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 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


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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.


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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.


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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


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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.


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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.


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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]

The clearance rate dipped under 50% again this week with 757 properties going under the hammer.  282 properties sold at auction, 83 sold before auction and there were 218 private sales.  Of the 392 that passed in, 170 were on a vendor bid.  Interestingly there is a divide between the clearance rate for houses and the clearance rate for units/apartments.

For the past few years we have seen the two tiered market with houses (generally speaking) outperforming units and apartments.  In the current market however more units/ apartments are selling at auction with more houses passing in and spending more days on market.  The clearance rate for houses over the weekend was 45% and the clearance rate for units was 55%.

This is certainly a representation of what we are also witnessing in the market.  The $2m plus market has softened where as the more affordable quality properties in premium suburbs are in high demand.  This demonstrates that it is a good time to upsize if you are thinking of doing so.  You can still maximise on a solid sale result for your current property and enjoy some savings on the larger home.  The softening of the $2m plus market has also put a lot of downsizers out the market and will do so until this segment of the market recovers.

As we close in on Christmas, December is still a very active time for real estate in Melbourne.  We will likely see agents working right up to Christmas Day this year as they will be holding more stock for longer as the days on market creeps up.  This also should make way for some good buying opportunities for buyers to take advantage of.

Hope you all have a great week.

Kim Easterbrook – Managing Director


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3/296 Inkerman Street, St Kilda East Sold for $465,000

Two first home buyers (one of which was represented by Elite) went head to head to try and secure this one bedroom apartment with a courtyard in a very popular location.  Properties with courtyards are highly sought after due to their rarity.  Both parties we keen to secure this apartment in this tightly held block with the property selling for $465,000 under the hammer.


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6/25 Windsor Place, Melbourne CBD Sold for $1,515,000

This apartment located in the Paris end of the CBD was extremely popular and attracted six bidders under the hammer due to its large size, location and also being located in a small block of nine apartments.  Small apartment blocks are rare in the CBD and highly popular when the quality ones come up for sale. The property sold well beyond its $1,250,000 reserve after selling in 1996 for $400,000.


 

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3/44-46 James Street, Northcote Sold for $850,000

Its not often you see a property sell under the hammer with one bid, but this is what occurred at the two bedroom townhouse auction.  Three prospective bidders attended the auction but only one raising their hand to bid at the quoted price which was enough to take the property off the market.


Clearance Rates
Melbourne

24th and 25th November 2018
This week: 757 Auctions

Clearance: 48%

Last Year: 69% [source: REIV]

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


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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.


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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.


 

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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.


Clearance Rates
Melbourne

17th and 18th November 2018
This week: 820 Auctions

Clearance: 52%

Last Year: 72% [source: REIV]


 

This weekend a clearance rate remains stable at 52% was achieved from 810 auctions. Of those properties, 420 sold and 390 were passed in, 171 of those on a vendor bid. There were also 162 private sales over the past week.

Buyer behaviour and strategy is now seeing the auction clearance rates consistantly hovering around the 50% mark. However properties attracting long term owner occupiers and in locations which offer lifestyle amenities and economic activity are constantly attracting buyers who are bidding strongly.

Stock levels are still strong with over 800 auctions on the weekend.  However in 2 weeks times the the new listings for 2018 will be concluding and besides to odd private sale, most properties listed will be off market until the 2019 auction campaigns recommence in late January, early Feburary 2019.

Regards,

David Easterbrook –  Director, Elite Buyer Agents


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5 Clery Avenue, Donvale Sold for $1,570,000

60 people attended the auction of 5 Clery Ave, which was a reasonable low attendance considering there were over 70 groups that inspected the property on the opening Saturday. The property was being sold by a Trustee/Liquidator and the properties presentaion was poor and internally very dated, however in a great location, premium street, 5 bedrooms, 2 bath, 2 living areas, a pool and tennis court positioned on 4,000sqm of land. The auction had 5 bidders fighting for the property in rises of $100,000 at one stage and declared on the market at $1,370,000 and knocked down at $1,570,000.


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22 John STreet, Kew Sold for $3,800,000

This land site of 836sqm with an east facing rear in Sackville Ward precinct sold on Saturday for $3,800,000 after it passed in on a single bid in front of a large crowd of over 80 people. The property was opened on a vendor bid of $3,600,000m and after what seemed like an eternity, he received a bid from one buyer.  The auctioneer vendor bid $75,000 to $3,700,000 and the buyer bid against himeslef with another $5,000 bid and it passed in at $3,705,000. This is a great example of a property which was passed in, but declared an auction sale because it was negotiated and sold directly thereafter for $3,800,000.


 

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27 Lynch Street, Brighton Sold for $1,825,000

Renovator delights seemed to perform well over the weekend with this property no exception.  Also demonstrating that the market is still having properties sell with multiple bidders under the hammer.  The location was the drawcard with this property and entry level for a home at that. The opening bid of $1,600,000 was close to the $1,650,000 reserve however bidding soared past the reserve to sell for $1,825,000 to a local family.


Clearance Rates
Melbourne

10th and 11thNovember 2018
This week: 820 Auctions

Clearance: 52%

Last Year: 73% [source: REIV]


#BuyersAdvocatesMelbourne#BuyersAgentMelbourne#EliteBuyerAgents#Melbournebuyeradvocates#Melbournebuyeragents#Melbournepropertymarket#MelbProperty#MelbRE#MelbRealEstate#PropertyMarketWrap

The clearance rate improved last weekend despite the weekend being a ‘Super Saturday’.  Higher auction numbers were expecting to show a decline in the clearance rate when infact the opposite occurred.  Of the 1,215 auctions held, 493 sold at auction, 138 before auction and 1 sold after.  Bringing the clearance rate to 52% on 1,215 auctions.

Even amongst the ‘better buying conditions’ we are still seeing some runaway results in the market.  5 Moule Street, Brighton sold under the hammer for $6,100,000, $1,000,000 over reserve with four bidders.  13 Yuille Street, Ashburton, a family home sold for $2.81m being sold for $410,000 over reserve.

Despite the media’s doom and gloom reporting, the median house price for Melbourne remained stable for the July to September quarter at $834,000. This reflects what our team have been experiencing in the market place.  Unit prices for the quarter actually increased by 0.2%  for the quarter.   Looking at the year as a whole, the median house price is Melbourne is up by five per cent.

With everything negative being thrown at the Melbourne Property Market with tighter lending conditions and the media’s doom and gloom reporting, the market is certainly demonstrating resilience and may only be time before we are back in a sellers market.

Have a wonderful week.

Kim Easterbrook – Managing Director, Elite Buyer Agents


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13 Yuile Street, Ashburton Sold for $2,810,000

This five bedroom, two bathroom renovated period home was hotly contested at auction.  The auction was well attended with 100 people and the first bid came before the auctioneer even called for one.  The bidding commenced at $2,090,000 and quickly escalated with no need to have a half time break.  Many were left without even having the chance to put their hand up.  The property was announced on the market at $2,400,000 and sold for $2,810,000.


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63 O’Connell Street, Geelong West Sold for $711,000

There is a lot of talk about the Geelong market at present and the Elite team were down there to see it first hand.  All auctions we attended were competitive.  Geelong West is a popular suburb due to its trendy Pakington St strip and proximity to the Geelong train station.  This well located period home in need of a facelift had three bidders trying to secure it at auction.  The property was announced on the market at $680,000 it sold for $711,000.


 

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6 Leopold Street, Maribyrnong Sold for $815,000

The property was originally advertised from $800,000 to $880,000 and mid campaign was adjusted to $750,000 to $800,000 likely due to lack of interest.  The tenants who used to live in the property prior to the campaign opened the bidding up at $750,000, another bidder jumped in and the two went head to head until $785,000. Another bidder joined in with the property being announced on the market at $805,000 and sold for $815,000.


Clearance Rates
Melbourne

29th October 2018
This week: 1,215 Auctions

Clearance: 52%

Last Year: 73% [source: REIV]


 

The question on everyone’s lips at the moment is, “Is it a good time to buy property in Melbourne?”

The clearance rate in Melbourne dropped to 50% which is the lowest rate we have seen in quite some time.  Last year the clearance rate was 74% on 1044 auctions, this year the auctions held were 786 with a 50% clearance rate.   This rate could drop even further next weekend with a Super Saturday (being a weekend with a high volume of auctions) before the quieter weekend for Melbourne Cup.

As Christmas closes in, Spring naturally brings higher levels of stock with vendors anxious that they need to sell before Christmas.  This creates an ease in buying conditions for buyers to take advantage of.  In addition to this, we have some uncertainty in the market which is largely created by hyped up media reporting which has resulted in many buyers sitting on their hands just waiting to see how the market performs.  Banks have introduced some tougher lending criterias due to the Royal Commission but this should ease in time, and allow more investors back into the market place.

Stock levels will dry up over the Christmas holidays and lower levels of stock will be released onto the market in February.  We believe buyers will begin to feel more confident to make their move into the market which will in turn start to sway the market back into the Vendor’s court.

What we do know, is that the market conditions for buying are the best they have been in quite some time, however high quality properties are still resulting in competitive auctions, but just not as heated as they were twelve to eighteen months ago.

Is it a good time to take the plunge?  We know that it is always best to enter a market when the market is down, so why not take advantage of the opportunities in the marketplace now?  Once the stock levels disappear for Christmas, it is unlikely we will have the same market conditions going into 2019.

Have a great week!

Kim Easterbrook – Managing Director, Elite Buyer Agents


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4 Belgrave Street, Hawthorn Sold for $ undisclosed

Renovated single fronted homes in quality suburbs are always in demand.  We describe them to be ‘bullet proof’.  This property was no exception.  This two bedroom renovated home located in a very convenient position of Hawthorn attracted some very keen competition.  Four bidders tried to secure this home.  The property was announced on the market at $1.53m with the home selling slightly above this level.  Had this property gone to auction at the same time last year, it would have likely have seen a couple of more interested parties, but also could have achieved a run away result.  Rarely do we see runaway results as such in the current market.


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487 Dryburgh Street, North Melbourne Sold for $2,063,000

A historic terrace in need of renovating with potential off street parking for two cars was a popular property due to the location being so close to the city and Queen Victoria Market.   The auction attracted five bidders on the day with the auction commencing on a vendor bid of $1.7m.  The bidding reached $2m when it was announced on the market.  It as a two horse race only from this point on with the property selling to a family for $2.063m.  Five bidders is unusual in this market but due to the rarity of a property such as this, there was never any doubt this was going to be competitive.


 

20 bailey ave st kilda east

611/2 McGoun Street, Richmond Sold for $833,000

This sale of this property is a very good example of why assumptions can not be made as a whole and each property needs to be analysed in its own right.  There is a sensis in the market place that the apartment market is flat, but this apartment demonstrated that this is not always the case.  Three bidders fought to secure this but there were others there that did not get a chance to put their hand up.  The property boasted amazing views of Richmond with a very good floor plan.  The property sold for amongst a competitive auction for $883,000.


Clearance Rates
Melbourne

22nd October 2018
This week: 786 Auctions

Clearance: 50%

Last Year: 74% [source: REIV]


 

The Spring market is offering buyers their best shot in years at purchasing properties at lower prices not been seen for many years.  The banks have toughened on their lending criteria meaning that buyers are not being able to borrow as much as they could of say twelve months ago.  Plus the increase in stock which is normal for this time of year, are allowing some good opportunities for buyers that previously could not afford what they were hoping to buy.  Vendors also become increasingly motivated this time of year with the desire to sell before Christmas.

On the flip side of this, we are seeing some prestige sales being no longer confined to the Bayside or leafy Eastern suburbs of Melbourne. With neighbourhoods in the north and the west now fetching sales in excess of $2 million.

Over the weekend, there were 274 properties sold at auction in Melbourne, with 79 selling prior to auction and 313 being passed in, 156 of those on a vendor bid. In addition to the auctions, there were also 170 private sales. The result, was a clearance rate of 53%.

We are positive about the future of the Melbourne property market, with prospects in certain key suburbs bucking the current trend.  With our strong population growth continuing, low interest rates and prices still considerably cheaper than Sydney’s, the ease in buying conditions may only be short-lived and its the savvy investors who are making the most of the current opportunities.

Kind Regards,

The Team at Elite.


60 ruskin street elwood

60 Ruskin Street, Elwood Sold for $ undisclosed

Evidence that that $2m plus market is not performing as well as it was this time last year was the auction of this renovated period home in one of Elwoods best streets. The auction was well attended albeit by neighbours with 40 onlookers enjoying the sunny day. The opening bid was $2.1m vendor with no more bids until after the half time break. A genuine bidder came into the mix with a large increase on the vendor bid of $2.165m. Another bidder jumped in and the property passed in to the second bidder at $2.22m. The property sold immediately afterwards for an undisclosed amount.


30a seventh st parkdale

30A Seventh Street, Parkdale Sold for $862,000

A crowd of about 40 gathered in the sun to watch a well presented 2 bedroom unit with private front garden and street frontage go under the hammer. The property is one of only 2 on the block and has its own driveway and lockup garage, appealing to downsizers and investors looking to live close to Parkdale Village and beach. An opening bid of $740k was quickly answered by another bidder with a rise of $10k. The 2 battled it out in various denominations until the first bidder remained at $852K. As the agent was about to let the hammer fall a third bidder jumped in with $855k. Another battle ensued until the first bidder finally won the keys at a healthy $862k.


 

20 bailey ave st kilda east

20 Bailey Avenue, St Kilda East Sold for $1,606,000

This 3 bedroom home in St Kilda East was auctioned on Sunday with a focus on its location which was situated between schools and the station in a prestige cul-de-sac. This solid-brick c.1917 home was set around 480sqm with lovely mature gardens. Bidding started off from a gentlemen at $1.2m with a crowd of around 31 attending the auction. Bidding was slow to start at first, so the auctioneer put in a vendor bid of $1.25m. Thereafter this point a flurry of bids from multiple bidders proceeded. At $1.510m the property was on the market and after another quick succession of final bids around mid $1.55m mark continued until the property was sold for $1.606m.


Clearance Rates
Melbourne

15th October 2018
This week: 666 Auctions

Clearance: 53%

Last Year: 75% [source: REIV]


 

There is no doubt there has been a shift in the sentiment of the Melbourne Property Market over the past few months.  As a result, we are witnessing more auction pass-ins but most properties are selling quite soon thereafter via a private sale negotiation.  Although, in contrast, we are still seeing some runaway results in the inner city for well attended auctions, for example, in Hawthorn, Camberwell and South Melbourne.

Home values overall are down 2.7 per cent nationally since peaking in September last year, according to the latest home value index from property analysts CoreLogic. This is no where near as disastrous as what the media are reporting.  And one can’t forget that Melbourne experienced 56.4 per cent growth over the past five years to January 2018.

Over the weekend, there were 285 properties sold at auction in Melbourne, with 93 selling prior to auction and 300 being passed in, 155 of those on a vendor bid. In addition to the auctions, there were also 184 private sales. The result, was a clearance rate of 56%.

We have seen a decline in Investors in the marketplace due to the banks tightening their lending criteria.  As a result this has opened up opportunities for owner occupiers, first home buyers, and downsizers who now don’t have to face as much competition to secure properties.

As a summary, we are seeing most buyers keeping their cards very close to their chests.  Often allowing properties to pass in and then putting themselves forward to negotiate.  We are experiencing a balanced market at present and if the properties are marketed well and priced right, are usually selling under competition from more than two buyers.

Kind Regards,

The Team at Elite.

 


26 weynar st

26 Weymar Street, Cheltenham Sold for $1,045,000

There were 30 people who attended this auction which was quoted $950,000 to $1,045,000. This home is located in a popular, quiet location of Cheltenham. With mostly young families in the crowd, the bidding was a true reflection of the market conditions at the moment. The auctioneer had to work extremely hard to extract any bids and was almost going to pass it in on a vendor bid when a young man jumped in right at the last minute. The genuine bidding then started at $980,000 with the property almost passing into the only bidder when at the last minute again, another bidder entered the contest. They only went back and forth a few times when the original bidder bowed out and the property passed in at $1,020,000. The property later sold for $1,045,000.


55 swinburne ave hawthorn

55 Swinburne Avenue, Hawthorn Sold for $2,165,000

In Hawthorn, more than 100 onlookers attended the Saturday morning auction of a 3 bedroom, 1 bathroom Spanish mission-style home, at 55 Swinburne Avenue. Set on a 673 sqm (approx) block, this property has been in the same family for around 60 years. It offered an art deco period style with broad family appeal and scope to renovate in the future. The property attracted a good crown of spectators with bidding becoming serious betweeen two bidders around the $1,999,000 market with the property eventually being sold for $2,165,000 showing the market in key suburbs does not always follow the downward trend.


 

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1/11 Roseberry Grove, Glen Huntly Sold for $492,000

This 2 bedroom 1 bathroom apartment in Glen Huntly went to auction on a sunny Melbourne Sunday with moderate crowd in attendance. Tucked to the rear of the block, the home offered the appeal of a welcoming entrance hall off which is a large kitchen including ample work and storage space along with a relaxed meals area. With it’s location just stroll from the station and close to both bus and tram routes it was a perfect first home, downsizer or easily rentable asset. The auction started on a vendor bid of $430,000, the auction began with two bidders competing for the property, which later was joined by a young couple and another female bidder. The property was announced on the market at $480,000, with the property being sold to a fifth bidder at the end of the auction for $492,000.


Clearance Rates
Melbourne

8th October 2018
This week: 670 Auctions

Clearance: 56%

Last Year: 74% [source: REIV]


 

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