April 11, 2016
Melbourne’s second quarter for the 2016 property market officially kicked off on Saturday.
With no auctions of note, this provided us with the opportunity to inspect many of the ‘first’ opens for new campaigns. Recent media reports around ‘underquoting’ or ‘market volatility’ didn’t appear to have dampened buyer spirits either – many homes had buyers gathering even before the scheduled open time.
We would still consider stock levels fairly low, particularly for the more in-demand properties:
- renovated family homes
- ready to move in ‘downsizer’ homes
- entry level (liveable now) but good scope to improve properties
The first big weekend of auctions is April 30. Thorough research of ‘the right’ information, will ensure buyers spend time looking at the appropriate/affordable properties. Remember the selling agent is there to extract as much money out of buyer(s) as possible to maximise the sale price for their client – the vendor.
It can be disheartening for buyers to spend 2-3 weeks waiting for their preferred property to auction, to find they miss out on not only this property but also other suitable homes that have now sold.
Whilst there will still be more stock coming up, it is worth considering there are still only 5-6 weeks before the window for new campaigns closes again for the June/July school holidays.
Properties we like, scheduled for auction on April 30:
- 1 Manning Road, Malvern East (Rae Tomlinson/James Tomlinson, Marshall White)
- 25a Adelaide Street, Armadale Kevin O’Brien/Dawn Meyer, Jellis Craig)
- 18 Retreat Road, Hampton (Richard Slade/Mark Earle, Buxton)
- 5 Clive Road, Hawthorn East (Andrew Gibbons/Richard Mackinnon, Marshall White)
- 22 Halifax Street, Brighton (Steve Smith/Kate Strickland, Marshall White)
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