Sales update

This past quarter has been a significant one for our business. And our market experts – Gary Peer, Jeremy Rosens, Leon Gouzenfiter and Leor Samuel – are dying to share the details with you.

What’s happening now?

At the moment, the market is balanced. Clearance rates have been consistently strong, and a healthy number of properties are moving.

In other news, some investors are starting to sell, so there’s a lot more volume on the market. But with talk of interest rates possibly going down next year, some of them are holding off a little longer.

One thing’s for sure, though: the auctions have been exciting.

We’re seeing heightened confidence among buyers, and it feels like we’ve reached the bottom of the price dip.

Melbourne's median house price has dropped to the 6th-highest in Australia, and interstate buyers are taking notice. This is definitely adding more energy to the market.

So, what types of properties are hot right now?

Established family homes are still very popular, especially in areas with great school zones. A great example is 245 Tucker Road, McKinnon, where this home went under the hammer with 7 bidders fighting it out.

It’s also been a great time for first-home buyers to jump in, especially since investor enthusiasm for apartments has dipped.

Quality 2-bedroom homes with outdoor spaces like courtyards are getting a lot of attention, too.

 

 

What were the quarter’s standout sales?

Two townhouses at 38A and 38B Paloma Street, Bentleigh East sold for $1,870,000 and $1,750,000. That’s pretty impressive!

In St Kilda, a unit at 16/21 Marine Parade sold at auction for $810,000. And over in St Kilda East, a property on 1/315 Orrong Road fetched $1,500,000.

We even saw a suburb record broken when 6-8 Lockhart Street, Caulfield, sold at auction after some fierce bidding.

Another exciting sale was at 6 Barkly Street, Hughesdale, which went for $2,120,000.

 

 

Where to from here?

Looking ahead, the market is about to get even busier.

Spring is always a big time for real estate. And this year is no different.

Listings are already up 15% compared to last year, and thanks to the public holidays and long weekends sprinkled throughout the season, we’re expecting weekdays to be filled with auctions.

So, if you’re thinking about buying, it’s worth acting quickly – rumours of interest rate cuts are in the air, which will only bring more buyers into the fold.

Now’s the time to be proactive.

 

Property Management update

With the new financial year upon us, our property management experts, Jenny Caughey and Anthony Lee, are encouraging clients to remember one thing: don’t believe the hype! Get the facts from your trusted property management team.

What are the rental providers doing?

Rental providers are increasingly focused on maintaining their competitiveness in the market.

Because with renters becoming more selective, well-maintained properties are more important than ever.

For rental providers, this means it’s a good time to consider making improvements to your properties.

Features that were once considered bonuses, such as energy-efficient air conditioning, are now becoming essential to attract and retain clients. So, as expectations shift, providers need to ensure their properties meet modern standards to remain appealing to prospective renters.

What are the renters doing?

On the renters’ side, there has been a noticeable trend of tenants staying in their current homes longer, only moving if absolutely necessary.

As vacancy rates rise slightly, renters are benefiting from a more balanced, traditional rental market, similar to what we saw before the pandemic.

However, renters are also expecting more from their homes, seeking properties with modern amenities and energy-efficient features to meet their daily needs.

Where to from here?

Looking ahead, we’re expecting a quieter patch until the market picks up again closer to Christmas.

It’s a good sign that the volatility of the past few years is finally calming down.

On the legislative front, potential changes are coming, with updates to minimum rental standards possibly rolling out in 2025. (Hint: pay close attention to our notes on air conditioning!)

But rest assured, as soon as they’re officially announced, we’ll let you know.

 

New Projects update

As we charge through spring, Julian Millman and his specialist team are energised and excited about the opportunities ahead.

The big picture

The downsizer market has been buzzing, with projects like Seymour & Blanche and Olive Green drawing strong interest from buyers looking to simplify their lifestyles.

‘Caulfield North’ has been a standout for buyers, thanks to its proximity to local shops. Olive Green’s appeal has grown, too, because of the two new supermarkets that have opened up within walking distance. The takeaway? Buyers want to be close to essential amenities.

While first and second-home buyers have been quieter in response to interest rates, the downsizer market remains resilient. Why? Because these buyers are less impacted by economic changes. They’re ready to go – now.

 

 

Our own backyard

We’re seeing great progress across all our developments.

Last quarter, we completed some apartments in Caulfield South, ready for immediate occupancy. So jump on them!

Casa Elwood is on track to be completed by February 2025, with 2 highly sought-after apartments still available.

Looking ahead, we’re excited to launch several new projects, including luxury apartments in Kew and a series of townhouses in Caulfield.

Onwards and upwards

We’re optimistic about the coming months. If interest rates drop in the next 6 months, we expect first and second-home buyers to re-enter the market in some capacity.

Meanwhile, the downsizer market continues to thrive, offering steady demand regardless of economic fluctuations.

With new projects on the way and ongoing developments nearing completion, we anticipate a promising future for buyers and investors alike.

 

Thinking of selling your home? Looking for someone to manage your investment property? Curious about current – and upcoming – developments? At Gary Peer & Associates, we’ve got all your bases covered.