SELLING IN SPRING – WHY WAIT?
With the Grand Final behind us (congratulations Tigers!), and the Spring racing carnival almost upon us, it is a great time to consider stepping into the property market, purchasing an investment or placing your own home on the market. The Melbourne home auction market has started the Spring selling season strongly, recording an overall clearance rate of 74% from the 3,497 auctions held. We experienced slightly lower stock levels compared to September 2016 which saw 3,546 auctions and a 78% overall clearance rate.
Traditionally, the property market hits full flight in Spring as it records the highest stock levels for the year. The general consensus at the moment is that stock levels are looking slightly lower than normal as we head into October, which should keep clearance rates and prices strong for the remainder of the year.
Recently, our office has seen strong results at 30 Manning Rd, Malvern East, which sold for $3,400,000 under competition with 5 buyers putting offers in for this sought after Gascoigne Estate location. Around the corner we had a terrific result at 36 Airlie Ave, Prahran with fierce competition from 3 bidders driving the price up to $2,325,000. We sold a pretty single fronted two bedroom Victorian Terrace at 8 York St, for just shy of $1,500,000 and an older style split level apartment at ¼ Avondale Rd, Armadale in excess of $1,300,000 – well in excess of reserve! As highlighted above, the auction process is achieving outstanding results in the current market. That being said, buyers are eagerly looking for off-market / private sale opportunities highlighted by the large 2 bedroom Art-Deco apartment at 2/6 Lalbert Crescent, Prahran selling to an off-market buyer well in excess of $1,300,000 through our extensive buyer network.
This month the cash rate remained unchanged at 1.5%, the same level now since August 2016 which is continuing to be enticing for buyers looking to enter the market and has encouraged good enquiry and inspection attendances moving into Spring. The CoreLogic Home Value Index of capital city home prices rose by 0.3 per cent in September to stand 8.5 per cent higher over the year. The national home price index was up 0.2 per cent in September to be up 8.0 per cent over the year. It was the smallest annual change in national prices in seven months.
It’s not just good news for sellers, with a large amount of property coming onto the market in the next two months sure to result in some fantastic opportunities for buyers looking to get into the market. We have some great opportunities coming onto the market now, ranging from boutique apartments right through to the perfect Summer sea change at 14 Earimil Drive, Mount Eliza
The big day on everyone’s lips is Super Saturday on October 28th, another action-packed day in the property market with a record number of properties due to go under the hammer.
With the Christmas to Australia Day break fast approaching, there are only 7 weeks left to list for a 2017 auction campaign, so please get in touch if you’re considering your options.
Finally – If you have one eye on the Melbourne cup we’ll have our money on:
- Caulfield Cup – Winner – Humidor
- Caulfield Cup – Best Roughie – Jon Snow
- Melbourne Cup – Winner – Amelie’s Star
- Melbourne Cup – Best Roughie – Red Cardinal