July 30, 2010

Over the weekend, the REIV reported that there were 22 out of 32 properties sold in Boroondara¹, achieving an overall 69% clearance rate for the area², which is healthy for this time of year. 

In Hawthorn/Hawthorn East, all properties on offer sold (4), however considering the higher offering, the best performing suburb was Glen Iris, with 6 properties sold out of 7 (86%).

Over the weekend, Jellis Craig offered 10 properties for auction in Boroondara; with highlights including:

• 1/17 Albion Street, Surrey Hills

Featuring Cathedral ceilings throughout, this stunning 2 storey town residence, boasting 3 en-suite bedrooms and impressive street frontage, was on the market at $1.01 million and contested by 3 bidders before reaching a final selling price under the hammer of $1.55 million.
Auctioneer, Damien Davis, says: "The purchasers of this home were looking to downsize from their current home, staying in the area they know well, but with a lower maintenance property.
They were recommended to inspect the home by a Sales Consultant from a different Jellis Craig office".

• 9/107 Victoria Road, Hawthorn East

Opening at $350,000, this well located apartment was eagerly contested by two investors and a first home buyer.  The eventual purchaser was an investor, purchasing through Wakelin Property Advisory.  The property sold for $421,500.

Director, Scott Patterson, says "The real estate market was more subdued this week.  We anticipate more activity in a few months when the spring season is in full swing, as there will be much higher levels of property available for purchase".   The announcement of the Federal Election has caused some Vendors to defer their auction plans until the 28^th of August and beyond.

For those considering buying, selling or leasing, we invite your contact by telephone, or by visiting our website jelliscraig.com.au.

¹ Balwyn, North Balwyn, Camberwell, Canterbury, Glen Iris, Hawthorn, Hawthorn East, Kew, Kew East, Mont Albert and Surrey Hills.    ² Auction Results as reported in The Age (26/7/10)

As we lead into the Spring market, one consistent factor may be the catalyst for the market:

BUYER DEMAND v MARKET VOLUME

The requirement for Melburnians and those wishing to benefit from the lifestyle and culture we all enjoy continues to grow. Quality housing in "boutique village" type areas, such as available in Stonnington, supported by first class schooling, infrastructure, amenities and lifestyle, is where people want to live.

Therefore, if you are considering a Spring sale we strongly recommend you book your preferred auction date now!

With only three prime auction Saturdays left prior to the AFL Grand Final and the next round of school holidays, we see a terrific opportunity to act now and avoid the Spring rush.

Wow June, what a month! Record numbers of Auctions, a steadier market and a new Prime Minister!

Despite overall Melbourne Auction clearance rates dropping to 65% by months end, the Inner City held its own at 69% for the month of June and 84% for the year overall. At Jellis Craig Clifton Hill our year to date clearance rate is 82% and our overall success rate is 95% (properties sold before, at and after Auction).

We were fortunate enough to sell some terrific homes throughout the Inner City including these Fitzroy North properties;

                        91 Rushall Crescent
                        204 Queens Parade
                        63 Newry Street

All three homes sold extremely well and there is still very strong demand for quality Inner City homes between $1,200,000 to $1,500,000.

Demand for Rental property also remained very high with 20 properties let for the month. This is good news for Investors who are currently looking to secure property.

If you are thinking of a winter or early spring sale, now is the time to be talking to us.  So if it's presentation advice, assistance with reliable tradespeople or simply discussing your options, the team at Jellis Craig (Clifton Hill) are here to assist.   Please call us on 9481 6800 or contact Craig Shearn on 0418 596 388 or email craigshearn@jelliscraig.com.au.

Until next time.

With an unusually high volume of auctions being conducted (875) for the beginning of June, akin to a peak ‘spring' weekend, the Melbourne market achieved a credible 70% clearance rate over the weekend.¹

Melbourne has never experienced as many auctions on a winter weekend.  It seems the market is more in balance than earlier in the year, giving buyers more choice then normal in winter and this trend will continue with over 1000 auctions scheduled for the 19^th and 20^th June weekend.

There were 20 auctions scheduled in Richmond last weekend with 2 selling prior, 4 passed in and 14 sold at or immediately after auction; representing a healthy 80% clearance rate for the suburb.

Highlights from the weekend were:

• 118 Kent Street, Richmond

In a wide tree lined street in the northern end of Richmond, this modern double story 3 bedroom plus study home found 3 bidders and an eventual sale price of $1.15m.

• 29 Fraser Street, Richmond

An architects own home superbly crafted throughout, offering 2 bedrooms, a central bathroom and stunning open plan kitchen/living area opening through café styled doors to a private courtyard garden.  3 bidders fought it out to an end result of $880,000.

• 10/275 Burnley Street, Richmond

Perfect for investors or first home buyers, the renovated 2 bedroom apartment offered first floor security and abundant natural light with prized car parking on title.  Three bidders pushed the eventual price to $422,000.

Next weekend will be quiet due to the Queen's Birthday holiday; however on June 19^th we have 37 properties on offer across our seven offices and even more the following weekend. 

For those considering buying, selling or leasing, we invite you to contact us by telephone, or by visiting our website jelliscraig.com.au.