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Property Update October 2011
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Hello and welcome to our quarterly upda Despite what the media may lead you to believe, real estate values have remained relatively unaffected this year. There has been no more than a 3 to 8% fluctuation, depending on the price range and/ or type of property. However, we have seen a slight decline in market activity, with 84 sales recorded in Port Melbourne between July and September, down from 100 transactions in the previous quarter. Whilst the number of house sales remained at a constant level, the number of apartment sales dropped by 28%, with supply increasing by 64% as the average time on market increased. The apartment market has become a lot more price sensitive and it will be interesting to see what impact the new developments launched in the past year reach completion in 12 to 18 months time.
Apartment statistics for JUNE - SEPTEMBER 2011 How many apartments have been sold? How many for sale today? What is the highest sale price? What is the lowest sale price? What is the median price Street with the most sales? Beach Street
48 74 $1,550,000 $388,000 $684,000 (9 Sales)
A selection of recent sales Address Sale Date Sale Price Summary 807/115 Beach St
08/07/2011
$1,400,000
3 bed, 2 bath, 2 cars
G315/93 Dow St
23/07/2011
$630,000
2 bed, 2 bath, 1 car
802/155 Beach St
02/08/2011
$1,245,000
2 bed, 2 bath, 2 cars
41/1 Graham St
05/08/2011
$420,000
1 bed, 1 bath, 1 car
903/127 Beach St
16/09/2011
$980,000
2 bed, 2 bath, 2 cars
T01/159 Beach St
30/09/2011
$817,000
2 bed, 2 bath, 1 car
ate on the Port Melbourne marketplace The best performers over the past 3 months have been the lower-priced period-style homes in the $700,000-$1.1m range and the mid-priced renovated homes and townhouses in the $1.2m-$1.6m range, with any 3 bedroom, 2 bathroom, dual living area properties on reasonable allotments being most soughtafter. The top end apartment market that performed so well last quarter has weakened, with the highest sale being $1,550,000. Best buying opportunities are still at the more affordable end of the market, with 1 bedroom apartments priced between $430,000 -$490,000 showing a gross rental return of 4 to 5%. With the recent volatility in the local and international share markets and the Reserve Bank’s decision to keep interest rates on hold, we have seen more buyers returning to the market place. If the number of homes does not improve markedly, we could see increased competition at auctions and better prices.
House statistics for jUNE - SEPTEMBER 2011 How many houses have been sold? How many for sale today? What is the highest sale price? What is the lowest sale price? What is the median price? Street with the most sales? Ross Street
36 34 $1,817,500 $601,000 $899,000 (4 Sales)
A selection of recent sales Address Sale Date Sale Price Summary 4 Strathaird Mews
02/07/2011
$1,200,000
29 Stokes St
05/07/2011
$975,000
3 bed, 2 bath, 1 car
2 bed, 2 bath, 2 cars
64 The Crescent
13/08/2011
$1,500,000
3 bed, 2 bath, 2 cars
119 Ross St
02/09/2011
$995,000
3 bed, 2 bath, no car
175 Farrell St
02/09/2011
Undisclosed
2 bed, 1 bath, no car
38 Stokes St
19/09/2011
Undisclosed
3 bed, 2 bath, 2 cars
Ever wondered how you can add thousands to the sale price of your property? As you would know from your own experience in buying a home yourself, you will know that the impressions gained early on in the inspection are vital. In a lot of cases, buyers will make a decision based on the initial “feel” of your home. David Lack has 18 years experience and can tell you anything he thinks needs doing around your home. It’s an interesting trend that’s happening in the real estate industry – people are able to arrange their finance a lot quicker. When you find your next home, the chances are you will need to make a quick decision. You maybe in a hurry to get your property on the market and get it sold. Anything that needs doing which may substantially increase the value of your home may take a little time. David can point out inexpensive ways to improve the salability of your home which will help it sell quickly and realize more money. If you think this would be a help to you, call David Lack for an appointment and as part of our service, we will provide you with our comprehensive booklet “Preparing and Presenting your Property for Sale”
Thinking of Selling? List with Port Melbourne’s most successful agency. Contact David Lack 0418 996 265 Will Jonas 0419 335 519 Biggin & Scott Port Melbourne Pty Ltd Telephone: 8671 3777 Level 1, 188 Bay Street, Port Melbourne www.bigginscott.com.au/portmelbourne