February report.
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February report.
From our corporate director Dean O’Brien
To Customer,
February has certainly been a very exciting month in Real Estate. The City of Casey currently sits at 0.65% vacancy rates. The lowest we have seen, and demand doesn’t seem to be easing compared tho Melbourne Metro which is a little over 2%. Our team here at O’Brien Real Estate are working ona large number of applications on each property to ensure that you our customers are receiving the highest quality of renters. The sales team have also seen a lot of buyer demand. Currently there is a shortage of properties on the market due to disruption of Covid, but as this is slowly moving back to a more normal market we are slowly resembling a more reasonable real estate market. According to CoreLogic’s director of research, Tim Lawless, every capital city and broad ‘rest of state’ region is now recording a slowing trend in value growth, albeit with significant diversity.
In Melbourne advertised stock levels are now above average, tracking 5.5% higher than a year ago and 4.7% above the previous five-year average. But buyer demand is still high.
“Sydney and Melbourne have shown the sharpest slowdown, with Sydney (-0.1%) posting the first decline in housing values since September 2020, while Melbourne housing values (0.0%) were unchanged over the month, following similar results in December (-0.1%) and January (+0.2%),” he said.
So, if you are considering either buying for yourself and investment property or selling in the near future then now is the right time.
“Conditions are easing less noticeably across the smaller capitals, especially Brisbane, Adelaide and Hobart, where housing values rose by more than 1% in February. Similarly, regional markets have been somewhat insulated to slowing growth conditions, with five of the six rest-of-state regions continuing to record monthly gains in excess of 1.2%.”
Stay safe and have a great month.
Regards
Dean O’Brien
We sell more. A snapshot of last months sales. Average sale price.
Sale price. High.
Low.
$817,267
$1.8M
$360K
Number of suburbs sold in.
22
Sale Price
Address
Suburb
74 Begonia Avenue
Bayswater
3
1
1
$840,000
8 Verona Court
Bayswater
4
2
2
$1,350,000
15/279-287 Bayswater Road
Bayswater North
3
2
2
$740,000
59 Scenic Drive
Beaconsfield
4
2
2
$970,000
11 Armstrong Road
Beaconsfield Upper
4
2
0
$1,300,000
15 Coniston Avenue
Berwick
3
1
1
$615,000
39 Eucumbene Drive
Berwick
5
4
2
$1,200,000
9 Ami Court
Berwick
4
2
2
$852,000
63 Earlsfield Drive
Berwick
3
2
2
$781,000
13 Bournevale Drive
Berwick
4
2
2
$1,000,000
10 Bermerale Court
Berwick
4
2
2
$820,000
62 Edgbaston Circuit
Berwick
4
0
0
$1,000,000
1C Woodvale Road
Boronia
3
2
2
$730,000
40 Landscape Drive
Boronia
3
2
2
$883,000
23 Limeburner Grove
Botanic Ridge
4
3
2
$1,255,000
14 Invermay Way
Clyde
4
2
2
$700,000
33 Eliston Avenue
Clyde
4
2
3
$1,065,000
43 Walhallow Drive
Clyde North
5
2
2
$958,000
26 Salim Way
Clyde North
3
2
2
$755,000
We sell more. Address
Suburb
52 Walhallow Drive
Clyde North
4
2
2
$720,000
33 Mernoo Avenue
Clyde North
4
2
2
$935,000
20 Snead Boulevard
Cranbourne
4
2
2
$1,000,000
8 Mayune Court
Cranbourne
3
2
2
$670,000
3 Satin Street
Cranbourne
4
2
2
$831,000
11 Dunbar Avenue
Cranbourne
3
1
1
$605,000
15 Valepark Crescent
Cranbourne
3
1
0
$682,000
1 Staunton Walk
Cranbourne East
3
2
2
$632,000
44 Challenger Circuit
Cranbourne East
4
2
2
$726,000
10 Dartnell Street
Cranbourne East
3
2
2
$733,000
12 Josephine Avenue
Cranbourne North
4
2
2
$750,000
11 Hindmarsh Court
Cranbourne North
22 Charlbury Crescent
Cranbourne North
4
2
2
$827,000
8 Plenty Way
Cranbourne North
4
3
2
$660,000
12 Banyalla Drive
Cranbourne West
6
3
2
$767,000
78 City Vista Circuit
Cranbourne West
2
1
1
$500,000
83 Morningside Boulevard
Cranbourne West
3
2
2
$646,750
28 Browns Road
Devon Meadows
4
2
8
$1,822,000
4/8 Monteith Crescent
Endeavour Hills
3
1
2
$615,000
1/32 Hutton Avenue
Ferntree Gully
3
2
1
$710,000
Sale Price
$360,000
Land
We sell more. Address
Sale Price
Suburb
24/4 Paydon Way
Hampton Park
3
1
2
$550,000
2/38 Gardner Street
Koo Wee Rup
2
1
1
$505,000
2/35b Moody Street
Koo Wee Rup
2
1
1
$480,000
3 Charles Street
Koo Wee Rup
3
1
2
$650,000
17 Boldrewood Place
Lynbrook
4
2
2
$750,000
31A Fernwood Road
Narre Warren
2
2
1
$538,000
15 Springfield Drive
Narre Warren
4
2
2
$810,000
40 Eureka Crescent
Narre Warren South
4
2
2
$710,000
5 Abercairn Drive
Narre Warren South
3
2
2
$780,000
1/19 Cotswold Crescent
Officer
4
2
2
$665,000
8 Sabina Road
Officer
4
2
2
$720,000
1 Kooyong Close
Officer
0
0
0
$820,000
14 Atherton Avenue
Officer South
4
2
2
$935,000
40 Bellbird Close
Pakenham
21 Kilburn Place
Pakenham
3
2
2
$590,000
18 Elderberry Way
Pakenham
4
2
2
$680,000
10 Colley Street
Pearcedale
4
2
3
$970,000
87 Bloom Avenue
Wantirna South
3
2
2
$965,000
21B Avoca Way
Wantirna South
4
3
2
$1,395,000
46 Alfred Road
Werribee
4
2
2
$650,000
$1,050,000
Land
We lease more. A snapshot of last months leases.
Average weekly rent.
$450
Average monthly rent.
$1,956
Address
Number of suburbs leased in.
Rental price p/w. High
Low
$750
$320 Leased price p/w
Suburb
26 Leased price p/m
2/5 Wiltshire Avenue
Bayswater
2
1
1
$410
$1,782
48 Victoria Road
Bayswater
3
1
2
$460
$1,999
15/241 Soldiers Road
Beaconsfield
4
4
2
$500
$2,173
3/2-4 Edinburgh Drive
Beaconsfield
3
2
1
$410
$1,782
402 Rix Road
Beaconsfield
4
2
1
$435
$1,890
9 Timberside Drive
Beaconsfield
4
2
2
$550
$2,390
13 Shaftsbury Avenue
Berwick
4
2
2
$445
$1,934
15 Manorwood Way
Berwick
4
2
2
$485
$2,107
2 Mandalay Court
Berwick
4
2
2
$520
$2,260
21 Dempster Way
Berwick
4
2
2
$500
$2,173
42 Jack William Way
Berwick
4
2
2
$500
$2,173
443 Centre Road
Berwick
3
1
2
$420
$1,825
1/271 Boronia Road
Boronia
3
2
2
$525
$2,281
3/46 Paton Crescent
Boronia
4
3
2
$600
$2,607
Unit 101/198B Dorset Road
Boronia
2
1
1
$370
$1,608
7 Powlett Drive
Clyde
4
2
2
$470
$2,042
24 Abundance Circuit
Clyde
4
2
2
$420
$1,825
31 (Lot 1015) Keskadale Way
Clyde
4
2
2
$425
$1,847
5 Waler Circuit
Clyde North
4
2
2
$490
$2,129
We lease more. Address
Leased price p/w
Suburb
Leased price p/m
24 Ayrshire Way
Clyde North
4
2
2
$460
$1,999
12 Harry Street
Cranbourne
3
1
1
$385
$1,673
52 Aleppo Place
Cranbourne
1
1
1
$320
$1,390
13 Artfield Street
Cranbourne East
3
2
1
$400
$1,738
3 Beauchamp Way
Cranbourne East
3
2
2
$400
$1,738
23 Botany Way
Cranbourne East
4
2
2
$430
$1,868
32 Ravenhurst Circuit
Cranbourne North
4
2
2
$465
$2,021
10 Tinara Court
Cranbourne North
3
2
2
$420
$1,825
11/7-9 Elizabeth Street
Cranbourne North
3
1
0
$330
$1,434
21 Elkedra Way
Cranbourne North
4
2
2
$490
$2,129
15 Hemingway Grove
Cranbourne West
4
2
2
$460
$1,999
18 Zebra Way
Cranbourne West
3
2
2
$420
$1,825
4/29 Wilma Avenue
Dandenong
2
1
1
$400
$1,738
42/35 David Street
Dandenong
2
2
1
$360
$1,564
65 McFees Road
Dandenong North
4
1
2
$460
$1,999
2/7 Bramwell Close
Endeavour Hills
2
1
1
$335
$1,456
13 Tunley Close
Endeavour Hills
4
1
2
$450
$1,955
5
2
6
$750
$3,259
53 George Chudleigh Drive Hallam 2/132 Fordholm Road
Hampton Park
2
1
2
$335
$1,456
6 Casuarina Court
Hampton Park
3
2
2
$430
$1,868
We lease more. Address
Leased price p/w
Suburb
Leased price p/m
2/28 Coromandel Crescent
Knoxfield
4
2
2
$575
$2,499
6/1 Warrenwood Place
Langwarrin
2
1
1
$400
$1,738
2/30 Warrenwood Place
Langwarrin
2
1
1
$380
$1,651
34 Henry Lawson Drive
Lynbrook
4
2
2
$535
$2,325
18 Butternut Drive
Lyndhurst
3
2
1
$490
$2,129
2/481 - 483 Princes Hwy
Narre Warren
3
1
1
$400
$1,738
78 Prospect Hill Road
Narre Warren
3
1
2
$400
$1,738
9 Lucy Court
Narre Warren
4
2
2
$550
$2,390
97 Darling Way
Narre Warren
3
1
0
$385
$1,673
12 Columbia Road
Narre Warren
4
2
2
$500
$2,173
34 Abeckett Road
Narre Warren North
3
2
4
$540
$2,346
11 Janson Close
Narre Warren South
3
2
2
$450
$1,955
4 Rigby Court
Narre Warren South
3
2
2
$430
$1,868
15 Pioneer Way
Officer
3
2
2
$435
$1,890
7 Quirk Road
Pakenham
4
2
2
$430
$1,868
1 Butina Crescent
Pakenham
3
2
2
$400
$1,738
3 Wembley Circuit
Pakenham
3
2
2
$410
$1,782
8 Gorham Street
Pakenham
3
2
2
$460
$1,999
5 Oxford Close
Sunbury
3
2
1
$400
$1,738
4/7 Tyner Road
Wantirna South
3
2
2
$550
$2,390
Victorian real estate has biggest ever summer of sales as records tumble
Victoria’s red hot property market has delivered the biggest ever summer of sales, with a real estate record tumbling almost every day.
“So the market is absorbing stock quite well, and in the middle to outer suburbs in particular.”
More than 70 suburbs and towns now have a new top home price, and Melbourne’s median house sale soared to an unprecedented $1.125m, according to Real Estate Institute of Victoria data.
Auctioneer Paul Tzamalis, crowned the REIV senior auctioneer of the year for 2021 this week, said the booming conditions were driven by homesellers confidence in no more lockdowns.
Experts believe while the sizzling action will cool slightly in autumn, records will continue being smashed as buyers tune out the threat of rising interest rates as “white noise”. We expect prices will continue to climb over the year, but that the rate of price growth will slow. It cements this summer as the busiest on record for real estate, with the possibility more than 9500 auctions will have been called by the time the final hammer comes down on Sunday. The previous hottest summer was in 2017-2018 when 7869 auctions led to 5444 sales. REIV figures show the state has already notched 6128 sales at auction this summer, making it the biggest summer of sales on record too. Institute president Adam Docking said huge numbers of sellers and buyers sidelined during lockdowns last year had effectively forced the combination of spring and summer property markets. The result was an incredible 81 real estate records being broken at a rate of one every 26.5 hours in the biggest summer “in real estate history”. “I think we have broken every record that there is,” Mr Docking said.
“Everyone knows where they stand,” he said. Ray White Victoria chief executive Stephen Dullens said the end of most restrictions for real estate had also made for a more manageable situation for agents compared to post-lockdown markets, when only oneon-one inspections could be held, and the firm had needed to offer its staff resilience training to cope with market conditions and workloads. Real Estate Buyers Agents Association of Australia president Cate Bakos said records would continue to fall as Melbourne began to catch up with regional Victorian areas that outpaced the big smoke in 2021. Ms Bakos said Victoria’s booming summer property market had been buoyed by “disproportionately stupid number of auctions in December” and a “really enormous February”. Buyers have taken no notice of speculation around interest rate rises this year. “The only way they will have an effect is if they actually do go up,” Ms Bakos said.
Even the threat of rising interest rates was unlikely to stop buyers in the months ahead, though a more balanced autumn market was still likely as buyer and seller numbers became more balanced, he said.
“At this point buyers and sellers just think the talk about them is white noise.
“We might not necessarily keep breaking records, but we will have a very solid property market,” he said.
“I think we will continue to see listing activity at record levels in autumn.”
“It is unbreakable at the moment. We have people leaving the suburbs and cities to go interstate and to regional areas, and we still have records being broken.” Barry Plant executive director Mike McCarthy said regional and peri-urban areas like the Mornington and Bellarine peninsulas, Geelong and Melbourne’s outer ‘burbs had gone “gangbusters”. “But we’re still seeing through the industry, auction clearance rates in excess of 80 per cent,” Mr McCarthy said.
With more stock and some buyers likely to get caught up watching for property policies in the federal election expected in May, buying before back-to-back long weekends for Easter and Anzac Day would give buyers their best chance, she said. “And with the return of internationals, winter could be a good time to sell,” Ms Bakos added. Across the board she tipped affordable homes to be most in demand. — with Emily Holgate
Article Source : www.realestate.com.au
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