Property Market Update Stonnington
Edition 2, 2020 The recent COVID-19 Stage 4 restrictions will obviously have an indelible effect on all Victorians, and we appreciate that big decisions about property or changing lifestyle may not be top of mind for most of you. We are also acutely aware of the pressures many of you will be feeling during this time and we wish you and those close to you the very best of health and a safe path out of this crisis. Despite the demanding times, many of our clients continue to buy and sell homes in the highly sought-after areas of Melbourne we serve and we felt a review of the property market in your local area might serve as a welcome distraction.
Richard Mackinnon M 0414 822 579 P 9822 9999 E richard.mackinnon@marshallwhite.com.au
We look forward to a brighter Spring and a return to a 'new normal' where we can again be close to family and friends, and for many of us, a time when we can enjoy Melbourne's favourite pastime - property! Stay safe and please reach out should you require any assistance or just a little advice.
From the Agent Richard Mackinnon's take on the market this quarter
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 pre-COVID 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.
17-19 Alexandra Avenue, South Yarra
Feature Property 17-19 Alexandra Avenue, South Yarra
With this expressions of interest campaign we adopted a two stage selling approach. The first stage of the campaign involved 3 weeks of taking well-qualified buyers, identified from our data-base, quietly through the home, giving them an exclusive opportunity to purchase the home before the beginning of the formal marketing campaign. Although the home was not sold during this first stage, important feedback was used for the formal campaign that saw over 30 private inspections take place. The home was sold at the conclusion of the expressions of Interest for a price in the middle of the $8,000,000-$8,800,000 price range.
A Word From My Clients The initial advice provided by Richard was considered, measured and proved accurate, reflecting his experience and knowledge of the market. The selling experience was handled seamlessly, with an off market sale negotiated by Richard at the top of the price range on favourable settlement terms. Our dealings with the entire Marshall White Team were universally professional. Martin & Lisa James
The sale of my home came at a most unfortunate time as lockdowns were commencing, forcing the banning of open inspections and public auctions. In this very difficult environment Fraser and Richard remained optimistic, energetic and committed to achieving a satisfactory result. I was very impressed with their customer support and advice throughout. I am very grateful that we managed to achieve the result when we did and I am sure this was due entirely to the optimism and commitment exhibited. Robert Hunwick
Some of Our Exceptional Results
1 Linden Court, Prahran
3 Bellaire Court, Toorak
13 Vail Street, Prahran
4 3 2 Sold for an undisclosed price
4 4 6 Sold for $10,850,000
2 1 Sold for $1,350,000
18 Somers Avenue, Malvern
9 Lawnhill Road, Malvern
29 York Street, Prahran
4 2 2 Sold for $3,100,000
3 2 2 Sold in the vicinity of $2,800,000
2 2 2 Sold in the vicinity of $1,800,000
30 Trinian Street, Prahran
74 Sutherland Road, Armadale
1 Wilks Avenue, Malvern
3 2 1 Sold in the vicinity of $2,250,000
4 2 1 Sold for an undisclosed price
4 3 2 Sold in the vicinity of $4,000,000