Glen Eira Market Update - 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

SIMILAR ARTICLES

Carnegie Market Update - July 2016

The Gary Peer Carnegie team has been working hard throughout the year, achieving some excellent results across all property sales types.

Carnegie Market Update - September 2016

The median price in Carnegie for units rose substantially (17.8 per cent) in the June 2016 quarter to $590,000.

Carnegie Market Update - January 2017

In 2016, the Gary Peer Carnegie team continued to increase its market share while creating sales records across the 3163 postcode.

Carnegie Market Update - May 2017

The market is hot in Carnegie!

Glen Eira Market Update - July 2016

June ended just as it began with a 100% clearance rate at auction.

Glen Eira Market Update - September 2016

On Sunday 18th September, we sold every property at our 15 auctions.

Glen Eira Market Update - January 2017

The Gary Peer clearance rate for 2016 was above 97%!

St Kilda & Bayside Market Update - July 2016

Although many vendors we are speaking with are choosing to wait until spring to sell their properties, buyer demand remains strong in Melbourne’s Bayside region.

St Kilda & Bayside Market Update - September 2016

Median house prices in Bayside Melbourne are reflective of the solid year we are experiencing.

St Kilda & Bayside Market Update - January 2017

As we reflect on the 2016 Bayside property market, Gary Peer St Kilda can confidently report an exceptional year of results achieved on behalf of our clients.

St Kilda & Bayside Market Update - May 2017

Full steam ahead for the bayside market!

Demand Continues Unabated In 2017

Of all property types, detached houses are proving to be particularly popular with buyers.

Residential Tenancies Act Review Update

The Act was last reviewed in the 1990s – before the internet had even entered the mainstream.

Bentleigh - What makes it One of Melbourne's Most Liveable Suburbs?

Established in the early 1900s when the Frankston train line brought increased accessibility to the area, Bentleigh remains alive with the charm of an earlier era.

Carnegie: Melbourne’s new sought-after suburb

A phenomenon has swept across greater Melbourne as inner-suburban prices have sizzled.

Melbourne's Rental Market - No Surprises

There have been no significant changes within Melbourne’s rental market over the last quarter.

The Caulfield Races - Part of Our Area's Historical Past and Vibrant Present

As Melbourne’s tree lined streets start to bloom and the temperature begins to rise, the Caulfield Carnival finds its way back on to the city’s social calendar.

Glen Huntly Reservoir Redevelopment Update

The project is a key priority of the Glen Eira Open Space Strategy, which outlines a plan to undertake detailed design and stage one implementation to open up the Reservoir as a new open space.

Then and Now: 5 Year Comparison of House Prices in Glen Eira and Bayside

Ormond, St Kilda East, Caulfield South and Murrumbeena experienced the most notable increases.