Elite’s Weekly Market Wrap
19th November 2018
This weekend a clearance rate of 48% was achieved from 990 auctions. Of those properties, 386 sold and 515 were passed in, 254 of those on a vendor bid. There were also 183 private sales over the past week.
Buyers have four weeks to go to make the most of the eased buying conditions before the Christmas hiatus arrives. The property market in December can present some excellent buying opportunities as vendors are wanting to sell their properties before Christmas. It is unlikely a vendor will want a property sale hanging over their head at this time.
Even though sales are down from last year, we are still experiencing a very active property market although we are seeing differences in ways buyers are wanting to negotiate. Many buyers are waiting for properties to pass in and then are negotiating. More properties are also passing in due to vendor’s expectations not in time line with the current market.
We are expecting a very busy month in the lead up to Christmas and if you are still thinking about buying, it is not too late. We will not only experience more motivated vendors wanting a sale, off market activity also increases this time of year as vendors are looking to sell in February however there properties are ready to be sold now.
Enjoy the sunshine and have a great day!
Kim Easterbrook – Managing Director
6/47-49 Willesden Road,Hughesdale Sold for $756,000
A very well attended auction mainly from first home buyers produced three bidders to secure this extremely well renovated unit in a very convenient location. The auction however did fail to fire to some degree as there were many buyers who had been through two and three times who failed to put up their hand. Again this could be a sign that some buyers are waiting for properties to pass in before negotiating. I believe this is a wrong strategy in some cases as they have missed to secure not only a wonderful home but also a great investment property. We were very happy to see our clients take home the keys after securing it for $756,000.
10 Craiglea Court, Doncaster East Sold for $1,242,000
The auction was well attended by approximately 80 people. This well renovated home boasted four bedrooms, study, two bathrooms, double garage. Superbly located in the premier Manningham pocket and zoned in the Serpell Primary School and East Doncaster Secondary College areas. The auction failed to attract multiple bidding due to buyers waiting for the property to pass in, even though three interested parties were in attendance. One buyer smartly raised their hand to win the right to negotiate at $1,200,000. After long negotiations the property sold for $1,242,000 which was a fair result for both buyer and vendor.
4/17 View Street, Reservoir Sold for $668,000
A crowd of about 30 gathered to watch the auction of a neat two bedroom unit in a very tidy development go ounder the hammer. A call for bids was met with an initial bid of $550,000 from a gentleman in the crowd. A young couple entered the bidding until the first party was out. A downsizer and buyers advocate battled it out to secure this unit with the downsizer winning the keys are $668,000. Updated single level units with good floor plans in neat developments are very popular with downsizers who usually have deep pockets to buy them.
17th and 18th November 2018
This week: 820 Auctions
Last Year: 72% [source: REIV]