Stonnington Recent Sales A selection of sales results in Stonnington between April 2017- March 2018
P1 Sold for
P2 Sold for
P4 Sold for
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Property Market Update Stonnington
P6 Sold for
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P10 Sold for
Sold for
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P3
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P11 Sold for
P12 Sold for
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Now that the market has entered a more balanced phase, it appears that buyers are becoming more accustomed with the Statement of Information that was introduced 12 months ago and now treating them as fair and reasonable guidelines for pricing. After a period of low auction numbers over Easter and the school holidays, auction results have been largely positive in the second quarter of 2018. While previously most sales were concluded "under the hammer" many sales are now the result of negotiation immediately after the auction. In the last couple of months, a number of multi-million dollar sales in Toorak have also been discreetly negotiated off market. The strength of demand for property in the Stonnington area continues to be underpinned by scarcity, interest rates that have been at the historically low rate of 1.5 per cent for 22 months and an increasing population. Melbourne is now one of the 10 fastest growing large cities in the developed world. Victoria's population grew by 147,000 over the last 12 months which was a rate of 2.4 per cent compared to Australia's population growth of 1.6 per cent. With good access to schools, infrastructure and lifestyle attributes, the area within 10 kilometres of the CBD is in constant demand. Prices in the most expensive quarter of the property market in Melbourne have increased at almost twice the pace of the most affordable quarter over the past 5 years; 8.2 per cent per annum as compared to 4.4 per cent per annum. The median house price in the Stonnington area is now at $2,027,000 compared to Melbourne's median house price of $720,433. Traditionally as winter approaches, the number of properties on the market decreases while demand remains constant. The subsequent lack of competition often produces excellent results for those vendors who have chosen to pursue a winter sale.
Thomas Anderson M 0444 444 444 P 9999 8888 E thomasa@north.email.net