Latest Local Property Results
latest property market update // Sep - Dec 2015
Pakenham & Cardinia
Property Market report
Grant’s Market Update
Is your area in the $1,000,000 club? Its amazing how things can change in the market. Back in June 1995 only 1% of house sales in Casey and Cardinia were above $1 million. Now that percentage is more like 12%. Its a staggering rate of growth and shows how successful a long term strategy of focusing on purchasing a quality home in a premium area can work out extremely well. What was once a price level few could dream of achieving has now become much more common, similarly entry level homes are achieving new benchmark prices in a number of quality areas. These changes tell us a couple of things, they underline the buoyant market conditions of low interest rates, strong buyer demand and lack of stock on market - which in turn creates tremendous wealth for your family if you invest with a long term view. These results also remind that the price we thought was unachievable yesterday could well be the reality of tomorrow. Recently, we have sold 3 houses in the same street. The first sold for $550,000 - a new record price for the street; the second sold 4 weeks later for $590,000 - again a new benchmark for the street; then 5 weeks later we sold another home for $635,000 again in the same street - a overall increase in values of $85,000 in only 2 months! With competition driving prices higher it can be a frustrating situation when you miss out on a property that you wanted to bid on, but it sold prior to you getting to see it.
“If you want to buy this spring – especially with the boom conditions we have, you have to be prepared to act faster than the typical three or four weeks that a standard campaign provides.” The only way a property is going to sell prior without you knowing is if you don’t tell the agent you’re interested. You have to make this known in order to be included in any negotiations. These negotiations can happen very quickly – often within 24 hours, especially if the buyer who makes the first offer puts a deadline on it. In these cases, agents don’t have time to call people who might be interested in the home, they’re just going to talk to people they know are interested in the home. Flag that you would like to be kept informed if an offer is made. Interest rates also remain on hold, the Reserve bank has a difficult balancing act caught between the need to hold interest rates low to stimulate the economy, coupled with the desire to curtail the speculation on property prices particularly with investors and the Sydney market. But most commentators still see the first interest rate increases occurring in 2017, which combined with investors leaving the stock market recently and focusing on property should see Spring results continuing to break records. If you have any questions regarding your specific needs, the Grants team are here to help you with expert local market knowledge. We invite you at any time to contact your local office, contact one of our team to obtain a free market appraisal. During this obligation-free meeting, we will provide timely, practical information on:
• • • •
Current market trends and conditions Local property values The appropriate method of sale for your property Results-oriented advertising strategies
Wealthy Australians heavily invested in property by Sally Patten, Australian Financial Review 24 September 2015
No wonder wealthy Australians talk about property prices more than just about anything – they are more exposed to property prices than just about anybody else. A survey by management consultant Capgemini shows that high net worth Australians, defined as investors who have more than $US1 million ($1.4 million) in assets outside the family home, have a much higher propensity to invest in property than their global counterparts. Property accounts for 30.8 per cent of wealthy Australians' portfolios, compared with just 21.4 per cent for wealthy Asian investors. Globally, high net worth individuals invest just 18.2 per cent of their portfolios in property.
"Wealthy Australians think that property will give them the maximum return on investment," Dipak Sahoo, director of financial services at Capgemini Australia "Wealthy Australians think that property will give them the maximum return on investment," Dipak Sahoo, director of financial services at Capgemini Australia, says. "In the rest of Asia, real estate does not rank as highly because property prices have cooled off," he says. Somewhat counter-intuitively, wealthy Australians' exposure to shares is lower than the global average. Despite the ongoing criticism that self-managed superannuation funds invest too much in equities, high net worth individuals in Australia have 26.5 per cent of their portfolios invested in shares, compared with 27.9 per cent for wealthy investors globally. That said, the message from professionals that Australians need to diversify their portfolios away from the local market appears to be taking effect. Sahoo says that despite the dramatic fall in the Australian dollar over the past year, the proportion of wealthy investors' share portfolios that is invested offshore rose to 30.7 per cent in 2015, from 30.4 per cent in 2014. Given Australians' penchant for property, the latest Australian Bureau of Statistics figures will come as some relief. The bureau said on Tuesday the weighted average of the eight Australian capital city property prices soared 9.8 per cent in the three months to June, compared to a year earlier. House prices in Sydney surged 18.9 per cent in the June quarter, the fastest rate on record in the current series. The Capgemini survey showed that wealthy Australians' top three concerns were whether they would have enough cash to last their lifetime, whether they could afford to maintain their lifestyle in retirement and the rising cost of healthcare.
Latest Local Property Results
Recent sales Street
Locality
Bedrooms
Bathrooms
3/98 AHERN RD
PAKENHAM
99 AHERN RD
PAKENHAM
3
2
175 AHERN RD
PAKENHAM
3
1
1 ALLAN CL
PAKENHAM
4
6 ANITA PL
PAKENHAM
3
9 ARBOUR RISE
PAKENHAM
88 ARENA PDE
OFFICER
4 ARLINGTON AVE
PAKENHAM
235 ARMY RD
PAKENHAM
4
2
4 AVOCA PL
PAKENHAM
3
2
37 AYESHA RISE
PAKENHAM
3
3 AYR CRT
PAKENHAM
4
3 BAILEY PL
PAKENHAM
540 BALD HILL RD
PAKENHAM
1A BANKS SMITH DR 8 BANKSIA GR
Car Parks
Area
Sale Price
231
$279,000
2
778
$400,000
1
653
$288,000
2
2
909
$355,000
2
2
650
$365,000
4
2
2
677
$500,000
3
2
2
486
$460,000
380
$367,300
3
40,470
$750,000
2
454
$403,000
2
2
357
$312,000
3
2
650
$565,000
3
2
2
3
2
GEMBROOK
3
2
2
PAKENHAM
4
2
2
584
$425,000
39 BARRINGTON DR
PAKENHAM
3
1
2
689
$308,000
45 BELVEDERE DR
PAKENHAM
4
2
2
525
$375,000
9 BLACKWOOD DR
PAKENHAM
4
2
2
624
$490,000
64 BLUEHILLS BVD
PAKENHAM
4
2
2
425
$375,000
20 BLUESTONE ST
PAKENHAM
4
2
2
603
$450,000
39 BOTHAM CRES
PAKENHAM
3
2
2
349
$345,000
10 BREYLEIGH DR
PAKENHAM
3
2
2
687
$377,000
2 BROADBENT WAY
PAKENHAM
3
1
1
545
$290,000
3 CAMELIA WAY
PAKENHAM
3
2
2
688
$410,000
19 CAMERON WAY
PAKENHAM
4
3
8
838
$373,000
12 CAPRI CRT
PAKENHAM
4
2
2
557
$330,000
LOT 1410 CARDINIA LAKES
PAKENHAM
4
2
2
22 CASSOWARY AVE
PAKENHAM
4
2
3
208 CASTILLO AVE
OFFICER
3
2
2
37 CHESTNUT CH
PAKENHAM
3
2
2
602
$365,000
21 CHISWICK ST
OFFICER
4
2
2
447
$239,000
23 CHISWICK ST
OFFICER
4
2
2
448
$239,000
2 CHLOE CRT
BEACONSFIELD
4
3
7
1,016
$980,000
40 CLARENDON ST
PAKENHAM
3
2
2
339
$367,500
9 COBRAM CRT
PAKENHAM
3
2
1
655
$320,000
19 COHENS WAY
PAKENHAM
3
2
2
448
$360,000
20 COLLINSON WAY
OFFICER
3
2
1
220
$175,000
16 CONRAD CRT
PAKENHAM
3
1
2
560
$290,000
688 261,300
$510,000 $1,900,000 $377,000
$499,377 803
$540,000 $340,000
Latest Local Property Results
Street Name
Locality
Bedrooms
Bathrooms
Car Parks
Area
Sale Price
25 CORMORANT PDE
PAKENHAM
4
2
2
400
$560,000
2 CRANBROOK CCT
OFFICER
4
2
2
400
$382,500
17 CUNNINGHAM CRES
PAKENHAM
3
1
2
684
$295,000
26 DARVELL CRT
PAKENHAM
3
2
2
469
$325,000
23 DEVENEY ST
PAKENHAM
3
1
1
589
$292,000
21 DEVINE DR
PAKENHAM
4
2
2
423
$360,000
17 DIANELLA CL
PAKENHAM
3
2
2
400
$350,000
4 DOWNING SQ
PAKENHAM
4
2
2
512
$537,500
37 DOWNING SQ
PAKENHAM
4
2
2
612
$495,000
6 DUDLEY MEWS
PAKENHAM
3
2
2
646
$351,000
98 DUNCAN DR
PAKENHAM
3
1
2
658
$270,000
48 DUSSELDORP AVE
PAKENHAM
4
2
2
559
$560,000
124 EAGLE DR
PAKENHAM
3
2
2
605
$354,000
98 EBONY DR
PAKENHAM
3
2
2
556
$350,500
9 EDENBROOK CCT
PAKENHAM
3
2
2
511
$460,000
5 EDGEWARE CL
PAKENHAM
3
2
2
338
$378,000
13 EDGEWARE CL
PAKENHAM
4
2
2
367
$440,000
21 EDMUND ST
PAKENHAM
4
2
2
400
$410,000
48 FIELDSTONE BVD
BEACONSFIELD
3
3
2
553
$600,000
46 GALLERY WAY
PAKENHAM
4
2
2
478
$373,000
9A GARDNER ST
KOO WEE RUP
2
1
2
16 GARDNER ST
KOO WEE RUP
3
1
4
1,011
$302,000
2985 GEMBROOK-LAUNCHING PLACE RD
GEMBROOK
3
2
2
1,383
$335,000
11 GERTRUDE LANE
PAKENHAM
3
2
2
202
$371,000
5 GLENVISTA RD
PAKENHAM
4
2
2
328
$317,500
13 GLENVISTA RD
PAKENHAM
4
2
2
328
$379,950
16 GRASSLAND CRES
OFFICER
4
2
2
576
$526,000
7 GREENFIELD LANE
PAKENHAM
4
2
2
336
$394,800
9 GREENFIELD LANE
PAKENHAM
4
2
2
336
$394,800
14 GREVILLEA PL
PAKENHAM
4
2
2
593
$407,500
15 HAMISH AVE
PAKENHAM
3
2
2
407
$400,000
4 HARDWICK PL
OFFICER
585
$595,000
9 HARDWICK PL
OFFICER
562
$626,638
15 HARNESS PL
PAKENHAM
4
2
2
800
$372,000
4 HARVEST RD
OFFICER
4
2
2
664
$531,000
23 HAVANA PDE
PAKENHAM
3
2
1
225
$312,500
4 HORNE CRT
PAKENHAM
3
1
2
866
$373,000
28 HOWEY RD
PAKENHAM
3
1
652
$301,000
18 HOWQUA PL
PAKENHAM
4
2
544
$511,000
2
$245,000
Latest Local Property Results
Street Name
Locality
Bedrooms
Bathrooms
Car Parks
Area
Sale Price
7 KATE CT
PAKENHAM
3
1
2
335
$330,000
10 KINGSTON AVE
PAKENHAM
3
1
2
832
$350,000
17 KOOYONG CL
OFFICER
4
2
2
621
$537,500
17 LANSELL AVE
OFFICER
3
2
1
504
$370,000
7 LAUREN SQ
PAKENHAM
3
1
2
429
$285,000
2 LAVIT LANE
PAKENHAM
1,399
$280,000
15 LEIGH DR
PAKENHAM
3
2
2
650
$340,000
94 LEIGH DR
PAKENHAM
4
2
2
445
$341,000
9 LISA AVE
PAKENHAM
3
2
2
600
$385,000
12 LIVINGSTONE BVD
PAKENHAM
4
2
2
734
$455,000
120 LIVINGSTONE BVD
PAKENHAM
4
2
2
789
$550,000
4 LOBELIA ST
PAKENHAM
4
2
2
626
$385,000
2 MARISA PL
PAKENHAM
3
1
2
524
$270,000
6 MATTHEWS CRT
PAKENHAM
3
1
2
531
$280,000
11 MATTHEWS CRT
PAKENHAM
3
2
530
$311,000
13 MAUVE ST
PAKENHAM
4
2
2
420
$373,000
4 MAYA ST
PAKENHAM
4
2
2
412
$350,000
9 MAYA ST
PAKENHAM
4
2
2
479
$350,000
20 MCGARVIE CRES
PAKENHAM
4
2
2
772
$599,000
18 MCGILL CRT
PAKENHAM
4
2
2
616
$362,000
25 MEABY DR
PAKENHAM
3
2
2
482
$333,500
25B MEEKING DR
PAKENHAM
4
3
4
5,000
$790,000
67 MEEKING DR
PAKENHAM
3
2
1
488
$300,000
30 MELISSA WAY
PAKENHAM
3
2
2
351
$348,500
62 MELISSA WAY
PAKENHAM
3
2
2
302
$308,000
1 MICHIGAN GRA
PAKENHAM
4
2
2
446
$520,000
30 MURCHISON LINK
PAKENHAM
4
504
$320,000
63 MURPHY RD
PAKENHAM
3
1
1
450
$277,500
12 NABILLA CRT
PAKENHAM
4
2
2
785
$362,500
85 OAKLANDS WAY
PAKENHAM
4
2
4
715
$515,000
1 OAKS LANE
PAKENHAM
3
2
2
136
200-208 PAKENHAM RD
PAKENHAM
5
2
14
55,190
11 PANORAMA AVE
BEACONSFIELD
4
2
2
699
$570,000
28 PAPERBARK DR
PAKENHAM
3
1
1
313
$342,000
7 PELHAM ST
OFFICER
4
2
2
478
$422,858
39 PERIDOT AVE
OFFICER
3
2
2
448
$456,000
13 PORTLAND RD
PAKENHAM
3
2
2
459
$335,000
77 PRINCES HWY
PAKENHAM
3
1
5
905
$342,500
LOT 1 PROMINENCE
OFFICER
3
2
2
$359,500
LOT 7 PROMINENCE
OFFICER
2
2
1
$332,235
3 PROSPECT WAY
OFFICER
4
2
2
511
$320,000 $1,288,000
$550,000
Latest Local Property Results
Street Name
Locality
Bedrooms
Bathrooms
Car Parks
Area
Sale Price
12 RAILWAY AVE
GARFIELD
4
2
5
1,472
$387,500
28 RED GUM CCT
PAKENHAM
4
2
2
579
$350,500
28 REDWOOD RD
GEMBROOK
3
1
864
$326,500
15 ROYANNE CL
BUNYIP
4
2
3
859
$440,000
6 SANDALWOOD DR
PAKENHAM
4
2
2
629
$390,000
30 SCARLET CRES
PAKENHAM
3
2
2
448
$345,000
2 SIMON DR
PAKENHAM
3
1
2
651
$320,000
1 SPENCER PL
PAKENHAM
3
2
2
557
$362,500
34 ST LEONARD WAY
PAKENHAM
4
2
2
548
$390,000
57 STOREY DR
PAKENHAM
4
2
2
558
$375,000
19 STRINGY BARK CCT
PAKENHAM
4
2
2
624
$410,000
6 TAHOE CCT
PAKENHAM
4
2
2
640
$395,000
35 THE PKWY
PAKENHAM
4
2
2
600
$427,000
38 TIMBERSIDE DR
BEACONSFIELD
4
3
2
1,215
$920,000
40 TIPPERARY CCT
PAKENHAM
3
2
2
566
$365,000
54 TIPPERARY CCT
PAKENHAM
3
2
2
617
$346,500
8 TONIA CRT
PAKENHAM
3
2
1
650
$290,000
16 TUSCANY RISE
PAKENHAM
3
2
2
589
$377,500
290 TYNONG NORTH RD
TYNONG NORTH
7
3
6 194500
$1,075,000
14 VERDANT AVE
OFFICER
3
2
2
553
$405,000
19 VIOLA AVE
PAKENHAM
4
2
2
778
$445,000
50 VIRIDIAN AVE
OFFICER
4
2
2
400
$401,000
47 WAKENSHAW CRES
PAKENHAM
3
2
2
357
$310,000
10 WALLANGARA DR
PAKENHAM
4
2
2
621
$355,000
13 WEDGEWOOD DR
PAKENHAM
4
2
2
398
$333,500
3 WINDERMERE BVD
PAKENHAM
5
2
2
1075
$590,688
13 WINNEKE WAY
PAKENHAM
3
2
2
851
$495,000
11 WONBOYN CL
PAKENHAM
3
2
2
632
$375,000
6 YARRA CL
PAKENHAM
4
2
2
594
$410,000