Market Update Report PORT PHILLIP - NOVEMBER /DECEMBER , 2020
S O L D - 4 4 M A R Y S T R E E T S T R E E T, S T K I L DA
In the short period of time that the real estate industry has been re-opened after Stage 4 lockdown, it has been heartening to see the rapid increase in activity across all segments of the market.
Our new office on the Mornington Peninsula is off to a flying
The resumption of property appraisals, private inspections and
of ex-pat Australians (480,000 according to Core-Logic)
on-site auctions has allowed buyers and tenants to inspect
returning to the country with funds to purchase property on
properties and bid in person rather than virtually.
start with more than 60 properties already listed for sale after barely a month in operation. The pandemic has inspired many Melbourne residents to opt for a permanent sea change so with the warmer weather and summer holidays looming, we expect the demand for property on the peninsula to only gather momentum. While the pandemic has put immigration on hold, we are seeing housing demand driven up by the vast number
home soil. Australia’s success at managing the pandemic will also likely attract many more high-worth individuals from
In what is normally the busiest selling season of the year, we are experiencing an unprecedented level of pent-up demand. In the first weekend of auctions since restrictions eased, Marshall White achieved a success rate of 83 per cent for our vendors. In addition, there have been numerous private and prior to auction sales since the end of the lockdown. While
badly affected countries seeking to immigrate when permitted. These factors, along with historically low interest rates that are predicted to stay there for a number of years, presents a very rosy outlook for Melbourne’s residential property market. In a year where nothing is normal, we are likely to see property sales continue after Christmas rather than the traditional
many vendors have taken the opportunity to list their home
January hiatus. One thing we have all learnt from the pandemic
for sale, there are still not enough properties on the market to
is the importance of being adaptable and flexible.
satisfy the depth of demand. In particular, the prestige segment of the market across all of our areas is performing exceptionally
All of us at Marshall White wish you and your families the very
well. Within 24 hours in mid-October, we were able to sell two
best of health and we remain available to assist in any practical
separate properties for an excess of $14 million each.
way we can.
From your Local Area Specialists L AST QUARTER IN RE VIEW
While it has been a very challenging time for all Melburnians, the property market has shown remarkable resilience in the face of the many obstacles created by the COVID-19 pandemic. During our first lockdown we were able to adapt and pivot towards online and digital solutions that enabled both vendors and buyers to continue to transact property safely and successfully. There has also been a surge in discreet off market sales. In the brief period when onsite auctions were permitted, the strength of the market was evidenced by auction clearance rates that had returned to the high numbers we saw in the preCOVID months. Despite media predictions, prices have remained relatively stable with quality property performing particularly well. Now that we are heading towards spring, we are experiencing increased traffic on all real estate websites, with buyers hoping for an influx of new property on the market.
Sincerely,
Your Port Phillip Team
Culture & Lifestyle R I C A R D O ’ S T R AT T O R I A
Ricardo’s Trattoria, is exactly that, a Trattoria. A familiar place with home style Italian cooking that has been welcoming the Albert Park community for over 26 years. Italian favourites teamed up with fresh Australian produce all over looked by the attentive Mona Lisa. Warm nights expect the windows wide open and a sea breeze to join you and our infamous Calamari Fritti. Cooler evenings we are cosy, red wine in hand around the fire place enjoying Nonna style generous size cooking.
Exceptional Elegance 4 4 M A R Y S T R E E T S T R E E T, S T K I L DA W E S T
5
3
1
Sold for an undisclosed price A landmark property of historic significance, the magnificent c1904 solid brick residence is one of St Kilda West’s most elite properties. Blending the elegance and grandeur of it’s era, with stunning contemporary style and comfort, the property presented an unmissable opportunity with close proximity to the lifestyle offerings of Albert Park Lake, the light rail, schools and Middle Park Village. Whilst the details of the sale remain strictly confidential, the unforgettable family home was sold utilising our network of highly-qualified buyers and powerful digital reach technologies, delivered outstanding results, while we practiced social distancing. To discuss what this sale means for the value of your home, or for information regarding the opportunities that our qualified buyer pool may present to you, we welcome your contact.
Marshall White Sales Statistics 1 J U LY – 2 0 O C T O B E R , 2 0 2 0
While it has been a very challenging time for all Melburnians, the property market has shown remarkable resilience in the face of the many obstacles created by the COVID-19 pandemic. During our lockdown we were able to adapt and pivot towards online and digital solutions that enabled both vendors and buyers to continue to transact property safely and successfully. At a time where safety became paramount, we adapted both our services and technologies to continue to support each and every client to achieve their property goals. During the restrictions from 1 July – 20 October 2020, Marshall White were proud to achieve the following outstanding results.
Average sale price $1m+ range
Average days on market
Number of sales above reserve
Total number of sales $1m+ range
Houses
Days
Average
Auction, Private & EOI
$2,479,081
59
43%
213
Port Phillip Recent Sales B E T WE E N AU G U ST - N OVE M B E R 2020
Map Ref.
Suburb
Address
Bed / Bath / Car
1
Albert Park
26 Faussett Street
3/2/1
2
Albert Park
16 Withers Street
3/3/-
3
Albert Park
31 Little Page Street
2/1/-
4
Middle Park
42 Park Road
2/1/1
5
Middle Park
17 McGregor Street
2/2/-
13
South Melbourne
39 Iffla Street
3/2/-
7
South Melbourne
34 Iffla Street
2/2/-
8
South Melbourne
38 Tribe Street
3/1/2
9
South Melbourne
10 Church Street
5/2/-
10
South Melbourne
4 Little Lyell Street
3/2/1
11
South Melbourne
284 Albert Road
4 /4 / 2
12
St Kilda West
6 Longmore Street
2/1/-
13
St Kilda West
44 Mary Street
5/3/1
14
St Kilda West
57 Park Street
3/2/1
15
St Kilda
5 Charles Street
3/1/-
16
Port Melbourne
227 Bridge Street
3/2/1
17
Port Melbourne
285 Esplanade East
3/2/-
18
Port Melbourne
96 Ross Street
3/2/2
19
Port Melbourne
222 Ross Street
3/2/-
Outstanding Sale Results A SELECTION OF RECENT SALES
SOLD
SOLD
SOLD
20 Reed Street, Albert Park
116 Nelson Road, South Melbourne
222 Ross Street, Port Melbourne
4
1
2
4
4
1
3
2
-
Sold for $4,575,000
Sold for an undisclosed price
Sold for $1,850,000
SOLD
SOLD
SOLD
16 Withers Street, Albert Park
26 Faussett Street, Albert Park
44 Mary Street, St Kilda West
3
3
-
3
2
1
5
3
1
Sold for an undisclosed price
Sold for an undisclosed price
Sold for an undisclosed price
SOLD
SOLD
SOLD
39 Iffla Street, South Melbourne
31 Harold Street, Middle Park
51 Milton Street, Elwood
3
2
-
Sold for an undisclosed price
2
1
1
Sold for an undisclosed price
4
2
Sold for an undisclosed price
Connecting you to a better way home We have adapted our services so that we can safely meet your needs marshallwhite.com.au
2
Your Port Phillip Team 1 0 1 D U N DA S P L AC E , A L B E R T PA R K
-
PHONE
9822 9999
Our company culture rewards teamwork resulting in our sales agents working together to introduce buyers to your home. You have the whole Marshall White sales team behind you, each of them working hard to sell your property.
Oliver Bruce
Sarah Wood
Justin Holod
Nicholas Hoo
John Bongiorno
Georgia Whitford
Kaine Lanyon
Ben Manolitsas
Damian O’Sullivan
Scott O’Halloran
Matthew Grima
Bradley Steinbach
Brad Cooper
Neil Harris
Amelia Falvo
Jade Wilson
Victoria Weeraphan
Tracy Burr
Tegan Ritchie
Sarah Balleggi
Every good conversation starts with listening. Marshall White Foundation is committed to supporting Love Me Love You and their goal to provide support and guidance in the much needed area of mental health and hardship.