Carnegie Market Update - May 2017



The heat in Melbourne’s property market is not dissipating. So far, 2017 has been an exceptional year of growth and sales. In fact, over the last twelve months, house prices have risen 15.9 per cent across Melbourne, which is the fastest in six years.

The Gary Peer Carnegie team has experienced a bumper start to the year with auction numbers high and clearance rates up between 90 and 100 per cent every weekend. Many properties are even selling before auction, with vendors impressed with the pre-auction offers we have been able to secure. The persistent shortage of Melbourne housing coupled with continued low interest rates are undoubtedly contributing to this ongoing positive trend.

Here in the Carnegie office, sales just keep getting better. 3/59 Poath Road in Murrumbeena, for example, sold for $692,000 after furious bidding between several determined parties. The well-presented, 2 bedroom, 1 bathroom unit had a reserve of $610,000. Needless to say, the vendor was ecstatic with the final outcome. And 5 Graceburn Avenue Carnegie sold for $1,647,000 against a reserve of $1,450,000. This was $197k over the vendor’s reserve. Another very happy client!

While some experts are predicting a downturn in the property market as we progress further into the year, we are not so certain that this will happen in and around Carnegie. Demand is consistently stronger than supply and has been since we opened our doors in 2015. We cannot foresee any significant change to the status quo taking place anytime soon.

We are keen to hear from anyone thinking about selling their property. We have a database of eager buyers looking to purchase units and houses throughout Carnegie and surrounds. We also encourage prospective buyers to peruse the properties we have listed at the moment – there are some excellent offerings from single bedroom units to the beautifully renovated period homes we see throughout the area.

 

Leor Samuel – Director, Gary Peer Carnegie

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