South Yarra is a very popular suburb of Melbourne because of its simple access to the CBD and the many attractions which keep people visiting and residing in the area.  It located approximately 4 kilometres south east from the CBD and is only 5 square kilometres.

South Yarra backs onto the Royal Botanic Gardens and features Fawkner and Como parks, it also has the well-known shopping precinct on Chapel Street, which comprises of cafes, restaurants, an amazing nightlife and an abundance of clothing outlets – it really has everything you need.

The Como House is a historical home that has beautiful gardens that has been around since 1847, it is a tourist attraction today that you can attend a tour of and if you wish, you can hire it out for functions. It is owned by the National Trust of Australia.

Buyers were out in large numbers on the final weekend of the financial year. A clearance rate of 73 per cent was achieved from 181 auctions this weekend, with 133 properties selling and 48 being passed in, 15 of those on a vendor bid. There were an additional 370 private sales reported.

Only a relatively small number of auctions were held in Melbourne this week, due to the combined impact of the school holidays, the federal election and winter conditions.

In June, a new record was set for a single weekend with a total of 993 auctions held – 40 more than the previous record. This capped off a solid end to the financial year for Melbourne’s auction market.

1/88 Queens Parade, Fitzroy North. Sold for $1,135,000

Perched at the edge of Edinburgh Gardens close to Clifton Hill and Carlton North, this modern, tri-level townhouse was hotley contested amongst four bidders. With 3 bedrooms and the rarity of three, possibly four parking spaces, this low maintenance home had a price guide of $880,000 to $950,000. Bidding began at $750,000 and quickly rose with more bidders joining in as it cleared it’s reserve of $980,000. The price sailed past the $1 million mark and the hammer was brought down at $1,135,000.

10 Spring Street, Coburg. Sold for $662,000

A one-bedroom house near the Merri Creek trails in Coburg attracted three bidders to the auction on Saturday. With polished hardwood floors throughout, a large bedroom and plenty of north facing backyard space, the property would be an attractive purchase for developers, investors or single buyers. The auctioneer fielded bids from three separate parties who helped push the price past the $590,000 reserve. The entry level home, on approximately 390 square metres of land, eventually sold for $72,000 above the reserve for $662,000.

62 Iluka Avenue, Aspendale. Sold for $713,000

Set on approximately 536sqm of land, the existing three bedroom 1970s property is in need of a major renovation. Located within walking distance of the beautiful foreshore, shops & train station or a stroll to either Aspendale or Aspendale Gardens Primary School this family-friendly location offers easy access to it all. Two bidders were willing to take on the opportunity that this property presents. But the price quickly rose past the quoted $575,000 to $630,000 and the hammer was brought down for $713,000.

Heidelberg is located approximately 13 kilometres north-east of Melbourne CBD and partially boarders with the beautiful Yarra River.

Along the Yarra River, you will find ample walking trails with some that can keep you walking or running for kilometres.  There are also play grounds and recreational areas along the way such as tennis courts and football ovals for the athletics.

Burgundy Street is one of the main streets that run through Heidelberg and where you will find health care institutes such as the Austin Hospital, Mercy Hospital for Women and the Warrigal Private Hospital and when you venture further along the road you will hit an array of restaurants and cafes.

If you are interested in Art or enjoy learning about Australian history stop by the Heide Museum of Modern Art, which began in 1934. It is now home to beautiful gardens which incorporate a sculpture park, the main collection and a range of exhibitions feature her

Low interest rates have enticed more first-home buyers to become active in the Melbourne property market this weekend. A clearance rate of 76 per cent was achieved from 747 auctions this weekend, with 565 properties selling and 182 being passed in, 78 of those on a vendor bid. There were an additional 361 private sales reported.

Entry level properties for under $700,000, which are always popular with investors and first-home buyers have seen some hot competition since interest rates were lowered last month, the northern and southern parts of Melbourne received the most attention from buyers this week.

As next weekend contains a public holiday for the Queen’s birthday, there are only 261 auctions scheduled.

3/78 William Street, Brighton. Sold for $800,000

Overlooking the leafy William St Reserve, this unrenovated two bedroom unit was under executor’s instructions to sell. Six bidders braved the rain to compete for their own piece of the Brighton landscape, and helped the price soar well above the $650,000 reserve. A young couple from Bayside eventually outbid all competitors to gain the keys for $800,000.

18 Autumn Street, Coburg. Sold for $1,211,000

This masterfully renovated four bedroom, two bathroom single-level family residence attracted quite a crowd to the auction. With an asking price of $900,000 to $950,000 the property was hotly contested by young families. Bidding began with an offer of $900,000 and continued with one bidder slowing the pace of the auction with rises of only $1000. The home eventually sold for $90,000 above the reserve to a family who had been in the auction from the start with a final bid of $1,211,000.

11 Prentice Street, Elsternwick. Sold for $2,000,000

Thoughtfully renovated and extended (and in keeping with its Edwardian origins), this superb family home reveals amazing accommodation and flexible living in this prestigious residential position. The 4 bedroom home was extended 6 years ago to add on a fifth bedroom or additional living area, an addition that helped the price range reach $1.65 to $1.75 million. The opening bid of $1.85 million from a family was upped by another buyer who quickly took the price to the reserve of $2 million, where it eventually sold.

Melbourne’s market is dividing further into a two-speed market, with house sales soaring higher than apartments. A clearance rate of 74 per cent was achieved from 934 auctions this weekend, with 692 properties selling and 242 being passed in, 107 of those on a vendor bid. There were an additional 361 private sales reported.

Houses in Melbourne are performing better than apartments in the current market. As Kim Easterbrook discusses in The Age on Sunday’s Domain, villa units are the one exception to this trend. Villa units broadly appeal to downsizers, investors and first-home buyers.

The eastern suburbs, particularly the outer east is not seeing as much activity as they used to, as results from other regions outperforming the east more regularly.

Sunshine North achieved its first million dollar house sale, beating the suburb’s previous record of $945,000. While in Brighton, a new record was achieved when four local bidders helped reach the sale of a Dendy Beach bathing box selling for $307,000.

There is an expected 843 auctions to be held next weekend.

5/33 Gnarwyn Road, Carnegie. Sold for $632,500

Conveniently located close to Koornang Rd shops, the train and tram, parklands, schools and Chadstone Shopping Centre, this renovated 2 bedroom villa attracted a crowd of 45 to the auction on Saturday. The opening bid of $500k was met by another party who offered $10k more, and the two took the price up to $600k when a 3rd bidder joined in. The property had a quoted price of $580k to $620k, and was on the market at $630k before selling at $632,500 at this straight-forward, non-referral auction.

169 Were Street, Brighton. Sold for $4,400,000

The auction for this grand family home with four bedrooms plus a home office and brilliant entertaining area was held indoors due to the rain on Saturday. The opening bid of $3 million was rejected by the auctioneer, and another party put their hand up with a real bid of $4.25 million for the 3 level home. The two bidders continued battling it out, until the property was announced on the market at $4.4 million, and it sold for the same price, with no further bids forthcoming.

9 Beckley Street, Coburg. Sold for $1,370,000

A crowd of 60 gathered in the light rain to watch the auction of this Californian bungalow, which held a price guide of $1.1 million to $1.2 million. The first offer for the 3 bedroom home filled with natural light was $1.1 million, and this was met by a rise of $10,000 from a young couple. The two parties battled it out in $10,000 increments until $1.31 million when a third would-be buyer joined in. The young couple won the rights to the keys with their final bid of $1.37 million.

“Hi, It’s David Easterbrook with the Elite Buyer Agents Market Wrap

This weekend there were 934 auctions of which 74% sold. Melbourne is currently experiencing a two-speed market, houses and villas are outperforming apartments and town houses.

The auction of 3A Cowra Street, Brighton demonstrated how popular villas are. The competitive auction attracted 8 bidders and sold for $1.425 million which is $425 thousand over  reserve.

Our tip for the week: the key to a great property is scarcity and location, shy away from properties of high supply such as off the plan apartments and town houses, apartments and town houses can be a good investment but look for location and x factors such as irreplaceable architecture and private outdoor areas.

I’m David Easterbrook, remember at Elite Buyer Agents – We’re on your side.”

St Kilda is a small suburb of around 3.2 square kilometres, even though it is small it is extremely well known and conveniently located just 6 kilometres south east of Melbourne CBD.

St Kilda is filled with cafes, restaurants, clothing boutiques, medical services and supermarkets.  Two well-known streets are Acland Street and Fitzroy Street, when in Acland Street, call past The Acland Cake Shop – you will not be disappointed.  St Kilda features many iconic locations and to name a few there is Lunar Park, St Kilda Sea Baths, St Kilda Botanical Gardens, St Kilda Marina and a popular restaurant overlooking the ocean, is called Riva St Kilda.

With the ease of public transport at your fingertips, St Kilda has everything that you need to owner occupy or invest!

“Hi its Kim Easterbrook with the Elite Buyer Agents market wrap, this weekend there was 692 Auctions of which 73% sold, we are seeing a rise in vendor’s price expectations were over 70% of properties that passed in were on genuine bids but did not sell immediately after.

We are currently seeing huge pressure on the prices of high quality free standing homes which seems to be the segment which is outperforming the rest of the market.

An auction we attended on the weekend in Moonee Ponds saw a 2 bedroom, 1 bathroom period home with no car parking sell in excess of 1 million dollars.

Our tip for this week, make sure you understand the value of a property before entering into negotiations a lack of understanding can put you at risk of over paying by a large sum.

I’m Kim Easterbrook remember at Elite Buyer Agents – we’re on your side.”

It is no wonder a buyer can get swept into buying an off the plan property.  It sounds appealing.  Stamp duty savings… its brand new…small deposit now pay later.

But when you dig deeper down into what an off the plan property is you will understand there are many pitfalls.

Whether it be buying for investment or for owner occupied purposes, a buyer should truly understand the ins and outs of an off the plan property.  Some of the negatives are:

–         When the property is completed and the bank is ready to settle (after being purchased say one to two years ago), the bank will need to value the property before it will hand over the money.  Unfortunately bank valuations are quite commonly coming in less than what the buyer paid for the property. This can lead to issues, especially when the buyer is borrowing most of the property purchase.  We have seen time and time again of buyers not being able to settle on their property for this reason, and end up forfeiting their 10% deposit.

–         At times, builders/sales persons can over promise and under deliver.  Being a property off the plan, you don’t get to physically see the end result, and at times can lead to let down.

–         Paying a premium for being brand new at the start can lead to sluggish or even negative capital growth.  Buying an established property usually results in much higher capital growth rates.

–         No guarantees that the builder will meet deadlines, at times, projects can go on for much longer than previously anticipated.

So before leaping into an off the plan property, do your research, they sound good in theory, but the negatives (especially for an investor) far outweigh the positives.

BEAUMARIS – is a prosperous suburb located approximately 20 kilometres south-east of Melbourne CBD boasting approximately 4.5 kilometres of beach front, including the picturesque Watkins Bay making this the ideal suburb.

The main shopping precinct is the Concourse Shopping Centre just off Reserve Road, although there are many boutiques and cafes, you just to explore and you will discover them. In Beaumaris you will find beautifully maintained parks with lots of recreational activities to keep you busy or simply relax in and enjoy the ambiance.

Beaumaris is well known for its prominent landmarks such as the Beaumaris Cliffs, Ricketts Point Marine Sanctuary (make sure to visit the café which overlooks the bay), and Table Rock Point being the reason people love to live in this suburb pushing property prices straight up! Beaumaris really is the perfect place to live or invest!