Good morning everyone!
This week we witnessed a 59% clearance rate which is a slight improvement from 58% last week. Over the weekend there were 554 auctions held with 278 selling at auction, 47 selling before auction and in addition to this 125 private sales.
The sentiment appears to be starting to shift with some buyers confident to push a little harder at auction and abandoning the hope of a pass in. Instead, we are seeing more confident bidding and buyers even attending some auctions with budgets well in excess of the agents quoted range.
The fall out from the Royal Commission seems to be yesterday’s news, with elections looming and the uncertainty of the Labour Government coming into power, buyers are taking advantage of the tail end of this cycle. We are hoping that this will encourage vendors to put their property on the market as high quality stock is still on the scarce side.
Have a great weekend.
David Easterbrook and the team at Elite.
17 Wright Street, Brighton Sold for $1,350,000
A heritage listed property comprising of two principle rooms and then a lean-to at the rear, had been converted over the years to contain another living area, meals and kitchen over looking a green and private courtyard. Buyers did not use the agents quote range as any indication of value with the property being quoted at $1,150,000 to $1,250,000 prior to auction. The property was declared on the market at $1,250,000 but sold at $1,350,000 with 3 active bidders and more in the crowd that did not have the opportunity to raise their hand.
2/17 Ebden Avenue, Black Rock Sold for $952,000
This very well located 3 bedroom, 2 bathroom villa unit at the rear of only 2 was hotly contested on Saturday by downsizers and first home buyers. A large crowd braved the rain to watch 3 bidders fight it out to secure this popular piece of real estate. There were many buyers wanting to bid but didn’t get a chance to with the strong bidding. The bidding opened conservatively at $800,000 however in the end it was a Buyers Agent who secured the keys for their client for $952,500.
8/20 Bedford Street, Collingwood Sold for $991,000
A two bedroom townhouse located at the rear of development in Smith St. Collingwood was popular with first home buyers. The property does not have a lot of outdoor living, however, that isn’t unusual for Collingwood. We are seeing many first home buyers paying around $1,000,000 for their first properties rather than keeping under the $750,000 threshold. This is due to first home buyers wanting to purchase somewhere well located and convenient for their lifestyle which comes with a higher price tag.
Clearance Rates
Melbourne
March 23-24 2019
This week: 554 Auctions
Clearance: 59%
Last Year: 67% [source: REIV]
Good morning everyone!
The market wrap is back after the long weekend to report another increase in the clearance rate to 58%. Over the weekend there were 648 auctions held with 317 selling at auction, 56 selling before auction and in addition to this 115 private sales.
We are seeing many auctions now with multiple bidders and a lot more confidence from buyers in general. I believe that many buyers who have been sitting on their hands are now just starting to get on with it and we are seeing an increase in Investors in the market.
Last week, one of the major banks loosened their investor interest-only lending policy, which could only mean that possibly more banks will follow. ANZ admitted that they were ‘overly conversative’ in its tightening measures. They have changed their policy for residential investors to now have interest-only lending to be increased to a maximum of 90 per cent loan to value ratio and an increase in the interest-only period to 10 years. We will watch this space closely to see what other changes the banks will make in the near future.
Enjoy the sunshine this week.
Kim Easterbrook and the team at Elite!
52 Shepparson Avenue, Carnegie Sold for $1,416
The auction of this property was one of the most competitive auctions we have seen in recent times with over 100 people in attendance. The well located, four bedroom two bathroom home was quoted at $1,150,000 to $1,250,000 prior to auction. Upto 10 bidders including three buyers agents put their hands up to try and secure the home with the property being announced by the auctioneer on the market in the high $1,200,000’s. Selling for $1,416,000 under the hammer.
7/23 Raleigh Street, Malvern Sold for $560,000
The auction of this well presented two bedroom apartment in Malvern was more of a representation of the current market where it achieved active bidding albiet like pulling teeth. Most of the crowd were first home buyers who are usually quite reserved in their bidding. The auctioneer worked very hard to attract bids with finally one young gentleman putting up his hand with another bidder being a father bidding on behalf of his daughter. After a very slow auction, the father successfully purchased the property for his daughter for $560,000.
7 Larnook Street, Prahran Sold for $1,476,000
Entry level homes that are located close to the city are always in high demand especially ones that are renovated with good floor plans. The three bedroom home was located in a beautiful street of Prahran and boasts a north facing rear. The buyer mix included downsizers, investors and professional couples. The popular home was announced on the market at $1,400,000 and sold to an investor under the hammer for $1,476,000.
Clearance Rates
Melbourne
16th – 17th March 2019
This week: 816 Auctions
Clearance: 56%
Last Year: 67% [source: REIV]
736 auctions were held this week over Melbourne with 354 selling at auction, 58 sold prior and 1 after auction. In addition to this there were 149 private sales equating to 885 sales in total and a clearance rate of 56%. The clearance rate seems to be stabilising in the 50’s however we are seeing a slight improvement in the rate week by week.
According to the REIV, some suburbs seem to be growing in value despite the Melbourne median house price declining over the past twelve months. Carrum’s median house price has jumped 10 per cent over the past twelve months and the outer bayside area has been a popular investment location for Elite for many years now. The new Skyrail may have contibuted to the increase but we have also seen an increase in buyers in Carrum/Chelsea and so on due to buyers wanting to stay close to the Bay but unable to afford the prices closer into the city.
Carlton and Elwood also saw a significant increase in median house price and now entering into the $2m median house price club. There are now 10 suburbs in Melbourne with a median house price of over $2m with Brighton being nudged out to 11th spot with $1.99m.
Elite successfully secured properties in Yarraville and two in Camberwell last week. One being the auction of 1/39 Donna Buang St, Camberwell. This property is a very well location two bedroom, two bathroom villa unit renovated to a high standard. The auction was very well attended and I was expecting some kind of bidding frenzy. But that failed to happen. The auction attracted bidding from three parties with the property being announced on the market at $905,000 and selling for $917,500 to our happy client.
This is a very good example of the performance of the Melbourne Property Market. Twelve months ago (or even longer) this property would have been heavily contested by downsizers due to its great location, its single level and highly renovated. The $2m plus market is showing signs of improvement, but not enough to convince the downsizer market to sell their family home and look at buying something smaller. The property sold within the range that it should have, but two years ago, properties like this were experiencing run away results.
Have a wonderful week!
Kim Easterbrook and the team at Elite!
30 Churchill Ave, Cheltenham Sold for $865,000
This mid-century brick veneer home on 569 sqm requires immediate work to bring it to a liveable state. However, being Cheltenham’s cheapest house on the market was always going to draw attraction. Four bidders tried to secure this piece of real estate. The property was quoted $800,000 to $850,000 prior to auction and sold under the hammer for $865,000.
45 Mawby Rd, Bentleigh East Sold for $1,315,000
A huge crowd attended the property of 45 Mawby Rd, Bentleigh East on one of the hottest days of the year. Set on 632 sqm, this immaculate 4 bedroom, 2 bathroom home was extremely popular. Bids were flying from every direction and the auction soared past its $1,080,000 reserve. The property sold for $1,315,000 which is in excess or $200,000 over its reserve price.
2/30 Tivoli Rd, South Yarra Sold for $695,000
The established apartment market has stabilised and apartments with courtyards are very popular. 260 groups went through the property during the four week campaign which are huge numbers. The auction was well attended by young professionals, first home buyers and investors. Five bidders fought to secure this property where it sold $70,000 above its reserve for $695,000.
Clearance Rates
Melbourne
2nd – 3rd March 2019
This week: 816 Auctions
Clearance: 56%
Last Year: 67% [source: REIV]
816 auctions were held on the weekend which was the first real test for the Melbourne Property Market. Of those, 345 sold at auction, 88 before auction and 383 passed in with 201 passing in on a vendor bid. In addition, there were 149 sales.
I was disappointed to see another sensationalist headline in the media last week that “Sydney and Melbourne property prices could fall by half, in what one economist is warning will be a ‘property ‘bloodbath'”. Even David Koch from Sunrise challenged this report by questioning why this particular ‘expert’ could possibly make these predictions with interest rates so low, population growth steady, unemployment low and a stable economy. I invite these scaremongering ‘experts’ to come and join us on the ground and see for themselves what is actually happening.
This week we saw some hugely competitive auctions and lots of buyers confidently bidding in the market place. The first auction we attended was Friday night when an ‘acceptable offer’ was received on a family home in Sandringham. You usually might see two or three parties attending a boardroom auction but when I arrived to the agencies boardroom there were 8 parties challenging the offer. The property sold competitively for over $200,000 over reserve.
On Saturday, we attended five auctions with four out of the five auctions selling under the hammer, with the property that didn’t sell having multiple bidders and passing in due to a vendor’s high reserve. Some examples being a single fronted home in Windsor attracting five bidders, quoted for $1,050,000 to $1,150,000 prior to auction selling for $1,277,000. A family home in Bentleigh announced on the market at $1,770,000 and selling for $1,906,000 and an apartment in Caulfield attracting four bidders and selling for $65,000 over reserve.
There is no doubt there is still caution with some buyers in the property market, however it seems that many buyers are just getting on with it. We have seen this since the second week of January. Its time the media spoke to the real people who are working on the ground being selling agents and buying agents. Or even better, I recommend journalists go out and attend some auctions and open for inspections and then report on what is really happening in the Melbourne Real Estate Market.
Have a wonderful week!
Kim Easterbrook and the team at Elite!
37 Eastbourne Street, Windsor Sold for $1,277,000
A large crowd attended the auction of 37 Eastbourne St, Windsor, popular not only due to the location but also its updated floorplan and side driveway. The property was quoted at $1,050,000 – $1,150,000 prior to auction. The auction was slow to start, as many auctions are these days however it gained momentum and five bidders participated to try and secure the property. The property sold under the hammer for $1,277,000.
68 Robert Street, Bentleigh Sold for $1,906,000
50 onlookers attended the auction of this 4 bedroom, 2 bathroom family home well located in Bentleigh. A genuine bidder opened the bidding at $1,600,000 and $50,000 rises were accepted by the auctioneer where a third bidder participated at $1,700,000. The property was announced on the market at $1,770,000 and bidding continued strongly with a buyers advocate taking home the keys for his client for $1,906,000.
12/3-25 Hanover Street, Fitzroy Sold for $727,000
Another large crowd of over 100 attended the auction of the deceased estate sale. The two bedroom, one bathroom, unrenovated top floor apartment was quoted $590,000 to $640,000 prior to auction. More than 30 contracts requests demonstrated this was going to be a contested auction. Six bidders in total tried to secure the apartment which was announced on the market at $620,000. The property sold for $727,000 a huge $107,000 over reserve.
Clearance Rates
Melbourne
23rd – 24th February 2019
This week: 816 Auctions
Clearance: 53%
Last Year: 70% [source: REIV]
Melbourne’s clearance rate of 56% is the highest clearance rate achieved since the downturn began in September last year. Auction attendances were up and there is no doubt there are a lot more buyers attending open for inspections. I am hearing many reports of properties achieve 50 to 100 groups through for their auction campaigns.
Of 453 auctions held, 212 sold at auction and 41 sold before auction. 103 passed in on a vendor bid. Clearance rates for homes exceeded units, 57% to 54%.
We are seeing the first signs that we are entering into a balanced market however the odd ‘good buying’ opportunity is still popping up. Auctions over the weekend were generally well attended (as they were last year) but there is still of the element of some buyers sitting on their hands. I heard many reports of buyers actually not bidding at auction and waiting to put an offer in after the property passed in. On numerous occasions, the selling agent was then dealing with multiple buyers wanting to put offers in on the respective properties.
The disadvantage of negotiating in a pass-in scenario is that you lose the power of having transparency which you would have if you were to be buying under the hammer. And quite often you might end up paying more as selling agents use their strong negotiation skills and tactics to achieve the highest price for the vendor.
Our purchase of the week was a renovated double fronted period home in Williamstown which was very popular with buyers. The auction campaign was only two weeks through with over 50 groups inspecting the property. We purchased the property pre-auction in a back and forth negotiation over the phone with competition from one other strong buyer. All other buyers were knocked out with the pre-auction offer. Our clients were extremely happy to secure the well located, renovated home in which they are fortunate to make their new home.
Have a wonderful week!
Kim Easterbrook and the team at Elite!
6 Roosevelt Crt, Brighton East Sold for undisclosed
A crowd of 40 people attended the auction of this two bedroom home in the Brighton Golf Course district. The quiet court location is a drawcard for families and the property is most suited as a new home site. Two bidders fought to secure the property where the property was announced on the market at $1.645m and sold shortly thereafter
66 Newell St, Footscray Sold for $1,230,250
Six bidders (mostly upsizers) worked hard to try and this dated, period home on 594 sqm. 65 people were in attendance to watch the property sell well over its $1.15m reserve. There was a considerable amount of work required to bring this beauty back to its former glory but the real appeal was the large land size which is a rare find so close to the city.
16/47 Denbigh Road, Armadale Sold for $716,000
Large, well located apartments are very popular with first home buyers who are trying to enter into the market in affordable housing in blue chip suburbs. This large, neat and tidy two bedroom apartment was no exception. The auction of this property was well contested and sold well over the reserve of $670,000.
Clearance Rates
Melbourne
16th and 17th February 2019
This week: 453 Auctions
Clearance: 56%
Last Year: 71% [source: REIV]
It was another quiet weekend with only 237 auctions held over the weekend. 95 sold at auction, 29 before and 149 private sales. Auctions volumes will increase over the next few weeks and we will really start to see how the property market is shaping up. The open for inspections we attended over the weekend had lots of buyers through and there seems to be a more positive sentiment in the market than November/December last year.
It was a busy week for the team at Elite with five property acquisitions in locations all over Melbourne. These included purchases for one first home buyer, two investors and two home buyers via private sale and off market negotiations.
The topic everyone is talking about is the outcome of last week’s banking Royal Commission. No doubt this is going to become very political leading up to the Federal Election. What does this mean for the banks, mortgage brokers and property buyers?
How banks assess loans was one of the large issues that was reviewed during the royal commission. The good news for buyers is that banks already had taken steps last year (which was one of the causes of the property market slowdown) to make changes to assessing loans to ensure the applicant could pay back the loan. There is even argument here that the banks went too far. Commissioner Kenneth Hayne acknowledged that the banks had already made the appropriate steps to improve compliance and now this topic seems to be a mute point.
But the most controversial outcome is the view from the Royal Commission that mortgage brokers are not acting in their client’s best interests. The argument is that there is a conflict of interest between the brokers recommendations for loans and how they get paid from the banks. The recommendation is a model where the ‘borrower pays’ rather than bank pays. There are bad eggs in all industries, we all know that, but it seems unfair that mortgage brokers are pin pointed in the Royal Commission when it was the actions of the 4 big banks which started this whole saga.
Over the years we have worked with many amazing mortgage brokers and will continue to do so. We have seen the hard work they do for their clients and only have their best interests at heart. Moving to a user pay model will be damaging for the mortgage broking industry and will only give more power to the big banks as the smaller banks will have less reach via the mortgage broker channel.
Have a wonderful week!
Kim Easterbrook and the team at Elite!
46 Ferdinand Avenue, Balwyn Sold for undisclosed
A large crowd squeezed into updated kitchen to watch the auction of this brick home on large land of 1,099 sqm in the Balwyn High School zone. The auction started slow with the auctioneer kicking it off at $1,950,000 on a vendor bid. 2 bidders participated in the auction and it was announced on the market at $2,075,000 and knocked down to the highest bidder.
93 Pakington Street, Kew Sold for $1,050,000
This well located entry level home in Kew attracted strong bidding despite the fact that it needed a complete makeover. The bidding started at $900,000 and the property was announced on the market at $1,001,000 as the bidding slow down. A knock out bid saw the property sell at $1,050,000 to a buyer who saw the property for the first time that day.
124 Gwynne Street, Richmond Sold for $1,530,000
Well located, inner city properties are in high demand, even ones that require work. This double fronted home attracted strong bidders from young professional couples due to is land size of 300 sqm and proximity to the city. The property was quoted $1,400,000 to $1,525,000 prior to auctions and sold for $1,530,000 under the hammer.
Clearance Rates
Melbourne
9th and 10th February 2019
This week: 237 Auctions
Clearance: 52%
Last Year: 73% [source: REIV]
#BuyersAdvocatesMelbourne, #BuyersAgentMelbourne, #EliteBuyerAgents, #Melbournebuyeradvocates, #Melbournebuyeragents, #Melbournepropertymarket, #MelbProperty, #MelbRE, #MelbRealEstate, #PropertyMarketWrap
Happy New Year and welcome to the 2019 series of Elite’s Melbourne Property Market Updates. We are really looking forward to a great year.
The start of 2019 has been nothing short of positive for Melbourne’s Property Market. Not only we, at Elite, have had an increase in enquiry from buyers but many buyers who were sitting on their hands last year, are now coming forward and are ready to buy. We speak to other buyers advocates and selling agents regularly and they are reporting the same sentiment. Selling agents are seeing higher volumes of groups through open for inspections. Interestingly, some properties that had passed in last year and were getting no one through their opens, are now getting numbers in excess of 10 in some of their open for inspections. Maybe the Christmas break was the market reset we needed to have. Have we seen the worst? Well we quite possibly have.
Sales volumes were reasonable last week with 184 selling under auctions conditions and 695 private sales. The 9th of February will see an increase of auctions numbers with the 23rd of this month being the biggest auction weekend thus far this year.
So is it a good time to buy in 2019? A question we are asked on a daily basis. One thing to note when buying property for investment, its important to focus on time in the market, not timing the market. No one can ever predict the peak or the bottom, in fact, we actually don’t know the bottom has hit us until six months after the event. At that point, its too late and the market has started to creep back up. What we do need to focus on though is population growth (demand) and stock levels (supply). While Melbourne’s population keeps growing at the rate it does, it is highly unlikely we are going to see any sharp falls. In fact, the property market last year copped a belting from the media and also many buyers were being restricted in their borrowing capacity. With so much negativity thrown at the market, it still remained quite resilient.
The start of 2019 so far has shown a much more positive mindset for buyers with property but we are keen to see whether vendors are prepared to take the jump and put their properties on the market, or are they going to wait? The wait is what could cause us back into a shortage of stock which in turn will likely see property prices stabilise and infact could increase in value.
If you have any questions in relation to the property market you would like answered, or if you would like a free property portfolio review, please do not hesitate to contact David Easterbrook (david@elitebuyeragents.com.au) or myself (kim@elitebuyeragents.com.au).
Have a wonderful week!
Kim Easterbrook and the team at Elite!
Clearance Rates
Melbourne
2nd and 3rd February 2019
This week: 283 Auctions
Clearance: 65%
Last Year: 75% [source: REIV]
#BuyersAdvocatesMelbourne, #BuyersAgentMelbourne, #EliteBuyerAgents, #Melbournebuyeradvocates, #Melbournebuyeragents, #Melbournepropertymarket, #MelbProperty, #MelbRE, #MelbRealEstate, #PropertyMarketWrap
The last auction weekend of the year showed an improved clearance rate of 53% on 746 auctions that were held. 315 sold at auction, 78 before auction, 2 after and 156 private sales.
For the properties left on the market, some vendors will be feeling the pressure to reduce prices to achieve a sale prior to the Christmas break. There will also be some vendor’s that will hold strong in the hope that they will achieve their price in the New Year. We usually see buying conditions for December, especially this week, sway towards the buyers. That being said, the amount of stock is less than previous years and most of the A grade properties have been snapped up.
There is no doubt 2018 has been a challenging year for all people involved in property. Vendors have been challenged to decrease their price expectations to meet the market and buyers trying to get finance approved have been challenged by the banks with their tightening of lending. In addition to this, the media has stirred the pot with putting unnecessary fear into the market place causing many buyers to pause from buying and vendors from selling. But in all respects, the market has held up quite well considering and last weekends clearance rate of 53% surely demonstrates this.
What can we see next year? Everyone has an opinion about this but in actual fact, no one has a crystal ball. There will be some buyers holding off until after the federal election to buy but some savvy buyers will jump in and make the most of the eased market conditions. Banks in time will start relaxing their lending policies. But as a usual result of market uncertainty, vendors will hold off selling and stock levels are likely to drop. Our population should continue to keep climbing and this demand should inturn start putting pressure on prices again as supply declines.
And that’s a wrap from the Elite team for 2018. We are all looking forward to a well earned break and coming back mid January to hit the ground running for 2019.
We wish you are a very happy and safe holiday and have a wonderful New Year.
The Elite Team
Kim, David, Sophie, Anil and Amanda
2/200 Tucker Road, Bentleigh sold $874,000
This property gained plenty of attention from buyers and neighbours with a 70 plus crowd in attendance. The auction typically was slow to start with and opened with a vendor bid of $670,000. A first home buyer jumped in at $680,000 when an attemped knock out bid by another party at $750,000 failed to stop another first home buyers from bidding. The property sold $70,000 over reserve for $874,000.
149 Mitford Street, Elwood passed in
Despite the best effort of the auctioneer to create some audience participation, the auction of this two bedroom, one bathroom period home failed to achieve any active bidding with the property passing in on a vendor bid. The market has been particularly unkind to renovator delights no matter how well located. The property is priced at $1,100,000 and is now on the market for private sale.
15 Driftwood Drive, Glen Waverley
A 70 plus strong crowd witnessed six bidders try to secure 15 Driftwood Drive, Glen Waverley after it had failed to sell twice previously. This four bedroom, two bathroom home is located on an irregular shaped block however the attraction of the school zone outweighed this. The Glen Waverley Secondary College is a highly sought after public High School.
The second last auction weekend of the year brought results that were similar to the weeks prior. A clearance rate of 48% was achieved on 888 auctions. 347 sold at auction, 83 sold before auction, 458 passed in and there were an additional 158 private sales.
We now just have over two weeks until Christmas Day and we will see the urgency and motivation of vendors increase while they endeavour to sell before Christmas. The agents are also carrying more stock than usual and will be very keen to secure some sales for their vendors prior to Christmas.
We are predicting stock levels to be a little light on in February and March while vendors continue to hold off from selling. There are signs that the banks are already starting to relax some of their policies and this should even further improve next year. There is even talk that some of the foreign investment restrictions might become a little bit more flexible as the government under estimated the effect that the Royal Commission had on buyers ability to borrow money. A few signs that we might see a recovery in the market in the not too distant future.
Have a great week!
Kim Easterbrook – Managing Director
82 Downshire Road, Elsternwick Sold for $3,175,000
This goes to show that well located, quality properties sell well in all market conditions. This fully renovated, four bedroom Edwardian on 750 sqm with a pool was hotly contested by five bidders. The property was quoted at $2,800,000 to $2,850,000 prior to auction with the property being declared on the market at $2,900,000. The property price soared to $3,175,000 before selling in front of a crowd of 80 onlookers.
114 Eglinton Street, Kew Passed In
The auction of this well located family home achieved an opening bid of $2,000,000 was quickly countered by a $2,400,000 vendor bid by the auctioneer. A new buyer increased the bidding to $2,450,000 and the auctioneer paused to consult with the vendor however the property was not put on the market. The property passed in at $2,450,000 in front of a crowd of 60. The property is not up for private sale for $2,795,000.
63 Addison Street, Elwood Sold for $1,600,000
This three bedroom single fronted home in need of repair but on good land size for Elwood achieved strong interest from three parties at auction. Addison St is one of the premier streets of Elwood. The property was quoted at $1,400,000 – $1,500,000 prior to auction with the property being announced on the market at $1,480,000. The property sold for $1,600,000 to a young gentleman who is planning on renovating the property.
Clearance Rates
Melbourne
8th and 9th December 2018
This week: 888 Auctions
Clearance: 48%
Last Year: 68% [source: REIV]
The clearance rate remained under 50% again which now seems to be the new normal. Of 946 auctions, 356 sold at auction, 106 sold before auction and 2 sold after auction. There were also an additional 189 private sales. Considering the higher volume of properties going to auction over the weekend, the clearance rate actually held up to be ok. We also know that many of these properties did not sell due to some Vendors price extectations not being in line with the current market conditions, and that many of them are likely to sell in the next week or two.
Over the weekend, our team experienced first hand the challenges of some high Vendor’s price expectations. We were representing an investor on a property that was quoted prior to auction for $700,000 to $750,000. The property passed in to us after active bidding at $798,000. To our surprise, and even the agents surprise, the Vendor set the reserve at $850,000. This is far above what the property was worth. We made a last and final offer of $805,000 in which the Vendor rejected. We informed the agent we were bidding on another property that afternoon and even made a call to the agent 5 minutes before the next auction to ask whether they would reconsider our offer. Our offer, which was the highest they had, was again rejected. We were then successful in buying another property at auction that afternoon, where the Vendor was realistic with their price expectations. We have no doubt over the next couple of weeks that the Vendor will realign their price expectations to where the true value sits.
We have two more weekends of auctions before the Christmas holidays. There will properties still on the market that have not sold at auction and Vendor’s will need tor realign their price expectations to achieve a sale before the holidays. We anticipate December will be a very active month and likely to be right up until Christmas Eve.
Hope you all have a great week.
Kim Easterbrook – Managing Director
3/19 Silver Street, Cheltenham Sold for $760,000
Single level villas are very popular assets, especially the ones that are spacious, have good floor plans, a garage and in liveable condition. Four bidders tried to secure this unit with the bidders being a real mix of buyers. There were two first home buyers, an investor and a downsizer. It was the investor (our client) that secured the three bedroom, two bathroom unit for $760,000.
22 Clarke Street, Prahran Sold for $3,435,000
Well located, unique (one of a kind) properties usually sell well in all market conditions and this was no exception. The house was owned by the owner of an Art Gallery. The property was quoted $2,800,000 – $3,000,000 prior to auction and was announced on the market at $3,100,000. The property sold for a huge $3,435,000.
43 Macgregor Avenue, Portsea Sold for undisclosed
The Portsea home of TV and footy legend Lou Richards sold during the week after passing in at auction last Sunday. The property is located in one of Portsea’s best streets. The price quote prior to auction was $3,500,000 – $3,800,000 and it is thought that the property sold at a price within the range.
Clearance Rates
Melbourne
1st and 2nd December 2018
This week: 946 Auctions
Clearance: 49%
Last Year: 67% [source: REIV]
