The Juice
Issue Six | August 2017
Fresh From The Market - Latest news from the C&G team Winter has shown a sustained period of strength in the inner Melbourne real estate market. No longer is it considered the lesser time of the year to sell. Clearance rates have remained on average at an extremely strong level of 77%.
Continues inside
Inside: Fresh From the Market
Handpicked Local Events
Changes to Capital Gains Witholding Rules
Five Minutes With...
Handy Hints For‌
Matt Mitchell, Torsten Kasper, Sam Gamon, Jon Kett & Nick Jones
Fresh From the Market Black Rock Undersupply and strong demand is driving the market place along with the strength and safety of bricks and mortar combined with low interest rates still holding us in good stead. In Black Rock, there were 39 properties sold in this June quarter – slightly up from 35 sales in the same quarter last year. 17 properties sold via auction and 22 via private sale, and the median house price for this period was $2,120,000 up 12.8% for the quarter and 13.9% for the year. Beaumaris has seen 61 properties sold in this June quarter in 2017 - in the same quarter last year there were 76 transactions. 29 of these properties sold via auction and 32 via private sale, and the median house price for this period was $1,690,000 up 14.6% for the quarter and up 9.2% for the year. Port Melbourne This June quarter has seen apartment sales figures in Port Melbourne increase by 12.7% with median apartment prices sitting at $710,000. The median price for houses this quarter is $1,650,000. The Chisholm & Gamon Port Melbourne office continues to maintain an impressive 100% clearance rate for houses and townhouse sold under Auction conditions; we are booking in a large number of properties for auctions over the next 4 months with vendors getting in quick to secure that prime selling date for Spring.
Elwood Elwood properties, on average, are spending 27 days on the market. There was a total of just over $96 million worth of property sold in this last quarter. The Elwood team have had several weekends with clearance rates of 100%. The quarter saw a significant increase for both houses and apartments; the median house price for the quarter was $2,013,000 (an increase of $583,000 on the previous quarter) and the median apartment price for the quarter was $655,000 (an increase of $110,000 on the previous quarter). Mount Martha The growth spurt in the Mount Martha property market seen across the summer months slowed significantly in the last quarter. With higher end properties remaining on the market longer and a general compression in price the median house value dropped by 11.7%. With the warmer weather returning we are confident that the ‘heat’ will return to the Mount Martha property market aligning with the 17.6% increase in house prices seen over the past 12-months. With the Mornington Peninsula continuing to shift from a holiday spot to a highly sought after location for permanent homes for families and sea-change retirees we anticipate a strong lift in prices especially as we move into warmer weather with stock levels increasing and buyers returning from hibernation.
Chisholm & Gamon’s Auction Clearance Rate for the first half of 2017 was 84% - averaging 10% higher than the marketplace clearance rate.
Handpicked Events in Your Local Area 3
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Black Rock House Community Market 34 Ebden Avenue, Black Rock http://www.blackrockhouse.org.au/ Leukaemia Foundation Light the Night South Beach Reserve, St Kilda https://lightthenight.org.au/event/ melbourne
Changes to Capital Gains Witholding Rules Changes to Capital Gains withholding rules which were implemented by the Australian Tax Office (ATO) on 1st July 2017, will have property vendors rushing to prove their Australian residency.
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Around the Bay 2017 https://www.bicyclenetwork.com.au/ rides-and-events/around-the-bay/
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Main Street Mornington Festival Main Street, Mornington http://www.mainstreetfestival.com.au/
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overseas who decide to dispose of their home in Australia may be required to pay 12.5% of the sale of their property to their tax office if they cannot prove they are still Australian residents for tax purposes. This is more likely to apply if they have been out of the country for an extended period and have set up a permanent residence elsewhere.
This new change is significant to a healthy number of transactions; those selling property with a market value of $750,000 and above will have to obtain a “Clearance Certificate� from the ATO confirming that they are an Australian Resident for tax purposes - thus avoiding the 12.5% Foreign Resident Capital Gains Withholding (FRCGW). Whilst FRCGW is not new, the previous rate of 10% applied to transactions on property valued at $2 million and above, hence only impacting a small percentage of the population. Australian expats living
Planning your Spring property Sale? Call us on 9531 1245 now to get your sales plan underway
Five Minutes With...
Handy Hints For…
Harry Charalambous Mama’s Kitchen Black Rock
Holding a Garage Sale The term ‘spring cleaning’ is more than just a saying. Spring is a fantastic time to have a good old clear out, and make some extra cash to boot. Set a date Weekends are the best days to schedule your garage sale. School holidays and long weekends are also worth considering, as families are often seeking inexpensive activities to keep busy. And try to opt for a weekend with a good weather forecast!
When you have visitors, where do you take them? Growing up in Port Melbourne, we like to take our guests to our old neighbourhood which has changed so much, on a sunny day it always reminds me of how lucky we are in Melbourne.
Pool your efforts The more people you can rally to join in the better. Try getting family, neighbours or even your whole street involved. The more items for sale, the better.
Where is your favourite place to eat in Melbourne? Because we work evenings we tend to indulge in breakfast and brunch more than we should. A definite favourite is Left Field in Carnegie, the middle eastern influence is an interesting take on breakfast.
Advertising your garage sale The key to attracting buyers is advertising; encourage both digital and verbal word of mouth. Advertise on social media to your friends, colleagues and neighbours. Ring up the local community radio stations. Ensure flyers are specific with the date and time – and be prepared for bargain hunters to arrive earlier than the advertised time!
Mama’s Kitchen serves a range of cuisines...if you could go anywhere in the world to indulge, where would you go? If I could go anywhere for a food adventure it would be Italy, Bologna has the most appeal with its long history of incredible egg pastas and cured meats. Food is to be savoured, they even stop work to have lunch.
Don’t get attached Remember, the goal of your garage sale is to sell everything and declutter! Don’t hang onto sentimental feelings when it comes to pricing – be prepared to sell items at a lower price to achieve your final goal of a complete spring clean!
What is unique about Mama’s Kitchen? The one thing that stands out when you try Mama’s food is that it truly tastes like you’re eating at someone’s house. Maybe because the food is prepared by my beautiful wife, she is the Mama behind Mama’s.
Elwood 9531 1245 | 90 Ormond Road 3184 Black Rock 9589 3133 | 3 Bluff Road 3193 Port Melbourne 9646 4444 | 1 - 103D Bay Street 3207 Mount Martha 5974 6888 | 7A Bay Road 3934 Chisholmgamon.com.au
What menu items are you most proud of and why? All our food is made with love and we are proud of everything we serve. Our burgers have to be the most popular thing at the moment, all our burgers are handmade on the premises every day to ensure freshness and maximum tastiness, complemented by our homemade sauces. They are simply delicious. http://www.mamaskitchen.net.au/ *Should your property be exclusively listed with another agent please disregard this notice.