1 December 2018
Saturday was the last of the ‘big volume’ auction weekends, as the 2018 property market winds up for Christmas. While the general clearance rate was under 50% again (for the reported properties), we thought we would focus on some stats, as there were some standout suburbs with solid results.
- Middle Park – 4 reported results 75%
- Hampton – 4 reported results 75%
- Sandringham – 4 reported results 75%
- Brighton – 8 reported results 62%
- Balwyn – 3 reported results 100%
- Camberwell – 7 reported results 71%
- Glen Iris – 9 reported results 67%
- Malvern East – 10 reported results 60%
Malvern East has also seen a number of unreported off-market results over the past few weeks.
- Port Melbourne – 8 reported results 12.5%
- Brighton East – 5 reported results 20%
- Armadale – 4 reported results no sale
- Ashburton – 4 reported results no sale
While a week in real estate doesn’t say much, we think the results demonstrate that buyers are prepared to compete for the properties where there is a combination of good-quality, right-priced stock and vendors with realistic expectations.
We also thought it was worth considering the positives associated with the current market and bank changes, particularly if the property meets most of the key requirements you have been searching for:
- It’s a great time to upgrade as the gap is closer (ie 5% drop on a lower-priced home is less than a 5% drop on a more expensive one, reducing the extra money to upgrade).
- Competition is more tempered, so there’s a greater chance of success if you are prepared.
- As loans revert from interest only to principal and interest, there are a number of investment properties in blue-chip areas coming onto the market that may otherwise have been held indefinitely.
- Current and future vendors are now aware of the market we are in and more comfortable to sell for market value.
- Thinking outside the box a little and being prepared to do some work, such as buying a ‘B’ grader that can become an ‘A’ grader. With the right advice, this can be a great way to secure your next family home and certainly some of our clients will be enjoying their new homes for Christmas.
With only a couple more weekends before Christmas, most agents will now be focusing on trying to sell existing stock before taking time off for the summer holidays and get ready for a new auction year, which tends to commence after Australia Day.
We would like to take this opportunity to thank you for your support this year and wish you a Merry Christmas and a safe New Year. We look forward to resuming our reports once the auctions return in February.
Hawthorn/Hawthorn East also had a good weekend of results selling 6 from 8 reported properties. Four of the bigger sales below:
- 53 Leura Grove Hawthorn East (Stuart Evans/Duane Wolowiec – a modern family home with pool on smaller (approx. 596sqm) land – $3,920,000
- 46 Leura Grove Hawthorn East (Tim Picken/Rebecca Edward, Kay & Burton) – approx. 915sqm with a single storey renovated home sold well; the power of a good architect/interior designer working with an old home and a south facing rear – $4,150,000
- 31 Berkeley Street Hawthorn (Karen Chung/Caroline Hammill, Woodards) – well-presented 1930s home on approx. 700sqm, live in, renovate/extend, or perhaps even replace (stca) on Scotch Hill – $3,460,000
- 52 Mary Street Hawthorn (Richard Winneke/Cambell Ward, JellisCraig), renovated period home in Grace Park Estate – undisclosed over $6,000,000
11 Wheatland Road Malvern
The home at 11 Wheatland Rd Malvern offers a combination of Federation features at the front, combined with a light and modern extension to the north rear. Off-street parking for one car at the front, with a second one, perhaps a little tight, in the rear carport. The home would suit downsizers or smaller/younger families.
Ian Carmichael opened proceedings with a vender bid of $3.8m before receiving a genuine bid of $3.82m. The crowd was given some thinking time with a break, but further silence from the 50 or so people in the crowd greeted him after. Ian placed a second vendor bid of $3.9m before receiving another bid of $3.91m from the only bidder to secure negotiation rights. The property was passed in on the street, but sold shortly after for $4.01m.
4 Montrose Avenue Brighton
Situated opposite the well-regarded Elsternwick Primary School and an easy walk to the Martin Street shops and cafes, this home was always going to appeal to young families. Although a south rear, a good-sized decked area wrapped around for north-east light access. The home has been renovated, with a spacious family bathroom serving the three bedrooms, on approximately 381sqm of land.
Peter Kennett and Tamara Penno from Hocking Stuart had run the busy campaign and headed up the auction. A bid of $1.68m started the auction, swiftly followed by another young family, trading bids to take the property to $1.82m and onto the market. A third bidder entered the action, before bidder two stepped out. Both couples were clearly keen to get the keys, trying to stretch as much as possible. Bidder three was eventually successful, securing the home for $2.0m.