 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]

Armadale is a premier blue chip suburb in Melbourne’s inner East. Located 7kms from the CBD the area is popular with well to do families and professional couples who enjoy the “café set” lifestyle and trendy shopping strips.

The area is home to many grand period homes on large parcels of land, patches of workers cottages, older style apartments and now new luxury boutique apartments. A relatively small suburb Armadale is highly sought after for a variety of reasons. There are private schools within walking distance, think Lauriston Girls School, Loreto Mandeville Hall, De La Salle College, The King David School and Scotch College. Notable public schools nearby are Armadale Primary, Toorak Primary, Malvern Central, Armadale Early Learning and Our Lady of Lourdes Catholic School.

The social set are spoilt for choice with favourites such as Toorak Cellars, The Mount Erica Hotel, Bouzy, Sagra and Wine 1160, all hot spots for those in the know. Popular attractions also include Union Street Gardens and Tennis Centre, Scott Livesey Art Gallery, Toorak Park, Kings Arcade and the infamous High Street Shopping strip, also well known for its stunning bridal boutiques.

Notable residents of Armadale have included Missy Higgins, Ross Higgins (Kingswood Country), Sir Eric Pearce, Richard Stubbs, Sam Loxton (Australian test cricketer) and Sophie Griffith.

Buyers are attracted to the area understandably for its quiet tree lined streets, an abundance of beautiful period homes, ease of living and of course notoriety. The suburb doesn’t come cheap though with family homes pushing over $3m and apartments well into the $1m’s for quality offerings.

Getting around is easy with trams on Glenferrie, Malvern, Toorak, High and Wattletree Roads. There are buses on Kooyong and Orrong Roads and the suburb is also serviced by its own Armadale train station.

Good morning everyone,

The cold wintery weather over the weekend did not seem to deter buyers in the market with the clearance rate remaining stable at 64%.  The clearance rate was achieved on a weekend with higher volumes which seems to suggest the market is holding up quite well. Melbourne had 711 auctions on the weekend with 399 selling at auction, 1 after and an additional 154 private sales.  The clearance rate for houses was 65% and units 63%.

The news of the week surrounds APRA announcing they are proposing changes to how the banks assess home loan applications which could result in an increase in borrowing capacity for many Australians.

At present, the banks assess home loan applications on the ability of the applicant to repay the loan if it were to be at a minimum of 7% interest rate.  APRA are now proposing that the banks set their own floor as long as they account for a 2.5% buffer on the current interest rate.

So what does this mean?  Well at some point we believe that the banks will start loosening their restrictions on lending to allow more people to borrow money and more of it.  Which means there could be more buyers and buyers could have bigger budgets to play with.  This could be start of the cycle turning.

In addition to the APRA changes, many experts are predicting that interest rates will decrease by 0.25% at the next Reserve Bank meeting on the 4th of June.  Another aspect which could encourage more buyers into the market.

Whilst we are still predicting 2019 to remain a balanced market, there are enough noises in the market to indicate there could be some kind of recovery in the not too distant future.  APRA changes, interest rate cuts and more incentives for first home buyers should drive more buyers into the market.  There appears to be a shift in the sentiment of the market with agents reporting more buyers attending opens and more bidders at auctions.

Keep warm and have a great week!

Kim Easterbrook and the team at Elite Buyer Agents.

 6 South Terrace, Clifton Hill  Sold for $4,515,000

The late 1800’s double fronted, freestanding terrace had been fully renovated some 20 years ago.  Spectacularly located across the road from a park, the auction attracted approximately 200 people to witness 2 bidders try to secure the unique property. The auction started on a genuine opening bid of $4,000,000 and after a number of strong and consistent bids the auction reached $4,200,000 when the property was declared on the market. The bidding war continued between the younger couple and the buyers advocate until the buyer’s advocate’s limit was reached and the younger couple won the beautiful home for $4,515,000.

11 King William Street, Fitzroy  Sold for $2,200,000

One of Fitzroy’s oldest homes went under the hammer over the weekend.  11 King William Street, Fitzroy is a 165 year old attached Georgian property, three bedroom, one bathroom, two car parks in good condition internally.  The property was quoted at $1,800,000 to $1,850,000 prior to auction and with the auction starting conservatively at $1,600,000.  It only took two bidders and lots of bids to drive to price way past its reserve of $1,900,000 (when announced but could be on the market earlier) to sell for $2,200,000.   The purchaser plans on building an extension on the property which the vendor had plans and permits issued to do so.

7/10 Wrexham Road, Windsor  Sold for $615,000

We are consistently seeing auctions of similar type properties with multiple bidders, mainly first home buyers, trying to secure entry level two bedroom apartments close to the city.  This auction was no exception.   Four parties bid to secure this well located, renovated, two bedroom apartment in Windsor but it was a dad bidding on behalf of his son that took home the keys. The property was advertised at $560,000 to $610,000 prior to auction with the apartment selling for $621,000.  Although we are seeing good activity from first home buyers, we are not experiencing run away results as such with most of the first home buyers having restricted budgets.

Clearance Rates
Melbourne

May 25-26 2019
This week: 711 Auctions

Clearance: 64%

Last Year: 64% [source: REIV]

Good morning everyone,

Finally, the result is known and thankfully the election didn’t result in a hung parliament which could have resulted in the winning party not being announced for another two weeks.  Liberal were the clear winners which we know some people will be happy about and others not.

So what does that mean for Australia’s property market?  The biggest segment to benefit will be First Home Buyers with the government planning on providing low deposit funding.  At this stage, I am not aware of any capping on the purchase price however it will likely affect the sub $750,000 market.

The government is planning on supporting 10,000 First Home Buyer loans each year, which realistically will be encouraging new buyers into the market as they currently would not be able to get a loan.   This could stimulate this segment of the market.

Another Liberal proposal to watch is the proposal of the fast train between Geelong and Melbourne.  It is still very much up in the air as to whether this will proceed or not, and if it were to proceed is years away from being completed.

Now that we have a publicly voted Prime Minister in power, let’s just hope that there is not another leadership spill and that the Government can offer stability moving forward.

Have a wonderful week!

Kim Easterbrook and the team at Elite Buyer Agents.

 145 Male Street, Brighton  Sold for $2,620,000

Three bidders went head to head to secure this very liveable family home on 808 sqm.  The house could do with an update in the future to bring it to its full potential.  The auction opened on a genuine bid from the crowd of $2,500,000 and the pace was slow to start but the property sold to a couple in their 40’s for $2,615,000.

41 McLean Ave, Bentleigh  Sold for $1,485,000

Even though boasting a reasonable floor plan, the house did need quite a lot of work.   Well located and a north facing orientation proved popular with buyers.  Four bidders attempted to purchase the property with the successful bidder buying the property for $1,485,000 which was $165,000 over the property being announced on the market.

32 South St, Hadfield  Sold for $750,000

Entry level houses are still proving popular especially with first home buyers.  This updated, four bedroom, one bathroom home on 588 sqm proved popular and attracted bidding from three parties.  The auction started on a $675,000 genuine bid and announced on the market at $726,000 with it being knocked down for $750,000.

Clearance Rates
Melbourne

May 18-19 2019
This week: 295 Auctions

Clearance: 65%

Last Year: 65% [source: REIV]

Good morning everyone,

Melbourne’s clearance rate remained steady over the weekend with a clearance rate of 60%.   Again lower auction volumes with 384 auctions held, down on last week and last year.  Of that 189 sold at auction, 41 sold before auction and 165 additional private sales.  The clearance rate for houses was 60% and units/apartments was 59%.

This week the election campaigns will be in full force in preparation for Saturday’s election.  The Liberal party has now jumped on the bandwagon to help first home buyers but in a different way to the Labor Party and one that I see working better than Labor’s negative gearing policy.  Liberal have proposed to set up a scheme to offer loan guarantees for first home buyers.  This means that first home buyers could buy their properties with deposits of just 5% of the price.

How this proposal is meant to work is the amount of loans would be capped at 10,000 per year and “that would include guaranteeing, to approved applicants, the additional loan amount taken out by the first-home buyer to cover the difference between the lower deposit of, say, 5% and 20% of the value of that property.’ Scott Morrison stated.

There are more conditions to these loans but it is a last minute dash to try and win over votes from what would be a segment of the market that may largely be voting for Labor.  Since the announcement though, Labor have now also come out and said they will match this scheme.

We will have a very interesting week ahead of us all and no doubt we all are looking forward to an outcome coming to fruition next Saturday.

Have a wonderful week!

Kim Easterbrook and the team at Elite Buyer Agents.

 21 Burgess St, Bentleigh  Sold for $1,210,000

4 strong bidders fought extremely hard to secure this entry level home in Bentleigh.  This cute 3 bedroom, 1 bathroom home on a subdivided block across the road from the train line was popular due to the convenient location between Centre and Patterson Rd shops and train stations, but also because the property had been well renovated and had loads of character.  The property was announced on the market at $930,000 and sold well above reserve for $1,210,000.

18 McHenry St, St Kilda East Sold for $2,070,000

It’s hard to believe a semi-detached home could achieve over $2m in this market, however, this one attracted bidding from three parties.  This renovated, three bedroom, two bathroom home ticked all the boxes, even having the north facing rear orientation.  The property sold for $2,070,000 which we believe was a strong result.  St Kilda East seems to be attracting more interest of late due to it being slightly cheaper than its surrounding suburbs of Prahran, Elwood and Ripponlea.

13 Desmond Ave, Highett  Sold for $1,255,000

A three bedroom, one bathroom home (which also had amazing gardens) on a 605 sqm attracted bidding from three parties.  The very well located property was quoted $1,100,000 to $1,200,000 prior to auction and represented a solid entry level home for a highly sought after suburb.  It seems entry level or unique properties are predominately the ones that are getting good interest at auction.  The property sold for $1,250,000.

Clearance Rates
Melbourne

May 11-12 2019
This week: 385 Auctions

Clearance: 60%

Last Year: 63% [source: REIV]

Good morning everyone,

Winter is just around the corner and historically we see stock levels decline over the June and July months as vendors avoid selling in the winter period.  We may experience something slightly different this year with some vendors holding off until after the election to put their property on the market.  The sales volumes in May is predicted to be down on previous years and even though June will naturally be a quiet month, we may see higher stock levels than last year due to the delay of properties coming onto the market.

As a result of the lower stock levels and solid buyer activity, the clearance rate jumped to 63% over the weekend.  Of the 463 auctions held, 247 sold at auction and 46 before auction.  There were also 169 private sales.  The clearance rate for units was 64% and houses 63%.

We are still witnessing some properties struggling to sell at auction with vendors still too high in price.  But we are also seeing some properties selling extremely well under competition.  We have personally been to many auctions over the past month that have had bidders frantically pushing past their budgets to secure them.   At times, auctions not dissimilar to what we saw when the market was heated.

As some people feel a level of uncertainty when an election is looming, I think we all agree that we are looking forward to after the 18th of May and a decision been made.

Have a fabulous week!

Kim Easterbrook and the team at Elite Buyer Agents.

 13/33 Kensington Rd, South Yarra Sold for $610,000

This updated, two bedroom apartment in a popular location was very popular with first home buyers with active bidding from four parties.  The bidding was slow but steady and was clear that all parties went there with a set budget in mind and none stretched past them.  Something we are seeing often in the current market.  The property was announced on the market at $605,000 and sold for $610,000.

54 Garton Street, Carlton North Sold for $2,380,000

A huge crowd attended the auction of this very popular unrenovated terrace in the exclusive Princes Hill precinct.  The auction was competitive from start to finish with a genuine opening bid of $1,800,000.  The property was announced on the market at $2,000,000 which was accurate against the price quoted prior to auction.  The property sold for a whopping $2,380,000 equating to $380,000 over reserve achieved from 7 bidders.

5/26 Victoria St, Fitzroy Sold for $985,000

Another auction that attractive competitive bidding was 5/26 Victoria St, Fitzroy due to being quietly located near the busy Brunswick St precinct.   Six bidders worked hard to try and secure the three bedroom unit which was quoted at $800,000 to $880,000 prior to auction.  The property was announced on the market at $900,000 after fast bidding but the auction did not stop there.  The property sold for $985,000 to investors.

Clearance Rates
Melbourne

May 4-5 2019
This week: 436 Auctions

Clearance: 63%

Last Year: 66% [source: REIV]

Elwood is a popular beachside suburb of Melbourne 8kms from the CBD. Initially, just a swampland the installation of the Elwood Canal transformed the area and was then useable for residential purposes. Originally a working class suburb Elwood has seen years of gentrification and is now one of Bayside’ s most sought after addresses. Elwood Village is a popular shopping strip dotted with cafes and eateries and is only a stone’s throw from the local beach and foreshore trail. Popular with dog walkers the suburb has plenty of parkland and walking tracks, a dog friendly beach and reserve. Community clubs include The Elwood Sailing Club, Elwood Life Saving Club, Elwood City Football Club and Elwood Croquet Club. Local schools include Elwood Primary and Elwood College.

Local identities in Elwood include Paul Roos (former Demons coach), Asher Keddie and her painter husband, Joe Camilleri, Jane Turner and Ken James, just to name a few!

The Suburb is home to many attractive large period homes, often built in the 1920’s and 30’s with Art Deco features, still hugely popular today. Apartments are plentiful in the area with both new and old abutting each other, many also built in the 60’s and 70’s.  Older style period apartments are highly sought after and are now commanding, if renovated, over the $1m in some premium locations. Median prices for Elwood houses have pushed over the $2m mark as of March 2019. Buyers tend to look to Elwood for that lovely Village charm, relaxing atmosphere and beautiful period architecture. With its tree lined streets, seaside location and abundance of local parks and cafes what’s not to like?. Elwood is close to St Kilda, St Kilda Road and the CBD, serviced by a bus network and train from Ripponlea station or tram on Brighton Road.