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Auction Snapshot: Saturday 21 October

October 24th 2017

What’s happening in the market…

The Domain Group highlighted that in order to buy larger blocks, buyers are moving to areas further away from their current homes. “Many of the would-be purchasers displayed a readiness to pull up stumps in suburbs such as Port Melbourne and Middle Park and buy a larger land holding in a very different area.”  Domain stated.

Auction clearance rates are remaining consistent, with auction numbers steadily rising since the Grand Final long weekend. “On Saturday, the north-east was the top regional performer with an 83.3 per cent clearance rate.” Said Domain.

Saturday 21 October
Number of auctions in Victoria: 1055
Clearance rate: 74.5%

The same weekend last year
Number of auctions in Victoria:
1198
Clearance rate: 83.7%

Auction highlights…

7 Agnew Street, Blackburn South

Ideally situated in a popular, family-friendly location within the prized Box Hill High School zone, this neat three bedroom brick veneer home offers immediate comfort, with the added appeal of excellent options to revitalise or design your dream abode (STCA). The new home owners will enjoy easy access to well-regarded government and private schools, popular recreational facilities including Gardiner’s Creek Trail and Surrey Park, Laburnum Station, Box Hill Central, Blackburn South shopping precinct and Forest Hill Chase.

Number of bidders: 4
Sale price: $1,340,000

189 Glen Iris Road, Glen Iris

Completely untouched yet majestic in stature, this double-brick Californian Bungalow is on 715 sq m approx. in a treasured and leafy neighbourhood. Requiring extensive work to restore its former beauty, there is exceptional scope to transform with a contemporary renovation, or choose to build a new substantial luxury residence (STCA). A highly sought-after family location with plenty of off-street parking and convenient to everything – congratulations to the successful purchaser!

Number of bidders: 4
Sale price:
Undisclosed

124 Blackburn Road, Glen Waverley

In the prestigious Mount Waverley Secondary College zone and close to Wesley College, The Glen Shopping Centre and multiple train stations, this expansive block is perfectly positioned for development into a dream home or a multi-dwelling site (STCA). With modern homes popping up all around it and contemporary dual occupancy properties continuing to enhance the current landscape, all in one of the most connected and convenient locations the area has to offer, this is an opportunity for the ages.

Number of bidders: 3
Sale price:
Undisclosed

11 Victoria Street, Box Hill

Designer indulgence is at the heart of this renovated and extended Californian Bungalow, boasting a spectacular position with direct rear access to leafy Victoria Rose Reserve. Elegance combines with cutting-edge in a floorplan which encourages wonderful indoor/outdoor entertaining. Features include a Gaggenau/Bosch kitchen, open dining room, under-cover deck and garden, a study, four double bedrooms and two bathrooms. Congratulations to the vendors on a fantastic result!

Number of bidders: 3
Sale price: 
$1,782,500

Auction Snapshot: Saturday 7 October

October 10th 2017

What’s happening in the market…

809 properties went to auction on the weekend with a median price of $750,000 reached, a nice change from the short break Melbourne experienced on the weekend prior due to the AFL Grand Final.

New laws may be put into place in regards to rental properties including the introduction of a fixed rental price, landlords needing to provide reasons for asking current tenants to move out and rental properties allowing tenants to have pets, reported the Domain Group.

Once again, the Reserve Bank of Australia has decided to leave the cash rate at 1.5%, unchanged since August 2016.

Domain highlighted that over 1,000 auctions are scheduled for next weekend, which is expected to continue to rise the following weeks.

Saturday 7 October
Number of auctions in Victoria: 944
Clearance rate: 74.3%

The same weekend last year
Number of auctions in Victoria:
966
Clearance rate: 79.8%

Auction highlights…

51 Tortice Drive, Ringwood North

Elevated to capture beautifully leafy views of neighbouring Parkwood Reserve, this three bedroom home features an under cover deck, polished boards, secure garden, contemporary kitchen and living room with tri-stacker door to the alfresco. The new home owners will enjoy a location only moments from Yarra Valley Grammar and Luther College, transport, North Ringwood shopping village, Eastland and Eastlink.

Number of bidders: 6
Sale price: $945,000

14 John Holland Court, Blackburn

Showcasing contemporary architecture, significant living spaces and an abundance of natural light, this renovated six bedroom home enjoys a court location. Enjoying gated access to North Blackburn Square Shopping Centre, this residence is within walking distance of buses, Blackburn High School, Koonung Park and Old Orchard primary school. Other features include a north-facing alfresco dining area, home theatre, Scandinavian timber floors and Caesarstone kitchen.

Number of bidders: 3
Sale price: 
Undisclosed

17 Simon Street, Clayton South

Situated on a quiet street in Clayton South’s hottest pocket, this light, bright and eco-friendly three bedroom home offers the best of both worlds-unbeatable location, generous allotment and nature at your door step. With enough space to renovate or redevelop (STCA) and easy access to parks, walking tracks, Clayton Central, train, bus and schools, this property is a dream for home buyers and investors. Congratulations to the lucky purchasers!

Number of bidders: 3
Sale price: 
$955,000

Tips to get into Melbourne’s property market

September 15th 2017

Tips to get into Melbourne’s property market

It’s no secret that the Melbourne property market is going from strength to strength. Median house prices are on the up, and affordability is…not. Particularly if you’re looking for property in Melbourne’s most sought-after suburbs.

If Melbourne’s five year property forecast is anything to go by, there’s no certainty that the market is going to weaken anytime soon. So, how do Melbourne’s eager first-home buyers get into the market without moving to Timbuktu?

Other than being wealthy, here’s a few tips to get you into a fast-moving market (hint, planning is key!):

Take note of your spending, and adjust where you can

First thing’s first; make a list of what you’re already spending your money on. Every time you spend, write it down—and don’t forget those morning coffees and smaller spends as they all add up!

Then decide, what is a necessity? What could you cut down on? This way you can figure out how much you need to live comfortably, and how much you could afford to pay a week to the dreaded “M” word… mortgage! Budget, budget, budget until it comes time to sign the papers. Remember that the loan isn’t going to disappear for a long time, so you should still be able to afford doing the things you love!

Borrow the least amount you can

The more you have saved, the less you have to borrow and the less interest you will have to pay. Although the upfront cost will be ‘more’, running costs will be easier to manage.

Understand the costs involved

Conveyancing, owners corp., builder’s insurance, content insurance, utilities (such as gas, water and electricity) and council rates. This will allow for a much more transparent budget, and you know upfront whether you need to lower your search bracket to accommodate for the costs involved.

“Once you’ve saved that deposit, the next step is to chat to your bank or, better yet, a reputable broker to establish your borrowing power – this means how much you can afford to spend on a home in line with all of your other living expenses,” advised Property Consultant, Harley Toyle.

Figure out your exact price bracket

After the above steps and estimating your interest rate, you will know exactly how much you can afford. Don’t assume ‘a little more will be fine’, as once you have the loan, you NEED to be able to pay it.

Research, research, research

“Shortlist a handful of suburbs you’d love to buy into. These could be area you enjoy visiting, that are close to work or maybe even close to where you grew up,” continued Harley.

After you have narrowed down a list of potential suburbs, investigate the type of properties available and the price range. Do they match up with your requirements? If not, try searching a suburb out!

“In your favourite suburb you may only be able to afford an apartment, where as you might be able to secure something larger in a suburb you’ve only ever driven through to get to work,” said Harley.

Finally…

Buying your first home is not something that will happen overnight! You may even have all your finances sorted, but in a competitive market, rarely will your first offer on a home be your final offer. You also need to find a home that you will be happy in.

“When thinking of things to compromise on or sacrifice, it’s important to understand what you value, not what others value. How important is it that you’re close to public transport, local cafes, schools or parks? Is a garage important to you, or do you ride a bike? Having a good idea of your must-haves, want-to-haves and love-to-haves will help you recognise when the right home comes up, and give you the confidence to secure it,” Harley explained.

Good luck, and don’t forget to share your favourite tips with us!

Traci Stella: top 50 women in Real Estate

September 8th 2017

Traci Stella has been named one of Australia’s leading women in real estate in a national list of top-performing female agents.

Traci from Fletchers Manningham has secured a position in the Real Estate Business (REB) Top 50 Women in Real Estate 2017 ranking.

The list ranks female real estate sales agents across Australia according to a range of metrics, including the number of sales, the total sales volume and the average sales price.

Now in its second year, the REB Top 50 Women in Real Estate is a ranking initiated by leading industry resource Real Estate Business and is produced by award-winning media company Momentum Media.

“The REB Top 50 Women in Real Estate 2017 is the industry benchmark for success for women in real estate sales and an accolade all female agents aspire to,” said Tim Neary, editor of REB.

“In this year’s ranking, the calibre of entrants was exceptional, with the total sales volume across the Top 50 in excess of $5 billion worth of properties.”

The data collected for the Top 50 Women in Real Estate was verified by a senior member of the agency and its accountant.