MARKET UPDATE REPORT
SOLD - 8 ALFRED STREET, KEW
B O R O O N DA R A | A P R I L 2 02 1
Désirée Wakim M 0412 336 266 P 8862 4926 E desiree.wakim@marshallwhite.com.au
“With unanticipated levels of both supply and demand, the property market has certainly exceeded all expectations in the first quarter of 2021.” With unanticipated levels of both supply and demand, the property market has certainly exceeded all expectations in the first quarter of 2021. In encouraging signs for vendors, as we head into the second quarter, the market shows no signs of abating. The end of 2020 was unquestionably positive in the property market, with green shoots of a revival beginning to show. However, it is the rapid increase of buyers flooding the market that confirms Melbourne is well on track for double digit growth in 2021. Days on market before sale for each property have reduced dramatically and the sheer level of demand for homes is seeing consistently high auction clearance rates.
According to CoreLogic, Melbourne’s auction clearance rate was hovering around the 80% mark in Q1; at the same time last year it was closer to 60%. An increasing number of properties are not reaching the scheduled auction dates, with enthusiastic buyers making offers too good for vendors to refuse. With the predicted decrease in new property entering the market over the coming months, the already buoyant market will continue to remain competitive for purchasers. In particular, the prestige market continues to perform very well, with our Armadale office recording four sales in excess of $20 million each in recent weeks – three of those properties selling within just days of being listed. We continue to see high demand for high end properties, with purchasers willing to go above and beyond for the right property. The outlook for the coming months is overwhelmingly optimistic. With interest rates at record lows, improving economic conditions, high levels of savings, attractive government incentives and low property supply levels all combine to ensure that the Melbourne housing market is in the midst of a boom. From all of us at Marshall White, we hope you and your loved ones are keeping safe and healthy. M A R K E T U P D AT E R E P O R T
From your Local Area Specialist LAST QUARTER IN REVIEW
While we were expecting the year to begin strongly after the property market’s remarkable resurgence in the final quarter of 2020, nobody could foresee the record level of transactions we have seen during the first three months of 2021. Rising confidence since the vaccine roll out has only added fuel to the unprecedented level of demand. Prices are rising, auction clearance rates are consistently high and days on the market have fallen to new lows. In the Boroondara area we are seeing enormous demand for quality family homes, single level properties for down-sizers as well as entry level properties for first homebuyers and more recently investors. The lockdown period highlighted the advantage of a location with close proximity to shops, cafes and parks as well as leafy streets to roam around. With demand well and truly outstripping supply in this soughtafter location, there has never been a better time for potential vendors.
Sincerely,
Desiree Wakim
Culture & Lifestyle PICCINO After only two and a half years, this foodie lover's café is already a local institution. Run by the Sciarpa Family… (Ex – Pure Italian in Belmore Rd, Balwyn & Caffé E Cucina in Chapel St, South Yarra) you an rest assured that you will leave smiling satisfied. Come in for a beautiful homemade Italian dish, delicious take home Italian meals, and of course delicious hot Italian coffee.
Elegance and Luxury 8 A L F R E D S T R E E T, K E W
A
5
B
7
C
5
Expression of Interest
Magnificently proportioned and finished to an unparalleled level of excellence, this breathtaking 5bedroom, 7-bathroom, European-inspired contemporary residence sets a new benchmark in modern family luxury. The grand marble reception hall introduces an elegant sitting room and library/home office. Oak parquetry floors flow through the spectacular living/dining room with a premium kitchen, with butler’s pantry opening to an expansive covered BBQ terrace and the stunning private garden with pool, bathroom and sauna. The main bedroom with a deluxe walk-in robe and ensuite complements four additional bedrooms, with chic ensuites and walk-in robes and a retreat. The basement level comprises an extravagant home theatre with a wet bar, wine cellar, gym, bathroom and 5-car garage. In a coveted Sackville Ward cul de sac near trams, schools, Auburn station and Kew Junction, it includes lift, alarm, video intercom, Sonos, C-Bus, heating/cooling, remote blinds, powder room, laundry, water tank and irrigation
Marshall White Sales Statistics
Average sale price $1m+ range
Statement of Information Downloads
JANUARY 2021 - MARCH 2021 Houses
marshallwhite.com.au
$2,723,175
97,499
Number of sales above reserve
Total number of sales $1m+ range
increasing, it is still not at a level that will satisfy the number of
Average
Sales
buyers in the marketplace.
72%
437
Traditionally the month of January is a quiet time in real estate with the majority of Melburnians enjoying a summer break. This year however the number of transactions in both January and February established new records. Properties were selling at zoom and on-site auctions, with expressions of interest and increasingly prior to auction. The average days on market has plummeted as a result and prices have consistently risen to pre-Covid levels. Two $20 million plus properties were sold in February and March after just one week on the market. Fundamentally it is a case of supply and demand. Demand has been exceptionally strong and while supply is gradually
M A R K E T U P D AT E R E P O R T
Outstanding Sale Results A S E L E CT I O N O F R E C E N T S A L E S
SOLD
SOLD
SOLD
57 The Boulevard, Hawthorn
20 Erica Street, Canterbury
37 Rosedale Road, Glen Iris
A
5
B
4
C
2
A
4
B
3
C
2
A
4
B
3
C
3
Sold $3,700,000
Sold
Sold $3,780,000
SOLD
SOLD
SOLD
56 Elphin Grove, Hawthorn
7 Suffolk Road, Surrey Hills
32 Stirling Street, Kew
A
4
B
2
C
3
A
5
B
4
C
2
A
3
B
2
C
1
Sold
Sold
Sold
SOLD
SOLD
SOLD
10A Tyrone Street, Camberwell
42 Renwick Street, Glen Iris
1 Griotte Street, Canterbury
A
4
B
3
C
Sold $4,410,000
4
A
4
B
3
C
Sold $3,210,000
4
A
5
B
2
C
Sold $2,840,000
3