Property numbers pick up as the market moves out of a cold Melbourne winter
With the winter break behind us, the market has resumed with good interest from buyers and solid increase in the number of options available for sale.
Investment properties and holiday homes are continuing to underpin the overall volume, with agents citing new land tax changes as a key driver in the decision to sell.
With demand for finished products still the preference for most buyers (and some encouragement many are coming on, see below), we believe there are some good opportunities for buyers who are prepared to take on a project. While there may be future risk associated with building costs, supply availability and builder viability, the weaker market for these properties is allowing buyers to get into some A grade areas at more affordable prices.
We note the long winter break also saw a number of homes that had been for sale since the start of the year (or earlier) finally sell. While they may not have sold at the vendors’ original expectation levels or quoted prices, the lowering of asking prices opened the door for buyers to regain interest in the properties.
As we know, price is a major factor contributing to a property not selling. At a certain point, however, once the price has been reduced, a property can be seen as good value again, therefore increasing the number of buyers who may be interested in it.
These price reductions, combined with a lack of new options (common for this time of year), resulted in a number of homes selling (some below having two or three parties vying for them again, providing some good results for vendors).
-
-
- 57 Morey Road Beaumaris
- 59 Crisp Street Hampton
- 1 Mildura Street Sandringham
- 3 Royal Crescent Camberwell
- 61 Warburton Road Canterbury
- 38 Ross Street Toorak
- 6 Torresdale Road Toorak
- 43 Athelstan Road Camberwell
- 3 Cascade Drive Kew East
-
The auction weekends for August and September are looking steady and should provide a good test of the strength of the market as we head into Spring, where historically stock levels are strong. We have seven auction weekends ahead of us (not really counting August 3, as it hasn’t had the best lead-up in terms of colder weather and lower numbers of people in Melbourne), culminating in September 21, which looks to be the showcase auction Super Saturday. The weekend after features the AFL Grand Final day and the middle week of school holidays, providing the market a short rest before spring really takes off.
The market has been calling for ‘turn-key’ home offerings and there does seem to be some good options out there, where some vendors are looking to take advantage of listing before the spring ‘rush’ really comes in to play. Large family homes, particularly in Boroondara, (where buyer groups often aren’t hindered by bank lending and interest rates) seem to still be well received and there are a few out there…..
Some of the better options for sale now:
64 Addison Street Elwood – updated single-storey period home with garaging
12 Dendy Street Brighton – single storey, downsizer (apartment alternative)
64 Holyrood Street Hampton – single storey, downsizer, Hamptons-style weatherboard
39 Coppin Street Malvern East – renovated two-storey period home with north facing rear
9 Hampden Road Armadale – renovated two-storey period home
339 Wattletree Road Malvern East – renovated two-storey period home with north facing rear
18 Munro Street Hawthorn East – wonderfully designed modern two-storey freestanding house on smaller land
62 Empress Road Surrey Hills – tastefully renovated single-storey clinker brick period home with north facing rear
54 Fellows Street Kew – large two-storey brick updated family home with north facing rear
29 Guildford Road Surrey Hills – large two-storey updated Victorian home with north facing rear and prized car garaging
42 Nevis Street Camberwell – renovated single level period home, with great lifestyle options
71 The Boulevard Balwyn North – renovated large family home with northern rear aspect
An architect’s view of some of the better properties currently on the market;
35 Emo Road Malvern East – Alex Voronin/Karl Fitch, FitchPartners
54 Broadway Camberwell – Scott Patterson/Walter Dodich, Kay & Burton
12 Grandview Road Brighton – Alex Schiavo/Shantelle Francis, Kay & Burton
‘Off-market’ or ‘Pre-market’ Properties:
- Townhouse, 3-2.5-1 plus study, Hawthorn East – circa $1.45m
- Renovated Victorian, 4-3-3, ~730sqm, Hawthorn – circa $4m
- Single level villa, 3-2-2 car basement, Nth c/yard, Toorak – circa $2m
- Single level villa, 3-2-2, updated, Nth c/yard, Toorak – circa $2.6m
- Federation brick, 4-2-2 pool, ~830sqm, Malvern – circa $6m+
- Brick Edwardian single fronter, 2-1-0, Nth rear, South Yarra – circa $1.65m
- Double fronter looking for full reno, ~420sqm, Nth rear, Malvern – circa $2.5m
- Brick Edwardian single fronter, 3-1-1, Elwood – circa $2.275m
- Victorian double fronter, 3-1-2, ~330sqm, Elwood – circa 1.95m
- 2-1-1 apartment with north c/yard, St Kilda – circa $950k
- Contemporary 3 storey TH, 4-3-2, rooftop, views, Albert Park – circa $2.4m
- Modern 5-5-4 family home, ~970sqm, Brighton – circa $14.5m
- Renovated 2 storey Victorian, 4-3-1 pool, Brighton – circa $4.75m
- Contemporary family home 4-2-2, ~630sqm, Brighton East – circa $2.1m
- 1,200sqm development site on Beach Road, Beaumaris – circa $6.45m
- 1,600sqm development site near Chadstone, dual access – circa $4m
- Single fronter on ~250sqm, free standing, needing reno, Northcote – circa $990k
Auction Spotlight:
When looking for a downsizer or first home, these are the types of properties we think are a great option – well positioned, one of two, rather daggy now but with the opportunity to create a fantastic home with the spaces already on offer. The dreary weather conditions didn’t deter the buyers interested in 2/27 Middleton Road Highett. A mix of older couples and young singles/couples were keen to get their hands on the keys. The home had been quoted $790-850k during the campaign, opening with an $800k first offer. Quick bidding between two parties had the bid at $915k before the auctioneer could even get a word in and call it on the market. At this point bidder three replaced one, offering quick replies to bidder two’s much more considered (and eventually clearly quite painful) counteroffers. Bidder three, an older couple, were the eventual successful buyers at $965,000.