April hunt for value in the blue chip suburbs.
Over the first 2 weekends of April more than 1,497 auctions were recorded by the Real Estate Institute of Victoria (REIV). 636 homes were sold at auction with 551 passed in, 302 of those on a vendor bid. This far in April the clearance rate has averaged 57.5%, up on March’s 55%,
2019 has brought out buyers looking for the opportunity to break into areas they once thought were too expensive. Blue chip suburbs like Camberwell, Kew and Hawthorn have had price drops of 12 to 15% since the market topped out in 2017. The 10% price drop in Northcote, Brunswick and Carlton makes these cosmopolitan areas way more affordable too and likely to prove a good investment when the market swings back to positive value growth.
A very successful recent Buyer Marketing acquisition was 12B/635 St Kilda Road Melbourne. The home had previously been listed with an Armadale agent for several months asking $1,800,000 to $1,900.000. We approached the vendor to introduce our offmarket buyer. The property was negotiated well and purchased for $1,665,000. Our client was very happy with the outcome!
Realestate.com.au reported in April that Middle Park is again Melbourne highest searchranked suburb for both houses and units, with buyers hoping to spot a bargain and get a foothold. Albert Park, Hawthorn and East Melbourne were also high on the list of highly searched suburbs.
We know younger first home buyers are driving a busy market on Melbourne’s fringe, but now older first home buyers are emerging as a buying force. State Revenue Office figures show there were 3237 first-home buyers aged 40-plus between July 2017 and February 2019. And there were 286 first-home buyers who were aged 60 and over. This group is buying mainly in newly developed outer suburbs. After waiting a lifetime they’ve decided 2019 is a good time to buy a home! We definitely agree.
Principal Advisor &
Licensed Estate Agent
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