October report.
Our purpose. To create a place where we can facilitate our people’s growth.
Our values.
Family.
Mutuality.
Realising potential.
Our colleagues are our broader family, assist when needed and when in need.
Respect our colleagues and our clients as you would like to be respected.
Unlock your full potential, encourage and support your colleagues.
Embrace change.
Health and energy.
Strive for excellence; be open minded and willing to embrace change.
Work towards being well balanced within yourself.
October report.
From our corporate director. Dean O’Brien
50,000 lots of land and 50,000 jobs program Before we touch on the property news for the week, I would like to acknowledge the recent award our Carrums/Chelsea office received from Real Estate Institute of Victoria last week in winning the Large Residential Agency of the Year for 2021, it’s one of the most significant categories the REIV awards on and we are super proud of the team’s effort. While on the topic of acknowledgements, just this week OBrien opened its 33rd office in the Western Corridor of Melbourne in Ballarat Road Deer Park, we extend a big warm welcome to the team in Deer Park in joining our OBrien Family.
Now onto the news, Stuart Moseley the CEO for the Victorian Planning Authority released an update to the market, stating the planning minister has approved their strategic business plan for 2021/2022. The major project within the plan was the Fast-Track project which is designed to support economic recovery by delivering 50,000 lots of land and 50,000 jobs program. You’ll see streamlining of growth in major urban growth corridors being released over the coming months along with major established area projects like Arden and Preston Market which are earmarked to have their planning completed. The government also plans to create it’s 20-minute neighbourhoods in urban areas and will continue its work on the Small Lot Housing Code. Looking at titled land released in 2020, the two western growth areas of Melton and Wyndham made up most of the new lots with 56% of lots released, with Casey/Cardinia at 19.4%, Hume/Mitchell at 13.4% and 11.3% within Whittlesea. However, the long term estimated supply of land remaining is the strongest in the City of Hume with 49 years remaining with next Melton with 38 years remaining.
The main news edits for this week: -The Chinese economy slows, but growth is still at annual rate of 4.9% for the September quarter. -Aussie petrol prices hit a 13-year high. -And CBA released its debit and credit card spending which indicates an increase in activity with spending up 18.6% for the week ending 22 October when compared to 2019 levels. That’s all for this week, I’m Dean OBrien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances. Regards, Dean O’Brien
We sell more. A snapshot of last months sales.
Average sale price.
$793,558
Sale price. High.
Number of suburbs sold in.
Low.
$1.9M
$280K
32
Address
Suburb
29 Stornoway Drive
Baxter
3
2
2
$722,000
1/5 Kenneth Ro Road
Bayswater
4
3
2
$900,000
9/241 Soldiers Road
Beaconsfield
4
3
2
$713,000
1/7 Railway Avenue 6
Beaconsfield
3
2
2
$681,000
Laburnum Street 7
Berwick
4
2
2
$1,060,000
Ava Close
Berwick
4
2
2
$806,000
7 Ackland Court
Berwick
4
3
3
$1,285,000
14 Wintersun Road 12
Berwick
4
2
2
$912,500
Casandra Court
Berwick
4
2
2
$1,300,000
2 Wembley Drive
Berwick
4
2
2
$995,000
21 Turner Street
Berwick
2
1
1
$580,000
34 Jamieson Way
Berwick
4
2
2
$760,000
1 Bayleaf Street
Berwick
4
2
2
$815,000
10 Augustus Drive
Berwick
3
1
1
$600,000
108 Moondarra Drive
Berwick
4
2
2
$950,000
36 Willslie Crescent
Berwick
4
2
2
$865,000
48 Warneet Road
Blind Bight
3
2
5
$740,000
Sale Price
We sell more. Address
Sale Price
Suburb
3 Jordan Court Court
Boronia
3
1
2
$836,000
11 Ethel Stree Street
Boronia
4
3
5
$1,250,000
22A Olive Grov Grove
Boronia
4
3
2
$1,125,000
10 Parker Aven Avenue
Boronia
4
2
2
$1,134,250
14 Royal St Georges Chase
Botanic Ridge
4
2
2
$1,000,000
201/994 Toorak Road
Camberwell
1
1
1
$390,000
34 Pyrenees Road
Clyde
4
2
2
$769,000
9 Illawarra Avenue
Clyde
4
2
2
$637,500
52 Heybridge Street
Clyde
4
2
2
$745,250
16 Nunkeri Court
Clyde North
3
2
2
$550,000
15 Pamplona Way
Clyde North
4
2
2
$790,000
10 Clovis Avenue
Clyde North
4
2
2
$702,500
14 Keskadale Way
Clyde North
4
2
2
$671,000
8 Tia Street
Clyde North
3
2
2
$595,000
8 Pleven Rise
Clyde North
3
2
1
$579,000
2/3 Delmont Court
Cranbourne
2
2
1
$475,000
2/34 Circle Drive North
Cranbourne
2
2
1
$435,000
41A Lurline Street
Cranbourne
3
2
2
$547,000
21 Maddock Drive
Cranbourne East
3
2
2
$667,000
8 Hawkeseye Way
Cranbourne East
3
2
2
$749,999
We sell more. Address
Suburb
Sale Price
7 Dianne Court
Cranbourne North
3
2
2
$685,000
12 Bartolo Court
Cranbourne North
4
2
3
$732,500
34 Broome Crescent
Cranbourne North
4
2
1
$640,000
2 Brentwood Drive
Cranbourne North
3
1
2
$615,000
3 Fiona Drive
Cranbourne South
3
1
8
$1,680,000
25 Breamlea Way
Cranbourne West
4
2
2
$630,000
35 Breamlea Way
Cranbourne West
4
2
2
$627,500
28 Spearwood Rise
Cranbourne West
4
2
2
$790,000
8 Acheron Close
Hallam
4
2
2
$740,000
11 Coromandel Crescent
Knoxfield
0
0
0
$945,000
14 Townley Road
Koo Wee Rup
4
2
2
$709,500
224 Rossiter Road
Koo Wee Rup
3
2
2
$630,000
6 Blackfish Drive
Koo Wee Rup
4
2
2
$685,000
11 Carnarvon Street
Lang Lang
2
2
2
$501,000
1 Elemes Court
Langwarrin
4
2
2
$985,000
12 Lang Road
Langwarrin
3
1
2
$700,000
21 Aspendale Place
Lyndhurst
4
2
2
$792,000
704/233 Collin Street
Melbourne
1
1
0
$280,000
129 Fleetwood Drive
Narre Warren
3
2
2
$770,000
31 Lansbury Drive
Narre Warren South
4
2
2
$720,000
We sell more. Address
Suburb
Sale Price
5 Wearingford Avenue
Narre Warren South
4
2
2
$882,000
4 Floral Gardens
Narre Warren South
4
2
2
$1,015,000
54 Berwick Springs Promenade Narre Warren South
4
2
2
$963,000
14 Colonial Court
Narre Warren South
4
3
3
$1,700,000
11 Ezra Crescent
Officer
2
1
1
$495,000
30 Old Trafford Way
Officer
3
2
2
$585,000
3 Cliveden Drive
Officer
4
2
2
$900,000
30 Kooyong Close
Officer
3
2
2
$605,000
6 Britton Drive
Pakenham
4
2
2
$786,200
50 Simon Drive
Pakenham
3
2
2
$580,000
18 Avon River Way
Pakenham
4
2
2
$710,000
12 Irving Road Road
Pakenham
3
2
2
$670,000
137-145 Smiths Lane
Pearcedale
4
2
2
$1,900,000
1 Triumph Way
Skye
3
2
2
$735,000
14A Kimtara Court
Somerville
3
2
2
$652,000
3102/105 Clare Street
Southbank
1
1
0
$350,000
16 Summerhill Street
Tarneit
3
2
2
$560,000
139 South Gippsland Highway
Tooradin
3
2
2
$780,000
10 Ormiston Close
Wantirna
4
2
2
$1,300,000
We lease more. A snapshot of last months leases.
Average weekly rent.
$449
Average monthly rent.
$1,951
Rental price p/w. High
Number of suburbs leased in.
Low
$1,200 $350 Leased price p/w
26
Leased price p/m
Address
Suburb
2/19 Lance Road
Bayswater
2
1
1
$380
$1,651
21 Kevin Close
Beaconsfield
3
2
1
$420
$1,825
7 Fieldstone Boulevard
Beacosnfield
4
3
2
$580
$2,520
14 Eglinton Close
Berwick
3
2
2
$480
$2,086
23 Festival Terrace
Berwick
3
2
0
$380
$1,651
3 Nestle Retreat
Berwick
4
2
2
$550
$2,390
6 Astrid Court
Berwick
5
3
2
$750
$3,259
9 Sunhill Way
Berwick
5
3
4
$530
$2,173
6 Raneen Place
Berwick
3
2
2
$390
$1,695
36 Waterhouse Way
Bonatic Ridge
4
3
2
$820
$3,911
8 Roselyn Crescent
Boronia
3
2
1
$450
$1,955
102/290 Dorset Road
Boronia
2
1
1
$380
$1,651
12 Burn Nar Look Drive
Burwood
4
2
2
$630
$2,737
4 Enchantment Way
Clyde
4
2
2
$450
$1,955
13 Freiberger Grove
Clyde North
3
2
2
$400
$1,738
13 Ippudo Way
Clyde North
4
2
2
$475
$2,064
36 Bronnie Street
Clyde North
4
2
2
$470
$2,042
We lease more. Address
Leased price Leased price p/w p/m
Suburb
2 Stonethwaite Lane
Clyde North
4
3
2
$440
$1,912
23 Ayredale Street
Clyde North
3
2
2
$450
$1,955
26a Selandra Boulevard
Clyde North
2
1
1
$370
$1,608
80 Picnic Avenue
Clyde North
3
2
2
$400
$1,738
49 Kilmarnock Way
Clyde North
3
2
1
$390
$1,695
2/106 Clairmont Ave
Cranbourne
3
2
2
$430
$1,868
3/56 Elizabeth Street
Cranbourne
2
1
1
$360
$1,564
42 Thomas Crescent
Cranbourne
3
1
2
$390
$1,695
59A Lamont Crescent
Cranbourne
3
2
1
$400
$1,738
45 Latrobe Street
Cranbourne
3
1
1
$350
$1,521
14 Rebecca Court
Cranbourne North
3
2
2
$440
$1,912
18 Tilden Rise
Cranbourne North
4
2
2
$470
$2,042
9 St Gwinear Lane
Cranbourne North
4
2
2
$460
$1,999
12 Glasson Way
Cranbourne West
4
3
2
$750
$3,259
16 Marnie Drive
Cranbourne West
3
1
2
$420
$1,825
4/46 Princes Highway
Dandenong
2
1
1
$305
$1,325
15 Harvey Place
Endeavour Hills
3
1
2
$390
$1,695
9 Giles Retreat
Endeavour Hills
3
2
2
$400
$1,738
We lease more. Address
Leased price Leased price p/w p/m
Suburb
24 Deanswood Rd
Hampton Park
3
1
1
$360
$1,564
30 Verona Drive
Hampton Park
3
1
1
$420
$1,825
59A Meredith
Hanaton Park
3
2
1
$390
$1,695
12 Wayne Court
Heathmont
3
1
2
$475
$2,064
1/6 Lindfield Court
Knoxfield
3
1
1
$390
$1,695
1/16 Daniel Drive
Langwarrin
2
1
1
$380
$1,651
100 Wanda Street
Mulgrave
3
1
3
$455
$1,977
18 Cottswold Ave
Narre Warren
3
2
0
$400
$1,521
24 London Crescent
Narre Warren
3
2
2
$430
$1,868
5 Salignus Court
Narre Warren
4
2
1
$450
$1,955
13 Avebury Place
Officer
3
2
2
$360
$1,564
8 Hubbard Lane
Officer
3
2
1
$380
$1,651
14 Fairchild Place
Pakenham
3
2
1
$400
$1,738
4 Heysen Close
Rowville
4
2
2
$575
$2,498
2 Harewood Street
Tooradin
3
1
2
$500
$2,173
83 Mowbray Drive
Wantirna South
3
2
2
$520
$2,260
30 Minster Avenue
Warragul
4
2
2
$550
$2,390
Top 10 Melbourne suburbs earmarked for price growth
“Melbourne has experienced the deepest impact from lockdowns, and some Victorians have relocated interstate”. “But there is also a wall of pent-up demand from frustrated homebuyers in Melbourne, and there will undoubtedly be a dramatic rebound in activity,” Mr Wargent said.
There may still be some opportunities for growth in certain areas. Image – Canva
• Melbourne has recently become the most locked down city in the world • Despite significant growth in the city, these suburbs have potential for growth • A dramatic rebound in activity is predicted after lockdown restrictions ease Australian housing is now worth more than $9 trillion. But even with the property market running hot, there are still opportunities to purchase in areas of Melbourne that can expect growth according to Pete Wargent co-founder of BuyersBuyers. Melbourne has experienced significant price growth since the onset of the pandemic, as displayed by the SQM data below. This is despite recently becoming the most locked down city in the world.
Article Source: thepropertytribune.com.au
Melbourne real estate restrictions: Open homes set to return to Melbourne market Open homes are set to return to Melbourne’s real estate market from this Friday at 6pm, as the state reaches the 80 per cent vaccination milestone. It comes after one of the busiest auction weeks this year, with 1405 homes going under the hammer last week – including the first on-site sales in the city since lockdown ended. And activity will ramp up even more as metropolitan Melbourne and regional Victoria come together under the same rules again, with about 1663 auctions scheduled, according to realestate.com.au. The government road map states up to 500 fully vaccinated people are now able to attend auctions and inspections, with densitylimits of one person per 4sq m indoors and one person per 2sq m outdoors. The same rules apply for in-person home appraisals.
Mr Wargent believes that as lending is slowly restricted in the coming months, there will be a ripple effect with growth in suburbs where price growth has lagged. “Affordability will begin to bite for houses in Melbourne’s top-performing suburbs next year, but there are still suburbs and pockets where prices have not blown off,” said Mr Wargent. Mr Wargent believes that as restrictions ease in Melbourne housing stock levels will recover. “We believe there will be more choice for buyers over the coming 3 to 6 months, but as the market for detached homes is still competitive buyers need to be clear about their strategy and be able to act decisively,” he said.
Real Estate Institute of Victoria president Adam Docking said it would allow more people to see properties in a shorter amount of time, helping agents meet surging demand. “It’s another step to going almost completely back to normal,” he said. “It will bring back the social aspect of the traditional spring market where the neighbour can come round and catch up and watch the auction too.” Article Source : www.realestate.com.au
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