Could This Be the Start of the Property Recovery?
The premium end of the market is leading the way in a gradual upturn in property prices with signs we are in the midst of a recovery
The premium end of the market is leading the way in a gradual upturn in property prices with signs we are in the midst of a recovery.
Marshall White achieved strong clearance rates again this past weekend with buyers coming to terms with the low volume of properties for sale.
In this environment, the only way to secure your dream home is to go in “boots ‘n’ all” as we saw at a number of auctions.
A two bedroom, two bathroom residence at 37 Langridge Street in Middle Park sold for $1,970,000 a successful campaign by Sales Executive Ben Manolitsas. There was stiff competition from four bidders, all eager to acquire this perfectly positioned period residence sold under the hammer by Director and Auctioneer, Oliver Bruce.
In Hawthorn, a loft-style apartment at 48 Oxley Road sold for $350,000 above reserve for $1.36 million. With six bidders active at the auction, finally one happy owner-occupier bought the property.
Even more affordable suburbs saw excellent results with a four-bedroom Federation-style home at 27 Harrison Avenue in Burwood selling for $140,000 above reserve, for $1,485,000.
In an article this week in The Age, Domain economist Trent Wiltshire said Melbourne’s preliminary clearance rate was 74.6 per cent after 594 results were reported but that result was likely be revised down to 67 per cent once all results were tallied.
“Melbourne’s clearance rate has fallen a bit over the past two weekends, but clearance rates in the high 60s still point to an ongoing moderate price growth, particularly at the top end of the market,” Mr Wiltshire said.
Witlshire is a typically moderate commentator, so these words conservatively echo the results we are currently gaining at Marshall White.
As we look forward to the end of the year, time is running out for vendors thinking of selling. We don’t expect to see any major changes to the number of auctions and private sales for the remainder of 2019, but we do anticipate strong competition at auctions.