Weekly Market Review - 8 September 2010
So, after a period of over a fortnight that had some people raising the question of how much do we actually need parliament to be functioning at all, there is now some semblance of stability in Canberra. Its basis though is fragile and the future is far from certain. The same could almost be said for the market, as theories abound as to what spring will bring, proving one thing only – no-one really knows.
On the issue of stability however, the story is different regarding interest rates. The Reserve Bank left rates untouched on September 7th for the fourth consecutive month and the universal expectation is that they will remain on hold for the rest of the calendar year.
In the meantime, we continued to record some exceptional results, evidence that, despite much attention being given to external factors, life for the market must go on. Amongst the sales that drew most attention was that of the superb three bedroom town residence at 1 Myamyn Street Armadale which reached $3,215,000.
Another outcome that suggests underlying market confidence was the private sale of two original townhouses on a substantial allotment overlooking the Yarra River at 125-127 Alexandra Avenue South Yarra. The $2,780,000 price for a block with obvious re-development possibilities was a significant endorsement of the area’s appeal.
Strong sales in Malvern included the exceptional $1,360,000 paid for a three bedroom Graeme Gunn designed townhouse at 6/17 Sorrett Avenue. Featuring northerly aspects, generous spaces, two bathrooms and a double car-port, this price underlined the consistent regard the market has for the design and the location of these well known properties. Also in Malvern, 37 Hunter Street, a characteristic example of Edwardian appeal, updated to offer three bedrooms and two bathrooms close to Penpraze Park sold well for $985,000. The $1,575,000 private sale of 36 Parslow Street completed a series of pleasing Malvern sales.
At 3/19 Trent Street Glen Iris, a private sale for $787,500 reflected the quality and the convenient setting of a contemporary three bedroom townhouse with secure garaging literally moments from Burwood station and Hartwell village.
The $1,190,000 figure for 4 Reed Street Albert Park acknowledged the success with which this classical single fronted Victorian has been renovated and extended to offer three bedrooms and two bathrooms only one block from the beach. Nearby, a buyer opportunity that remains in play following the weekend’s auctions is the extended Victorian terrace at 55 Moubray Street which invites offers after a vendor bid of $1,550,000 concluded auction proceedings on the day.
Weekly Market Review - 1 September 2010
As the time Canberra spends in caretaker mode extends, theories abound as to whether the political impasse is having a consequent impact on the market by creating a ‘wait and see’ mood amongst prospective vendors. The perspective on spring is somewhat muddled at present and there is much speculation on what is not happening in the market, almost more than there is coverage of what is actually happening.
So while possible scenarios for the coming months are canvassed, including a ‘late spring’ season, a theory which overlooks the proposed state election on November 27th, the current market is actually performing well. The truism holds true, that is, quality properties in quality positions command quality prices – no matter what.
Evidence for the market’s enthusiasm for exceptional properties was apparent as four bidders competed with conviction for the four bedroom home at 11 Dorrington Avenue Glen Iris, while the same number of bidders pushed the price of the three bedroom home at 12 Albert Street Malvern East to $1,392,000. In Armadale, the consistent appeal of the location assisted the three bedroom home at 65 Northcote Road to a pleasing $1, 565,000.
The apartment market produced some exceptional prices including the $526,000 paid for the two bedroom property at 9/9 St Georges Road Armadale, a bright upstairs example with car parking on a non-thoroughfare close to transport. At the time of writing, the opportunity to acquire a light-filled two bedroom apartment close to the city at 2/97 Chomley Street illustrates the scope for rewarding investment that can be pursued in the current conditions.
Apartments elsewhere, including 601/60 Lorimer Street in the consistently sought after Yarra’s Edge precinct, which sold for $780,000, had a positive impact on the profile of a market that remains somewhat in a holding pattern while we await news from the nation’s capital!
Weekly Market Review - 25 August 2010
Rather than the market, the activity of last weekend was clearly focussed on matters of democracy – the final outcome of which we await. Across the board, reduced stock levels were a consequence of vendor aversion to selling on election day and it remains to be seen to what extent the ongoing uncertainty in Canberra influences people’s behaviour when it comes to selling – and buying – property.
Certainly the time of the year is fast approaching when Melbourne’s collective mind turns to real estate and the impact of the ‘spring season’ and the associated advantages of, for example, gardens looking good, should not be under-estimated. Regardless of the political scene, priorities for selling, such as the need for a larger home or a desire to be closer to a particular school are constants to which that people need to respond and so we anticipate some revival in market activity over the coming weeks.
Although light in terms of numbers, our sales results this week included the highest Melbourne price paid in both house and apartment categories.
The sale of 31 Finch Street Malvern East for $3,360,000 made it the most impressive house price for the week. Such a figure was a fitting result for the spacious Edwardian brick home featuring four bedrooms and a study, three bedrooms, refined formal areas, a light-filled family extension and heated pool in established gardens further enhanced by a double garage and loft.
$1,530,000, the price paid for the apartment at 1/9 Sutherland Road Armadale was similarly in keeping with the quality of the property which provided four upstairs bedrooms, four bathrooms and ample spaces for living, dining and entertaining. The original Victorian residence behind which its huge allotment was sub-divided, this elegant apartment enjoys proximity to both High Street and Wattletree Road.
Weekly Market Review - 18 August 2010
As election day approaches the hope is that subsequently, the market will quickly cast off the political distraction and return to business in a more meaningful way. Inconsistency of supply and uncertainty amongst both vendors and buyers have weighed somewhat on market activity of late but the window for spring sales may focus minds more effectively over the coming weeks.
As in most things, timing is critical and campaigns proposed for spring should maximise the ‘clear air’ periods in and around seasonal events such as the grand final and the Melbourne Cup weekend. Your Bennison Mackinnon agent can best advise how to schedule your auction so that buyer attention is most effectively captured and maintained. Such advice will assist vendors make the most of a market that, despite some concern regarding a falling clearance rate, has still produced a 26% plus median price increase over the last financial year, much of it this calendar year.
Amongst sales that were particularly pleasing last week was the $450,000 paid for the two bedroom apartment at 10/60 Chomley Street Prahran, a fully refurbished example enjoying the benefits of northerly aspects and under cover parking close to High Street. In Kew East, the $723,000 paid for the bright two bedroom townhouse at 1/24 Woodlands Avenue was a similarly impressive outcome for a property in the first home buyer/investor bracket.
The power of position, as well as the allure of stylish renovation and extension, was in evidence when the two bedroom Victorian at 76 Spring Street Port Melbourne sold for $1,174,000 while not so far away at 3/132 Bank Street South Melbourne $1,055,000 successfully concluded the marketing of this prominent warehouse, cleverly converted to a three bedroom, two bathroom residence with garaging.
Equally pleasing results for properties with undisclosed sale prices occurred at: 75 Lewisham Road Prahran, a one bedroom apartment at 9.1/193 Domain Road South Yarra, (the landmark Robin Boyd designed Domain park Towers), C701/142 Rouse Port Melbourne, the three bedroom townhouse at 11 Ambon Street Ashburton, the four bedroom family residence at on an elevated allotment at 16 Wilson Street Glen Iris, 39 Flowerdale Road Glen Iris, a bright three bedroom apartment at 3/1 Tahara Road Toorak and 7 Nimmo Street Middle Park.
Opportunities to pursue quality properties following last week’s auctions include a captivating former corner store, reborn as a light-filled three bedroom, two bathroom townhouse featuring car-parking and a roof-top terrace at 151 Clark Street, one of the area’s most appealing tree-lined addresses.
Weekly Market Review - 11 August 2010
The current market is receiving almost as much daily scrutiny as the federal election campaign, an event which is being held responsible by some analysts for distracting vendors and buyers from devoting energy to property matters. If that is the case the market here in Melbourne better remember its concentration skills because we still have a state election to endure later this year.
In another parallel to the current political milieu, mixed messages abound at present regarding the state of the market. Median price rises, falling clearance rates, low agent confidence, over 700 auctions listed for the Saturday after the election…the reports and comments conflict with each other and confuse the consumer. In situations such as this the constants remain, that is, well presented, appropriately marketed properties will attract attention and a good location is a good location in any market circumstances.
These factors were at play last week when a series of sales in well regarded address including Belson Street in the Gascoigne Estate, Vickery Street Malvern East and Williams Road in South Yarra all produced pleasing, (undisclosed) outcomes. In another prominent position, 756 Malvern Road Armadale, an impressively renovated and extended three bedroom, two bathroom Edwardian with the unusual asset of three off-street car spaces, sold for a strong $1,250,000.
At the time of writing, opportunities to pursue quality properties - including the landmark former drill hall at 24 Gipps Street Richmond and a stylish two bedroom Edwardian with options for further updating at 47 Motherwell Street South Yarra – were available at realistic asking price.
Weekly Market Review - 4 August 2010
This week’s decision by the Reserve Bank board to maintain interest rates at their current level for the third consecutive month not only provides some further respite following an unprecedented sequence of six rate increases since October 2009, it also contributes a sense of stability to the property market. Something of a holding pattern may be developing as we await the outcome of the August 21st election but in the meantime many vendors are enjoying rewarding results from a Melbourne market that recorded a 4.4% jump in the June quarter.
Amongst sales that reflected mid year optimism, a series of bayside results were notable for their strong prices. The $868,000 for the two bedroom home at 25 Carter Street Albert Park was an exceptional outcome for a property on some 105sqm while the $1,160,000 that was paid for 247 Ross Street Port Melbourne illustrated buyer appreciation of the Gary Catt architect designed extension that accompanied an inviting three bedroom Victorian. The consistent appeal of a Beaconsfield Parade address was again demonstrated when the one bedroom apartment at 48/225 in Middle Park sold for $895,000.
The prominent marketing campaign that accompanied the superb Zeni Baker extended home at 41 Closeburn Avenue Prahran produced one of the area’s strongest results on record and similarly exceptional success was enjoyed by the vendors of the four bedroom family home at 12 Soudan Street Malvern which sold for a figure towards the top of the range for its location.
In South Yarra the two bedroom apartment at 18/61 Darling Street sold for considerably more than the previous sale in the well known, much loved Beverly Hills building.
There is a significant supply of property likely to come onto the market during spring, after the election, suggesting a strong conclusion to a year that looks like reverting to a traditional pattern of busy autumn and spring seasons which book-end a mid winter lull.
Weekly Market Review - 28 July 2010
Further confirmation of the growth in the property market arrived this week with reports that Melbourne’s median price has risen 20% across the board – and far more in some areas – during the two years since mid 2008. Anecdotally the growth has been much commented on and official figures put the success with the local market rode out the macro impact of the global financial crisis into even sharper relief.
Sales from last week provided ongoing evidence of market optimism. In particular the $920,000 paid for the two bedroom Victorian at 29 Canterbury Road Toorak, a classical cottage offering significant renovation or new home site scope between Toorak and Hawksburn Villages, reflected the positive market sentiment attached to such opportunities.
The apartment market continues to track well, exemplified by results such as the $712,000 paid for a two bedroom property with balcony and car parking at 2/12 Kensington Road South Yarra. In Glen Iris a one bedroom apartment at 6/11 Belmont Avenue attracted $287,000.
During an election campaign, the economy is invariably described as being both healthy and unhealthy to suit whatever political argument is being had at the time. Non property related factors, a fall in unemployment to 5.1% and possible growth in inflation, are being linked to speculation that a further increase in interest rates will occur during the third quarter of this year.
In the meantime, the mid winter market continues to produce pleasing results and many vendors are poised to enter the spring season with confidence.
Weekly Market Review - 21 July 2010
Although the market is currently the subject of even more intense scrutiny than is usually the case, it continues to perform exceptionally well given the mid winter period. Although it is clear that volume has been appreciably lower that in the first four months of the year, prices in the last three months have held up well.
So well that the Real Estate Institute of Victoria released results showing an 8.5% increase in the median house price for the June quarter. For apartments, the rise in median price was published as 4.7%. While it seems the low to mid price bracket is largely driving the growth and some prestige areas have seen prices soften, competition for quality properties in all the areas in which we operate remains strong and any properties not selling at auction quickly become the subject of energetic post auction negotiation.
Some properties are selling before auction. Including the two bedroom apartment at 709/2 Albert Road South Melbourne, which changed hands for $600,000 ahead of its scheduled auction date, while the townhouse market demonstrated ongoing strength when the three bedroom example at 5/29 Muir Street Hawthorn East sold for $772,000.
The underlying health of the market is apparent, as forward listings for early spring are running strongly and there is a general sense that a ‘business as usual’ approach will be adopted during the current election campaign when, in the past, such events have tended to have had a greater negative impact on activity levels.
Weekly Market Review - 14 July 2010
A strong series of private sales provided evidence of the market’s mid winter dynamism during a week when auctions were limited, in line with winter expectations.
Further off the plan sales of apartments proposed at the ‘88’ development at 88 Dow Street Port Melbourne suggest investor confidence in an area of acknowledged lifestyle appeal by the beach. Prices from $529,950 to $969,950 were indicative of a positive market response to the concept of the development.
In South Yarra, the private sale of a two bedroom apartment at 14/29 Coolullah Avenue for $580,500 reflected the appeal of its cul de sac position close to Toorak village as well the attractiveness of the property, one of several we have sold in the street over recent years.
The exceptional private sale price of $2,105,000 for the four bedroom home at 15 Magistrates Walk East Melbourne provided another example of the reliability with which quality spaces in a great location produce a healthy ultimate result.
This high ratio of private sales will give way to a strong run of Auctions throughout the month of August now that the school holidays are behind us. Saturday Auction dates of August 14 and 21 will be particularly busy days and our offices will be conducting up the 50 auctions for the month. We have already commenced listing Spring auction sales from September 4. Please let us know if we can assist you with the sale of your property - Private or Auction. The market is still performing well and there is no time like the present. Our website headings Sales and About Us showcase our Sales Team. Alternatively, please call our Sales Director Andrew McCann on 9864 50000 or 0414 643 744 for assistance.
Weekly Market Review - 7 July 2010
The past weekend that was relatively quiet, followed a series of weeks where significant numbers of properties were put to the market. Nevertheless, the record results maintained the consistent mid-year trend, a pattern that may well be perpetuated by the Reserve Bank’s decision this week not to adjust interest rates upward. In addition, analysts are encouraged by a subtle shift in Reserve Bank language that suggests interest rates may be held at this level for some time to come.
The week was notable for the latest in a sequence of sales for apartments at 88 Dow Street Port Melbourne a contemporary development by Metacorp. A new boutique development close to Bay Street and the beach, ‘88’ is comprised of a range of one, one plus study, two, two plus study and three bedroom apartments. Quality finishes, balconies and courtyards have enhanced the popularity of what will be the freshest Port Melbourne address to take advantage of the area’s outstanding lifestyle attractions. 20 of the 39 apartments have now been sold ‘off the plan’.
The apartment market was healthy elsewhere, as pleasing prices were recorded in Southbank, Malvern East and in Prahran, where the two bedroom property at 8/97 Chomley Street reached $530,000. Updated and enhanced by a north facing balcony and under cover car parking, this bright apartment’s great price reflects the enduring appeal of stylishly refurbished 1960s era apartments in inner city settings.
The winter season, and mid year school holidays, mean activity levels are likely to remain moderate over the immediate term however August/early spring auction numbers are already looking strong.
Weekly Market Review - 30 June 2010
The second of a series of exceptionally strong winter weekends saw a range of properties perform extremely well under scrutiny from both the media and the buying public. The results confirmed the premium the market places upon quality – in terms of property, presentation and position. These key attributes seem set to assume even great importance over the winter weeks ahead.
The sale of the extended, renovated four bedroom Victorian at 48 Stuart Street Armadale for $1,900,000 reflected a mid year market that recognizes the value of location, this home is literally one minute’s walk from High Street. The appeal of stylishly modernized spaces was complemented by outstanding presentation and attractive landscaping of outdoor areas including paved entertaining around an in ground pool.
The success with which owner-architects Coy and Yiontis created a three bedroom, two bathroom home on a corner allotment close to Carlisle Street was 15 Woodstock Street St Kilda East. Innovative use of space both inside and out enhanced the huge lifestyle appeal of this home’s position.
In Aberdeen Road Prahran, an address with an impressive track record of sales success, the theme was maintained when the three bedroom period home at number 75 sold for $987,500 at the conclusion of well received marketing campaign.
22 The Rialto, a three bedroom home in a uniquely preserved pocket of Malvern East yielded $913,00 for its remarkably original proportions, ample north-facing garden areas and enticing potential for updating or extending.
As in past weeks, one bedroom apartments produced strong results and provided further evidence of enduring confidence in the entry level and investment sectors. When 508/582 St Kilda Road sold prior to auction for $480,000 it confirmed the appeal of the Aurora building’s stylish spaces, pool, spa, sauna, concierge foyer and secure parking.
Similarly, the pre auction sale of 86/100 Kavanagh Street Southbank for $335,000 was a pleasing price for north-facing apartment spaces complemented by Foxtel connection, concierge foyer and great communal facilities including pool, gym and tennis court.
Across the board, prices have been pleasing and seem set to be sustained by limited supply of properties during a winter period that, in contrast to recent years, is likely to offer some breathing space before the onset of spring.
Weekly Market Review - 2 June 2010
This week’s decision by the Reserve Bank board to leave interest rates unchanged at 4.5% may inject a greater degree of stability to a market that has reflected some uncertainty in recent weeks. The Reserve will have been pleased to see some adjustment in clearance rates and stratospheric price levels in the residential sector and its interest rate strategy is intended to promote ongoing growth in the market at a more measured pace.
For vendors this means their property will still attract strong prices from a buying public that will be encouraged by the prospect of interest rates remaining at current levels from some time.
Results from the weekend certainly reflected the ongoing strength of the market, and the fact that several of the properties we had scheduled for auction has sold prior to their auction date is pointer to excellent market health.
One such example was the bright two bedroom apartment at 10/767 Malvern Road Toorak which sold $505,000 well ahead of auction. Set at the rear, well back from the road, this generous, well maintained original apartment was an excellent example of sustained positivism amongst the first home buyer and investor group.
A one bedroom apartment that sold for $416,000 at 12/1-7 Harold Street reflected the enthusiasm for entry level opportunities in Middle Park. Accompanied by off street parking and complemented by proximity to trams and the beach, properties such as this are always popular and the subject of healthy competition
A Richmond cottage at 4 Willis Street, another property type of perennial popularity, sold for $675,000 and offered stylishly updated two bedroom spaces and a courtyard of perfect privacy almost literally around the corner from Church Street.
Strong offerings of properties over the coming weeks seem set to continue the progress of a positive autumn/winter market. Certainly the sale before auction of the four bedroom family home at 64 Burke Road Malvern East for $3,320,000, Melbourne’s highest reported price for the past week, is an impressive pointer for the immediate future.
Weekly Market Review - 23 June 2010
A weekend which received considerable publicity as one of Melbourne’s busiest winter auction weekends on record naturally produced a series of impressive sales across the board. Results tended to confirm reports that the market has stabilised, but at a healthy level where biding for quality properties remains strong and prices reflect the perennial importance placed on location.
Nowhere was the traditional premium on position more apparent than at 118 Hambleton Street Middle Park, where the three bedroom Victorian reached $1,760,000 and offered generous modern spaces to complement appealing period rooms.
The story was similar at 55 Merton Street Albert Park where the impeccably updated Victorian terrace of three bedrooms sold for $1,710,000 on a prominent corner allotment featuring car-parking from second frontage to O’Grady Street.
In St Kilda East, another bay side area with considerable pulling power, the fully renovated and extended Victorian at 13-15 Evelyn Street sold for $1,440,000 for which buyers gained a bright three bedroom floor-plan featuring open-plan living areas and a sunny garden backdrop.
The apartment market produced highly successful outcomes at both the entry level and the high end points of the scale. At 2/9 Shipley Street South Yarra, the $2,195,000 paid for the state-of-the-art three bedroom apartment indicated the comfort and luxury of scintillating contemporary design in an elevated setting between Toorak Road and the Royal Botanic Gardens.
In Prahran, at 7/18 Airlie Avenue, a $352, 500 price for the bright one bedroom apartment demonstrated that confidence amongst first home buyers and investors remains undiminished.
A three bedroom townhouse at 2/1 Leicester Square Toorak, a charming cul-de-sac that manages to be both quiet and convenient, reached for $860,000 while the enduring power of potential was evident when the four bedroom home at 6 Hope Street Glen Iris sold for $1,528,000. Ready for renovation, on an allotment offering plentiful scope for extension, this price represented an astute investment in the Central park precinct.
The Mount Macedon market continues to perform strongly and buyers pursued a rare Mabel Crescent opportunity to a price of $1,040,000 for the four bedroom residence poised to offer the serene surroundings for which the region is so highly regarded.
The coming weekend will also receive plenty of publicity for the volume of property on offer and another pleasing range of sales can reasonably be anticipated.
Weekly Market Review - 11 April 2010
As he hinted on morning television prior to last week’s announcement, Glenn Stevens and the Reserve Bank Board took interest rates up another 25 basis points to 4.25%, but with little apparent impact on the mood of the market as Saturday’s auction clearance rate remained well in excess of 85% Melbourne wide.
The unit and apartment market demonstrated its strength across several post Easter sales including that of the single level, two bedroom property at 7/5-7 Alcala Avenue Malvern East, a fully renovated unit, one of only eight, with car-parking that sold for a positive $622,000.
In Armadale, the attraction of a convenient location and quality spaces was confirmed when the two bedroom apartment at 22/60 Wattletree Road sold for $618,000. Set right at the rear of well maintained modern development, this attractive apartment’s open plan emphasis was stylishly expressed and complemented by secure garaging for one car.
The entry level of the market was also represented and the sale of the one bedroom apartment at 4/51 Kooyong Road Armadale for $402,000 underlined the fact that current conditions are producing pleasing results from substantial family homes to the most elementary of first home or investor properties.
The Toorak townhouse at 131 Canterbury Road, which achieved $1,750,000, was an outstanding figure for an impressively presented three bedroom residence accompanied by exceptional lifestyle appeal close to the Village and continued an extraordinary sequence of sales we have conducted in the street over recent weeks.
At the time of writing, forward listings for late April and early May are strong and the prospects for Autumn and Winter sales are positive, in line with a first quarter that has provided unequivocal evidence of a major bounce back from the relatively depressed state of the market 12 to 18 months ago.
Weekly Market Review - 16 June 2010
The Queens Birthday long weekend maintained a tradition of offering few properties for auction as the city takes a break, but those vendors who put their homes to the market were well rewarded for their confidence.
Amongst these were two homes in the perennially appealing Albert Park precinct. At 3 Richardson Street, a two bedroom Victorian cottage which was stylishly renovated throughout reached $919,000, an outstanding result for an entry level home on an inner city parcel of land measuring some 119 square metres. Positioned directly opposite Gasworks Park, this stylishly updated cottage featured separate living and kitchen/dining areas before a compact rear courtyard concluded with pedestrian right of way.
Nearby at 29 Richardson Street, a three bedroom Victorian being offered for sale for the first time in 42 years achieved an exceptional $1,410,000 following a campaign which attracted considerable interest. Second frontage to Little Greig Street and north-facing rear aspects added to the huge sense of potential that accompanied this liveable, previously updated home in a premium lifestyle position close to Albert Park Primary School and Victoria Avenue as well as Gasworks Park
At 118B Cobden Street the three bedroom townhouse that sold for $990,000 completed a strong bayside Saturday. Proximity to Albert Park Lake and Clarendon Street complemented attractive modern spaces including three bedrooms, north-facing open-plan areas and the convenience of off street parking.
During the week, the beautifully renovated three bedroom, two bathroom Victorian at 4 Lyell Street South Melbourne confirmed the strength of the local market when its sold for a negotiated $1,182,000, a figure that reflected not only the appeal of the property but also the allure of the area.
Weekly Market Review - 9 June 2010
The established elements of space, style and position clearly asserted themselves on the market during the past week, when properties that scored strongly on these key criteria were the subject of considerable buyer interest and sold quickly as a consequence.
Amongst these was ‘Wendover’, the four bedroom, two bathroom family home at 115 Stanhope Street Malvern, an address that consistently attracts premium interest for its convenience and its appealing streetscape. Generous spaces, quality renovation and, significantly, a north facing rear garden on an allotment of some 681 square metres, all contributed to an outstanding sale price of $2,255,000.
At 36 Staughton Road Glen Iris, another location with evident advantages from a family perspective, the three bedroom Californian Bungalow’s garden allotment of some 734 square metres helped push the price to an exceptional $1,153,000. The scope this property offered for updating and extending or possible re-development ensured its broad appeal.
Similarly, the options for unit or townhouse development at 21 Teddington Road Hampton attracted plenty of attention. With a number of neighbouring properties providing precedents and a block of some 766 square metres offering sufficient space, this three bedroom home’s final price of $1,085,000 represented a rewarding investment in a location boasting schools, several parks and proximity to Hampton Street shopping.
Immediate access to the city, northern natural light and outlooks across Treasury Gardens were obvious assets of the three bedroom apartment at 74/211 Wellington Parade South in East Melbourne which sold for a pleasing $945,000. Double garaging ensured convenience matched modern comfort in a location that could hardly be closer to the CBD.
Inner city apartments such as the one bedroom property at 803/73 Queens Road Melbourne which sold for $444,500 and the large, light-filled three bedroom apartment with scope for updating, another property where northern aspects were a factor, at 62/390 Toorak Road South Yarra which produced a strong $670,000 provided further evidence of the importance the market places on location.
At the time of writing, we have a number of other apartments in attractive positions on offer, each suggesting strong investment performance and/or significant lifestyle appeal.
Weekly Market Review - 26 May 2010
The resilience of a market that has been performing at premium levels for some months was demonstrated by some strong sales this week. As winter begins to assert itself and the likelihood of stock shortages becoming a more significant factor than hitherto, the opportunity emerges for vendors to take advantage of limited competition and attract great buyer attention in a less crowded market.
In the meantime, sales such as the $1,040,000 paid for 907 Dandenong Road Malvern East indicate ongoing optimism across the board. This two bedroom Californian opposite the Caulfield Monash campus offered significant development scope on an allotment enhanced by north-facing rear aspects and convenient laneway rear access.
Proximity to Glenferrie Road, the appeal of the current day four bedroom floor-plan and the availability of plans for a further extension upstairs each played a part in the inviting Victorian residence at 15 Winter Street Malvern being sold for $2,010,000, an outstanding result at the conclusion of campaign marked by considerable interest levels for its duration.
A focus on entertaining, lush landscaping and a solar heated lap pool were among the attributes that led to the three bedroom, three bathroom home at 15 Van Ness Avenue Glen Iris attracting $1,520,000.
In South Yarra, the two bedroom deco era townhouse which is one of only five in the Hadleigh Hall development sold for $1,010,000 and offered a single garage on title in addition to generous spaces to which contemporary elements can be added in the future. Such a figure reflects the consistent appeal of the leafy, elevated streets close to Toorak Road South Yarra
The private sale of the three bedroom period apartment at 6/1 Lansell Road Toorak for $950,000, while representing an exceptional price for an apartment property, also confirmed the fact that quality real estate can still be acquired close to Toorak Village below the $1million mark.
At the time of writing, opportunities to negotiate for three and four bedroom homes in Lyell Street South Melbourne and St Vincent Street Albert Park respectively presented buyers with excellent choices in sought after settings
Weekly Market Review - 18 May 2010
outstanding sales over the past week has maintained the momentum of an exceptionally positive market. Apartments and established homes alike demonstrated the consistent level of demand being experienced across a range of locations throughout our Stonnington and bayside territories.
Amongst the results that attracted attention was the $941,000 paid for the two bedroom Edwardian at 15 Alma Grove St Kilda, an inviting address that has enjoyed conspicuous success over the last 18 months, due to the expertise of our Albert Park office as well as the non-thoroughfare street’s advantages of period integrity and attractive positioning.
Another location that always inspires considerable interest, perpetuated its appeal when the two bedroom apartment at 2/1 Marne Street South Yarra, the evocative Maritimo building, sold for $1,360,000. This outstanding result reflected the allure of an elegant, fully renovated floorplan complemented by garden aspects from an on title terrace between Fawkner Park and the Royal Botanical Gardens.
In Albert Park, the three bedroom home at 15 Dundas Place provided further evidence of the allure of highly regarded locations, when it sold $80,000 above reserve with multiple bidders. This three bedroom, three bathroom Victorian’s successful balance of period character and modern comfort was further enhanced by hydronic heating, a charming courtyard and immediate proximity to Bridport Street shops and cafes.
Apartment living in a convenient context ensured the two bedroom property at 7/122 Milton Parade Glen Iris would always be in demand and so it proved when a figure of $651,000 was achieved for its bright spaces, generous garden, car-port and visitor parking. In Malvern East, 28 Bowen Street, a three bedroom home on some 580sqm, that promises a great family start close to Phoenix Park and Malvern Valley Primary School, reached $815,000, completing a week when the value of location was confirmed across the board.
Weekly Market Review - 4 May 2010
The impact of the Reserve Bank Board’s decision to raise the interest rate to 4.5%, a move based in part on the ‘considerable buoyancy’ of the property sector, will be observed keenly across the Melbourne market during May. The retail banks have moved immediately to push variable rates to around 7.5% but prior to the move, prices over the weekend continued to reflect remarkable strength, particularly in the inner city suburbs.
This pattern was especially noticeable over some of highly successful sales completed by our Albert park office. A refurbished two bedroom apartment at 7/10 Mountain Street South Melbourne sold for $448,000 while at 234 Bridport Street West, a renovated period home featuring three bedrooms and two bathrooms reached $1,340,000.
Prahran’s already well established credentials as an excellent area in which to invest were enhanced by the sale in one line of a deco era block of four apartments at 29 Larnook Street while further out, the sale of a three bedroom apartment at 32/1495 Malvern Road Glen Iris provided some spectacular evidence of a booming market. Bidding began above the reserve and concluded at $650,000, a figure $30,000 higher than the sale of an equivalent apartment in the same building within the previous month.
Nearby, directly comparable sales of three bedroom homes were both extremely positive. $1,400,000 was paid for 1801 Malvern Road, a residence not sold since 1971, boasting second frontage to Karana Place close to transport and leading schools. Meanwhile $1,410,000 was the figure for 1325 High Street Malvern, an evocative period home offering potential for renovation as either a residence or as professional consulting rooms.
The perennial appeal of Talbot Crescent Kooyong, an address that features direct frontage to parkland at the rear, was again demonstrated when the renovated attached three bedroom home, with plans for further extension approved, at number 67 sold for $1,200,000.
An opportunity to purchase a light-filled three bedroom apartment in the distinctive deco era ‘Deauville’ remains, following the weekend’s auctions, for sale at $980,000 this charismatic property proves that even in a market as strong as this, it is still possible to buy quality real estate close to Toorak Village for under $1,000,000.
Weekly Market Review - 10 May 2010
Our company clearance rate this week remained well above what has become the ‘psychological’ threshold of 80% while across Melbourne, the overall clearance dipped to 78%, the first occasion in 46 weeks that the 80% mark hasn’t been reached or exceeded. Strong results continued to flow in, particularly in the apartment/investment sector, which has been a major driver of the market success we have seen over the past 12 months.
Amongst the sales to reflect the buoyancy at the entry level of the market was the $490,000 paid for the two bedroom apartment at 7/7 Wattletree Road Armadale, a freshly presented 1960s era property within easy reach of Malvern Central.
A comparable apartment at 8/72 Barkly Street St Kilda reached $537,000, a figure that illustrates the lifestyle attraction of the St Kilda area and the fact that the location has an impressive track record of being in consistent demand by tenants and of delivering attractive investment returns. Nearby, at the southern end of Queens Road, 1109/88 sold for $430,000 in a private sale. One of the ‘Grande View’ apartments, this contemporary one bedroom property offered the advantage of a building boasting excellent roof-top facilities including an outdoor pool, huge gym and expansive entertaining with great views.
At the other end of Queens Road where proximity to the city is factor, the two bedroom apartment at 19/30 sold for $835,000.
In Malvern, a two bedroom free-standing Edwardian sold for $877,500, for which the buyer received bright, updated spaces and a generous outdoor area enjoying north westerly rear aspects close to the rejuvenated Claremont Avenue shopping precinct and Malvern station.
Buyer interest continues to be strong and the market is heading into winter with optimism while scrutiny of the impact of the most recent interest rate rise and the emerging speculation surrounding the timing of elections, both state and federal, begins to form a backdrop.
Weekly Market Review - 19 April 2010
The Melbourne market pushed into autumn with undiminished vigour last weekend as clearance rates remained well above 80% and buyers demonstrated great enthusiasm for properties across the range from established family homes to entry level apartments.
As in any market, position plays a critical role in determining the appeal of a property. When a location close to Hawksburn Village is combined with the allure of a renovated double fronted Victorian, the result is certain to be satisfying. So it was when the three bedroom, two bathroom at 21 Evelina Road Toorak reached $1,515,000 at auction.
Also close to Hawksburn Village in an attractive courtyard setting, the substantial four bedroom, three bathroom residence on some 518 square meters of land at 1 Ellerslie Place Toorak illustrated buyer commitment when it sold prior to auction for $2,100,000.
The extraordinary power of an East Melbourne position was also put into sharp focus by the sale of the two bedroom apartment at 24/322 Albert Street for $1,355,000. Complemented by two bathrooms and great views over Treasury Gardens to the city and the bay in the distance, this exceptional result reflected positively on a highly attractive apartment with secure garaging.
Nearby in the CBD itself, a two bedroom apartment in the landmark deco era building that was, for many years, headquarters of the Theosophical Society sold for $651,500, an outstanding figure for a city centre apartment.
A four bedroom family home at 1570 High Street Glen Iris that was Passed In at auction on a vendor bid of $1,700,000, sold 48 hours later for the full asking price of $1,795,000 following the pattern of the three bedroom home at 23A Denver Street Bentleigh East which sold subsequent to being passed in at auction, for $780,000.
The approaching Anzac Day weekend precedes a sustained sequence of weeks and auction Saturdays unaffected by public holidays or school breaks, a period likely to produce continued success for vendors in a buoyant market.
Weekly Market Review - 29 March 2010
Prices continue to defy expectations and vendors continue to reap the rewards and even as stock levels rise, clearance rates are staying well over 85%. In the background, Reserve Bank governor Glenn Stevens took the unprecedented step of spruiking the prospect of higher interest rates on popular morning television.
Nevertheless, the market steamed ahead, producing several outstanding sales, amongst them, that of 3 Fern Avenue Prahran before auction, a four bedroom Edwardian offering considerable scope for further updating and improvement for $1,151,000. Such a figure represents a significant premium on the price that such a property could have received 12 months ago and reflects the remarkable extent to which the Melbourne market has shrugged aside concerns over the macro economic climate.
Nearby at 45 Clarke Street Prahran, a two bedroom period home which has been extended to enjoy north facing rear aspects and offers the additional appeal of a free standing studio sold for $955,000.
5/2 Coolullah Avenue South Yarra, a one bedroom property in the charming period building of only six apartments, SELSDEN, sold for $621,000, a result that rewarded its outstanding presentation and top floor position close to Toorak village, Hawksburn Station and Chapel Street.
Close to the city, the market and Clarendon Street in South Melbourne, ‘WATERGATE’, a uniquely stylish modern town residence of two bedrooms and a separate study complemented by the considerable inner city advantage of secure garaging sold for $1,260,000.
Out of town, results were similarly significant. In particular, the $3,000,000 paid for Fraser Island, an acknowledged landmark of the Gippsland Lakes, known by many for its charming resort. In the other direction, our Mount Macedon office completed the sale of ‘LORRAINE’, an elevated four bedroom Victorian with a successful history as a bed and breakfast, set amidst wonderful established gardens.
As Easter approaches, the market can reflect on a hugely buoyant first quarter and consider the coming Autumn with enormous confidence.
Weekly Market Review - 22 March 2010
A week that saw Melbourne’s overall clearance rate easily eclipse 80%, provided further proof that the local market is rocketing along at exceptional pace. Several of the results we recorded this week were highlights that reflected the value the market is placing on established assets, in particular on land positioned close to lifestyle amenities.
This sentiment was in especially sharp focus when $1,100,000 was paid for the two bedroom Victorian at 40 Canterbury Road, Toorak. Occupying approximately 191 square meters of land, this figure illustrated the considerable importance of proximity to Toorak Village and followed the equally impressive price of $951,000 for its ready to renovate neighbour at number 42 the previous week.
In Prahran, another two bedroom Victorian, this one fully renovated and enhanced by indoor-outdoor spaces against a landscaped garden backdrop, close to High Street and Victoria Gardens, also performed to outstanding levels when it too sold for $1,100,000.
At 12 Belson Street Malvern East, a rare Ungraded (under the Stonnington Planning Scheme) allotment of some 800 sq meters, with an existing 8 room painted brick veneer home, was announced ‘on the market’ at $1,780,000 and eventually sold for a figure well in excess of $2,100,000. Six bidders contested the property and a crowd of over 150 stood by as over 100 bids were recorded. Auctioneer Iain Carmichael, said that “buyer demand for properties on the Gascoigne Estate was currently exceeding supply by a considerable margin”.
The entry level or investment market maintained its strong running when an older style studio property at 4/13 Clendon Road Armadale sold for $346,000. Another apartment, this one stylishly modern in the ‘Spinnaker’ building accompanied by sunny balcony and secure garaging, sold for $585,000 in an excellent position adjacent to Albert Park Lake.
The townhouse sector is equally positive, as demonstrated by the $782,000 figure for 21/170-174 St Kilda Road St Kilda, a dual level property featuring three bedrooms, two bathrooms and car parking. At the top end of the town residence bracket, the bright modern three bedroom home with two bathrooms, secure garage and north facing courtyard at 525 Orrong Road Armadale sold for $1,307,000
Following outcomes such as these, the final weekend prior to Easter seems set to conclude a first quarter of the calendar year marked by conspicuous success for vendors across the board.
Weekly Market Review - 15 March 2010
The market to date is matching the media coverage it is receiving by consistently delivering exceptional results, many far in excess of vendor expectations as buyers demonstrate a preparedness to compete for properties with considerable vigour.
Such market sentiment was exemplified by a series of sales completed last weekend. These included the exceptional $1,510,000 price paid for the four bedroom home at 5 Richardson Street Albert Park, a great position opposite Gasworks Park, which provided a pleasant context for larger than anticipated spaces with CAT 5 cabling and Foxtel connection.
The bayside precinct’s premium appeal was also a factor when the three bedroom property at 55 Gordon Street Elsternwick reached $1,405,000, a great result for a home in original condition with swimming pool, offered for the first time since its large allotment was acquired over 50 years ago as part of the original Ripponlea Gardens Estate subdivision.
The value of land in Toorak was highlighted by a great price paid for a four bedroom residence with pool on some 1182 square meters. The worth of land in Toorak was further emphasized when the ready to renovate three bedroom Victorian at 42 Canterbury Road reached an extraordinary $951,000 following sustained, spirited bidding.
Malvern also demonstrated its enduring family appeal when a stylishly extended four bedroom Edwardian at 17 McKinley Avenue changed hands for $2,460,000.
Malvern’s allure is equally significant when the townhouse/apartment sector is considered, as illustrated when the two bedroom example at 6/1231 Malvern Road, an upstairs property with sunny terrace and secluded courtyard, sold for $676,000.
In Richmond, Rowena Parade’s proximity to Bridge Road and the city enhanced the beautifully presented one bedroom apartment at 1/49, which sold for a pleasing $347,500.
Such sales reflect an Autumn market of remarkable strength that looks set to continue throughout March as vendors seek to sell prior to Easter.
Weekly Market Review- 1 March 2010
Extraordinary market strength defined the last weekend in February, one acknowledged as the year’s most significant indicator to date of exactly where the residential real estate sector was placed regarding price and demand.
Clearance rates well in excess of 80% and some exceptional results were unequivocal signs of positivism, a mood unlikely to be much modified by the Reserve Bank’s decision this week to raise interest rates 25 basis points to 4%.
One of the most striking examples of current market performance was the sale of 3 Wannan Court Toorak, a renovated single level residence of four bedrooms and two bathrooms, occupying a commanding position at the top an elite cul-de-sac which achieved $2,220,000 at auction.
Nearby, amidst equally inviting surroundings at 10/48 Lansell Road Toorak, the immense demand being experienced in the townhouse bracket was demonstrated when the luxuriously large three bedroom, two bathroom residence sold for $1,220,000. Entered from Lawrenny Court, this appealing property also included huge attic space and single car-port.
The enduring appeal of East Melbourne as an inner city destination played a role in the spacious townhouse at 16 Webb Lane reaching $1,163,000 for its generous three bedroom, two bathroom floor-plan accompanied by basement double garaging and ample visitor parking.
At an outstanding $1,701,000, the figure for the single level three or four bedroom home at 1 Taylor Close, in fact the sole property to occupy Taylor Close, reflected the appeal of its north facing aspects, swimming pool, three car garage and complete privacy close to High Street.
Apartments were highly sought after, as has been the case for some time, by first home buyers and investors seeking to gain market entry and/or take advantage of historically low interest rates. These factors were in play when the bright one bedroom property at 28/912 Glenferrie Road sold for $425,000.
Similarly, a single bedroom apartment at 6/61 Canterbury Road reached $551,000, a great price for a beautifully presented period apartment, entered from quiet Harold Street, complemented by off street parking. Another single bedroom, entry level property at 13/39 Sutherland Road Armadale further confirmed the competitiveness of the sector when it sold for $363,500.
The approaching long weekend provides a brief chance to take stock before a run of pre Easter weeks promises further evidence of a market running at remarkable speed.
Weekly Market Review - 22 February 2010
The Melbourne residential real estate market clearly signalled a strong start to the year – as anticipated by most commentators – when the first meaningful, by volume, round of auctions were conducted on Saturday 20th.
Across the board attendances at auctions were healthy, a fact that reflected exceptional numbers seen at open for inspections since the very beginning of the year. Our company auction clearance rate last weekend was 90% with an average sale price just over $2,000,000. Only two of our sales over this weekend occurred at figures under the $1,000,000 mark.
Nowhere was the intense market energy more apparent than in the result of 9 Mitchell Street St Kilda. This eminently liveable Victorian terrace of up to four bedrooms and two bathrooms sold for $1,090,000 and offered a double car-port that added to the convenience of a central St Kilda location. Scope for further updating meant the price was a significant investment in the area’s future.
In Glen Iris the established status of Ranfurlie Crescent as a desirable family address was reinforced in unambiguous terms when number 5 sold for $2,610,000. Five bedrooms, three bathrooms, classical living and entertaining areas and a substantial north facing rear garden represented a significant stake in this sought after area that offers immediate access to several schools.
Windsor, a pocket that is also held in consistently high regard, upheld its reputation when the inviting three bedroom home at 18 Gertrude Street sold for $1,325,000, an outstanding figure for a home offering traditional inner city proportions complemented by the important asset of off street parking close to Chapel Street.
The unit and apartment sector maintained its buoyant momentum from the end of last year and prices such as the $400,000 paid for the one bedroom apartment at 13/52 Moubray Street Albert Park and the $643,000 outcome for a two bedroom unit at 6/4 Wynyeh Street Malvern East, a bright single level property accompanied by secure garage and additional off street parking.
In the same market bracket, a generous ground level apartment in the well known Kooyong development ‘Denby Dale’, with three bedrooms, two bathrooms, hydronic heating and garage confirmed a positive opening to 2010 when it was sold for $960,000.
With auctions scheduled strongly for the pre Easter period, the markers for the first quarter performance will be clearly distinguishable – and are likely to continue the exceptionally positive trend set during the second half of last year.
Weekly Market Review - 7 December 2009
The start of summer was marked by the sales strength that had been a defining feature of the spring months. December’s first auction weekend opened the month positively and set the tone for the remaining two Saturdays on which the calendar year will be judged.
The importance and relative rarity of inner city land offering pure potential provided one of several stand-out results when an allotment measuring some 172 square metres at 66 Wellington Street Cremorne sold for $630,000. A vacant site suitable for townhouse re-development close to Swan Street Richmond and the CBD, this opportunity was pursued with enthusiasm and produced a pleasing result.
The same could be said for several of the properties we offered last week, the first since the Reserve Bank’s 25 basis point increase in interest rates. One offering equally enticing, and comparably rare entry level prospects was the two bedroom Victorian at 24 Herbert Place Albert Park which sold for $690,000.
The fully renovated four bedroom family home at 1646 Malvern Road Glen Iris, an impressive residence with several studies and superb swimming pool, sold for $1,772,000 and provided a clear pointer to the premium the market places on quality homes that address modern family priorities in style. This message was further emphasized by the $3,100,000 private sale price commanded by the five bedroom property at 113 Kooyong Road Armadale, a home commissioned in the late 1890s by the Victorian premier of the day, James Munro.
Other sectors of the market were equally well performed, as illustrated by the $1,185,000 paid for the two bedroom, two bathroom townhouse at 13A Lambeth Avenue Armadale, a location which enjoys consistent success due to its sought after proximity to High Street.
Another address with a great reputation, Beaconsfield Parade St Kilda East, maintained its stature when the apartment at 56/343 sold for $1,215,000. At the entry or investment level of the apartment market activity was also positive, particularly in the case of the bright two bedroom example with car-port and storage at 1/4 Gordon Grove South Yarra which sold for $496,000.
December 12th will see the last significant single day offering of the year, although the 19th of the month promises to be a bigger day than many might expect for a date so close to Christmas. The results will be keenly anticipated.
Weekly Market Report - 30 November 2009
A weekend that was always going to be one of the standout auction dates of the calendar year provided buyers with a wealth of choice and offered vendors the opportunity to make the utmost of a market inspired by several weeks of strong sales, particularly at the upper end.
The pattern of healthy competition and great prices was maintained, bringing November to a highly successful conclusion and setting the tone for what promises to be an energetic closing of 2009.
The sale of the three bedroom Edwardian at 68 Wheatland Road Malvern for $1,261,000 was a clear indication of buyer commitment and illustrated a trend that was evident across a series of exceptional results in the three bedroom bracket.
These included the $2,050,000 for 28 Morrah Street Parkville, an outstanding contemporary residence in the former ‘Norman’s Buildings’ close to the university campus, $1,470,000 for 26 Euston Street Malvern, an older style property offering significant potential on the Cawkwell Street corner and $1,160,000 for 15 Grandview Avenue Glen Iris, an inviting residence with dual car-parking close to Hartwell Village and $1,110,000 for 22 Somerset Road Glen Iris, a charming home with an indoor-outdoor emphasis on the corner of Denman Avenue.
Competition and pleasing prices were also recorded in the apartment sector, as evidenced by sales such as the $321,000 paid for a one bedroom property at 9/37 Fawkner Street South Yarra. Nearby, $885,000 was a superb result for the two bedroom property, accompanied by substantial outdoor dimensions at 3/26 Kensington Road.
In Malvern East the $396,000 figure for the one bedroom apartment at 6/25 Clarence Street offered additional evidence of entry level strength while the $800,000 price tag for the two bedroom property at 3/343 Beaconsfield Parade reflected the enduring premium of its bay-side address.
The December 1st decision by the Reserve Bank to lift interest rates by 25 basis points to 3.75% was expected by many, and the market may well have factored this into its approach to the few remaining auction weekends of the year, time will tell…
Weekly Property Review - 14 October 2009
The market resumed activity levels usually associated with spring following two quiet weeks. Buyers had clearly absorbed the 25 basis point increase in official interest rates earlier in the week and by the time Saturday arrived they were ready to bid enthusiastically for the range of properties we had on offer.
Amongst these, the three bedroom home at 2 Beaver Street Malvern East provided a clear snapshot of market behaviour. Since its last sale this property has increased in value by over 10%, mirroring directly the growth in prices over the year to date referred to by many commentators recently. Significantly, this home has not been improved or enhanced during the period between its previous sale and this.
Several strong sales reflected the enduring importance of location, particularly the three bedroom residence at 3/589A Toorak Road Toorak which sold for $1,160,000. Location was also important in assisting the two bedroom apartment at 16/21 Irving Avenue Prahran reach the pleasing price of $385,000.
The role of potential in attracting a great result was to the fore when the three bedroom classic at 81 Spensley Street Clifton Hill sold for $660,000. Ready to renovate but ideally situated close to Clifton Hill village and the station, this home represented an exceptional inner city opportunity.
The ‘poets’ area of Elwood always attracts attention and so it provide when the bright two bedroom apartment at 9/36 Byron Street sold for $501,500. Closer to the city, another two bedroom apartment, this one at 9/58 Queens Road sold for $500,000.
Private sales and sales completed prior to the scheduled auction date remain a prominent feature of the current market, a clear indicator of buyer optimism. The pre auction price of $1,023,000 for the three bedroom townhouse at 6 Pryor Place Malvern was an impressive example of this ongoing pattern.
Two weekends of significant volume approach, which should provide further insight into the market mood this spring.
Weekly Market Review - 18 January 2010
As the Melbourne market gradually gathers momentum, already activity levels are eclipsing those of 12 months ago. The Mornington Peninsula market, where our Sorrento-Portsea office enjoys an ever more prominent profile, has been at full pace for several weeks during its busiest time of year.
The results along the Mornington Peninsula are often looked at to give a guide for sentiment and whether property is trading well and the signs so far are extremely positive.
Several pleasing sales over the past four months have included 8 Clovelly Court Portsea for $1,695,000, a vacant allotment at 5 Paringa Road Portsea for $1,000,000, 18 King Street, Sorrento for $940,000, 14 Wildcoast Avenue Blairgowrie, a home with tennis court for $1,695,000, and land at 60 Hotham Road Sorrento for $525,000.
On Sunday 17th January, a huge crowd attended the auction of 197 Ocean Beach Road Sorrento, a rundown timber Victorian in the heart of Sorrento, which sold for $860,000 against a reserve of $780,000, following strong competition between four bidders.
A number of referrals have come to our Sorrento-Portsea office from members of the Armadale and Albert Park teams and we are finding a clear synergy between the metropolitan and peninsula markets.
In addition to the healthy buyer numbers that have been a feature of the coastal property season to date, prospects for the city in 2010 look similarly promising as the level of enquiries from prospective buyers has reflected an immediate return to the exceptional market energy of the concluding quarter of 2009.
With Melbourne’s overall price increase for last year nearing 15%, the highest gain of any city nationwide, the mood is set to be positive from the outset.
Weekly Market Review - 23 November 2009
Buyers and those attending open for inspection times have been out in force over recent weeks, drawn by the exceptional selection of properties that have come on to the market recently. That pattern is set to be sustained until the very end of the year, as several homes have been listed for auction on December 19th, a clear sign of vendor optimism and a reflection of strong recent sales figures.
The weekend just passed provided further evidence of a positive market. Amongst the pleasing sales completed was the $927,500 transaction associated with the perfectly presented three bedroom home at 65 Nirvana Avenue Malvern East.
Private sales have been a significant element of the market all year and remain so as spring continues, particularly in our ‘out of town’ areas. Some examples from last week include the $627,000 paid for the three bedroom home at 1 Ocean View Crescent Somers. Anther excellent private sale was completed when the four bedroom home at 109 Back Beach Road Portsea sold for $927,000.
In New Gisborne our Mt Macedon office facilitated the private sale of a four bedroom home on some 4.45ha at 123 Mount Robinson Road and amongst other sales in negotiation through the Mt Macedon office is that of the exceptional modern residence at 27 Hedderwick Lane, in the highly regarded Bolobek Lakes precinct.
The large, light-filled apartment accompanied by expansive terrace entertaining at 601/165 Beach Street Port Melbourne illustrated the consistent premium placed on this location when it sold for $881,000, a great result for a two bedroom property.
Two elite quality three bedroom homes in blue chip positions at 25 Hawksburn Road South Yarra and 57 Washington Street Toorak remained subject to negotiation following the weekend’s auctions, available at $2,150,000 and $1,450,000 respectively.
Similarly, a 263ha parcel of land at 10 Tunnel Creek Road Mt Macedon, available at the $2,350,000 price point, represents a considerable opportunity.
Weekly Property Review - 20 June 2009
The impressive family residence at 1097-1099 Malvern Road Malvern which sold for over $3,150,000 provided an accurate snapshot of the current state of the market, one in which premium prices are being received for properties that capture the key attributes of style, space and location.
The Malvern Road home's combination of classical rooms, light-filled modern proportions, northerly rear garden with pool close to leading schools certainly met the criteria that the market traditionally regards most highly.
A weekend that maintained the mid year trend of excellent prices and limited stock levels was notable for healthy competition amongst committed buyers.
Similar forces were at play when 13 Moorhouse Street Armadale, a stylish modern residence offering three bedrooms and two bathrooms in allocation which literally one minute from High Street, sold for $1,450,000.
The first home buyer and investor market continues to provide significant momentum for the market overall, and the before auction sale of the two bedroom apartment at 1/2 Victoria Street Elsternwick was a prime example of this pattern.
The two bedroom apartment at 1210/38 Bank Street South Melbourne also sold strongly for $557,000, rounding out weekend which, while quiet in terms of sales volume, was certainly satisfying for the vendors concerned.
The classical relationship between supply and demand continues to create ideal circumstances for vendors and lies behind the exceptional current clearance rates and accompanying price outcomes.
