Glen Eira Market Update - May 2017
1 May 2017
Momentum in the Glen Eira market has continued throughout late summer and autumn 2017.
High demand for property has been clearly apparent across all segments of the market, from land sales to million dollar family homes to smaller, more affordable apartments, keeping clearance rates high and auctions lively.
The recent announcement from REIV President Joseph Walton confirms this to be one of the strongest auction markets Melbourne has experienced in recent years, with volumes up 13 per cent on the same period for 2016.
By the end of the March quarter, more than 7500 properties had gone under the hammer, achieving a Melbourne-wide average clearance rate of 79 per cent. Our team at Gary Peer continues to exceed industry standards, maintaining high clearance rates throughout March and April including a 100 per cent clearance rate across Saturday, 1 and Sunday, 2 April.
Bidders in St Kilda East and Balaclava have pushed properties well above reserve to land their ideal home.
A two bedroom property at 8/45 Nelson Street, Balaclava – nestled right near all the action of Carlisle Street – was one of several properties in the area to sell well above vendor reserve and expectations, fetching $667,000.
Across many suburbs, apartments have proven to be some of our top sellers this quarter, being literally snapped up after a decline in interest late last year.
17/1 Whitehall Court and 8/54 Narong Road in Caulfield North both sold before auction for $550,000 and $305,000 respectively. Demand for apartments within the $300,000 - $700,000 price range is proving strong. Looking ahead, we predict this demand to continue and potentially escalate as the government’s stamp duty discounts for first home buyers (up to $750,000 purchase price) take effect on 1 July.
The Reserve Bank’s decision to leave cash rate unchanged at 1.5 per cent is keeping lending rates low and promises to sustain buyer demand in the near term. With its appealing array of housing options, transport, shopping and fabulous schools, we see little chance of the Glen Eira market slowing down next quarter despite the cooler weather.
Gary Peer – Director & Auctioneer
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