Elite’s Weekly Market Wrap
8th December 2018
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.
8th and 9th December 2018
This week: 888 Auctions
Last Year: 68% [source: REIV]