Woodards Carlton Newsletter

Since the dawn of time, buying and selling goods at market has epitomised a thriving community, and we’re spoiled for choice for the freshest foods, handmade arts, crafts and clothing.

- including Mexican Treat Yo Self, the Currywurst Company, Urban Wholefoods and Little Zetta - parked next to Batman train station and Upfield bike path, will tantalise every tastebud.

The queen of all markets, literally, is the Queen Victoria Market in North Melbourne. An institution that opens on Tuesdays and from Thursday to Sunday, it has artisan-made produce, aisle upon aisle of retail items, souvenirs, eateries, buskers and cooking demonstrations that are as much a hit with locals as with interstate and international visitors.

Rose St Artists’ Market in Fitzroy is the proudly handmade providore of art and design wares - open from 11am-5pm on weekends. Mingle amid the cool crew to secure original artworks, costume jewellery, curios and one-off fashion items. A new eatery and funky rooftop bar make the art of people-watching even more appealing.

Continuing the fresh-is-best approach is the Carlton Farmers Market, held on the first and third Saturdays of every month at Carlton Primary School. Ethically sourced meats, cheeses, fruits, vegetables and other edible specialties are on offer from 35 stallholders.

There are also tempting breakfast options to try, and picnic items to sample later in the nearby Carlton Gardens.

Abbotsford Makers Market, including the popular Skirt and Shirt Market, is held on the third Sunday of every month at the historic Abbotsford Convent. The market is a non-profit association offering the best in handmade fashion, fresh fare and artisan wares.

Batman Market is a vibrant food and craft market held every weekend in Gaffney St, Coburg. New-and-used items and artisan wares sit alongside the freshest food and excellent coffee spots. Ten of the best food trucks

And peruse cool art and crafts while enjoying a laidback feel at Blender Lane Market in Franklin St. There is an increasing range of delicious food to sample, purchase original gifts and try your hand at creative workshops, every Wednesday in the city.

Market wrap The beginning of the academic year may have come and gone, but there is much we will all learn in the next 12 months.

After the uncertain future of the East West Link tunnel was seemingly clarified at November’s Victorian election, the only constant ahead of us in 2015 appears to be change. The good thing is that the Asian Cup soccer, Australian Open tennis and Cricket World Cup have cast the spotlight on Australia’s sporting capital like never before, and we’re likely to emerge as the big winners.

The record-low interest rates and a record number of auctions were characteristics of 2014 as demand returned, and that optimism should continue.

Supply was much higher than usual, but demand still managed to exceed all of that. And the excellent clearance rates and strong prices that had so many people excited were the result.

Among our highlights in 2014 was an unrenovated house in Garton St, Princes Hill fetching $2.82 million, a St David St warehouse in Fitzroy North realising $2 million, and 14 apartments in the WestWyck EcoVillage in Brunswick West speaking volumes about sustainable living by selling off the plan for between high-$600,000s and $1.25 million. All this points to one defining trend and that is the long-term outlook for houses, particularly as more and more apartments are constructed, looks healthier than ever.

After an 8.4% growth in house prices in 2014, the Propell Residential Market Report predicts that Melbourne will again provide solid growth prospects (7%) in the 2015-16 fiscal year.

Locally, North Melbourne and Brunswick West could be the big movers over the next 12 months, the latter for its family homes with big blocks. The former will be driven by its scarcity, city-edge convenience and its position within the coveted University High School zone.

There’s more good news for those who enjoy the great outdoors. With usage expected to double in the next decade, the $5.5 million resurfacing works at the southern end of Princes Park are almost complete, with the sporting fields re-opening around Easter. The works required were a legacy of the days when the area was used as a car park for Carlton Football Club matches.

The health benefits continue with the plethora of construction in Parkville’s ever-expanding medical precinct, which means inner-north residents have world-class facilities at their fingertips when they are most in need. As for investors, the bullish sales market brings us ever closer to another period of consolidation in the economic cycle before any upward pressure on price increases occur.

As always, this will be dictated by demand so the increases could come later rather than sooner.

If you have any questions about this report or your local area, please feel free to call us on 9347 1755.

Yours in property, Jason Sharpe & Glenn Bartlett

Municipality Overview

Oct-Dec 2014

City of Melbourne The Metropolitan Melbourne median price increased 5.3% in the December quarter 2014. House prices in the City of Melbourne also trended upwards, increasing 3% to $1.21M over the same period. The highest increase was in Princes Hill where the median house price increased by 17.4% to $1.16M. About 32% of homes in the City of Melbourne that were up for sale were auctioned in the 12 months ending December 2014.

The average clearance rate over this period was 67%, but was very high in some suburbs such as Princes Hill (88%), East Melbourne (78%), and North Melbourne (76%).

In the private sale market, the fastest selling homes were in East Melbourne. The median number of days on market in East Melbourne in the 12 months ending December 2014 was 32 days, which was 15 days faster than in the 12 months ending December 2013. Homes in Princes Hill and Kensington also sold fairly quickly at 33 and 36 days, respectively.

As the central municipality of the state, there will continue to be demand for housing in the area from investors, developers, and owner-occupiers. Some suburbs such as Princes Hill and North Melbourne have consistently outperformed the market and are well placed for further growth.

City of Moreland The overall median house price in the City of Moreland decreased slightly over the December quarter compared to the general market. However there were some suburbs that grew strongly, particularly Brunswick West, which was among one of the fastest growing suburbs in Melbourne, increasing by 10.1% over the quarter to $853,000.

About 60% of homes being sold were auctioned in the City of Moreland in the 12 months ending December 2014. The average clearance rate over this period was 73% with some suburbs having much higher clearance rates. Brunswick East had the highest clearance rate of 81% followed by Coburg at 78%.

Brunswick also had the fastest selling times with the median number days on market of 30 days in the 12 months ending December 2014. This was six days faster than a year ago and is also below the metropolitan median of 39 days. Homes in Coburg North and Brunswick West also reported relatively short times on market of 31 and 34 days respectively.

City of Yarra House prices in the City of Yarra increased strongly with the median house price in the City of Yarra increasing 3.5% to $1.04M. The highest increase within the municipality was in Clifton Hill where the median house price increased by 18.4% to $1.14M. About 64% of homes sold in the City of Yarra went to auction in the 12 months ending December 2014. The municipality also recorded a very high clearance rate of 77%, which is much higher than the metropolitan average of 71% for the same period.

The highest clearance rates were in Clifton Hill (82%) and Abbotsford (80%).

In the private sale market, the fastest selling homes in the municipality were in Richmond. The median number of days on market in Richmond was 28 days in the 12 months ending December 2014. This was much lower than the metropolitan Melbourne median of 39 days. Homes in Abbotsford also sold relatively quickly at 29 days.

The City of Yarra is especially attractive to investors and owner occupiers. There are a number of suburbs that continue to perform strongly including Clifton Hill, Richmond and Abbotsford, and are expected to continue to attract demand.

Key statistics

Oct-Dec 2014

Where we choose to live says much about who we are, but the municipalities in the inner north continue to thrive ‌ as the statistics show.

Houses City of Melbourne

Highest sale price: $2,875,000

Lowest sale price: $653,000

134 houses sold

City of Moreland

Highest sale price: $2,300,000

Lowest sale price: $347,500

450

Lowest sale price: $630,000

172

City of Yarra

Highest sale price: $3,760,000

houses sold

houses sold

Units Lowest sale price: $162,000

570

Lowest sale price: $193,000

314

Lowest sale price: $133,000

220

City of Melbourne

Highest sale price: $2,225,000 City of Moreland

Highest sale price: $1,397,500 City of Yarra

Highest sale price: $2,511,000

units sold

units sold

units sold

Average time on market City of Melbourne

Houses: 28 days

Units: 30 days

City of Moreland

Houses: 29 days

Units: 31 days

City of Yarra

Houses: 25 days

Units: 26 days

904

houses/units for sale today

432

houses/units for sale today

182

houses/units for sale today

Recent Sales

BRUNSWICK 24 Heller Street 4

1

CARLTON NORTH 666 Rathdowne Street 1

3

1

$1,101,000

$991,000

PARKVILLE 14/92 The Avenue

BRUNSWICK EAST 30A Clarke Street

2

1

1

3

2

1

$545,000

$805,000

CARLTON NORTH 767 Rathdowne Street

CARLTON 207 Parlmerston Street

4

1

1

3

1

Undisclosed

$1,020,000

BRUNSWICK 48 Blyth Street

PRINCES HILL 50 Garton Street

4

2

1

5

2

1

2

Undisclosed

$2,820,000

NORTHCOTE 35 Whalley Street

CARLTON 148 Canning Street

4

2

2

3

2

1

$1,295,000

$1,150,000

ABERFELDIE 33A Clifton Street

CARLTON NORTH 14A Wilson Street

3

2

2

3

2

2

$1,305,000

$2,220,000

CARLTON NORTH 257 Canning Street

PARKVILLE 23/238 The Avenue

3

2

2

1

1

$1,225,000

$1,013,000

CARLTON 36 Rathdowne Street

WEST MELBOURNE 1/100 Railway Place

3

$954,000

1

3

2

Undisclosed

2

Woodards Carlton 393 Rathdowne Street P 9347 1755 woodards.com.au