Property Market Update - Tori McGregor, Spring 2019

Property Market Update Boroondara

109 Guildford Road, Surrey Hills

So much can change in three months. Over the last quarter we've observed considerable stability return to the market after a long awaited election result that's proved favourable with the property market. Prior to June this year, the Reserve Bank of Australia had held the cash rate unchanged for just under 3 years however, over the past quarter, we have seen two consecutive cuts taking the official rate to a record low of one percent. The two adjustments have injected much needed confidence into the market and on a practical level, has resulted in tangible savings for households.

Additionally, the Australian Prudential Regulation Authority announced it was relaxing stringent lending restrictions allowing banks to set their own serviceability buffers and effectively allowing people to extend their borrowing potential.

Frustration is creeping in for buyers as we continue to see a shortage of well positioned, quality homes on the market, resulting in some excellent outcomes for the properties that have been sold. Westpac-Melbourne's 'consumer sentiment index' rose in August by 3.6 per cent to 100.00. Now at its highest level since 2014, the 'time to buy a dwelling' index has risen 16.7 per cent compared to this time last year and is currently at 126.9 per cent. Victoria continues to experience higher population growth than any other state and this growth is supported by lower unemployment rates than the rest of the country.

Auction success rates have climbed steadily in the inner east over the past quarter and the Domain Group reported success rates in Melbourne are now at their highest point since October 2017. There is undoubtedly strength in the current market, buoyed by the changes of the past quarter, providing a positive outlook for the spring market.

We have witnessed vigorous competition from bidders at many auctions accentuated by the lack of quality homes on the market. With demand outstripping supply, many properties have been selling for a price well above their reserve. If a move is on the horizon for you, we encourage you to contact your agent at Marshall White now, to take advantage of the incredible opportunity the spring market presents.

Tori McGregor M 0400 633 992 P 8862 4986 E tori.mcgregor@marshallwhite.com.au

From the Agent Tori McGregor's take on the market this quarter Over the past couple of months, the consistently high auction success rates, slight upward movement in house prices and the increase in the number of potential buyers at auctions and open for inspections all point to a sustained turnaround in Melbourne´s property market. This is good news as the spring auction season approaches, our busiest time of the year.

However, while demand is clearly building, the supply of property is unseasonally low. This lack of quality property on the market has made those that are available even more sought after and highly contested at auction. Consequently there have been a number of prices achieved that were well above the reserves. There are many buyers in the market place keen to make a purchase in the spring market so that they can be in their new home for Christmas and the school holidays. If you are considering selling, then these conditions make now the opportune time.

Boroondara Lifestyle A Thousand Blessings A Thousand Blessings is a sweet, laid-back breakfast and lunch spot surrounded by period homes and leafy trees.

The mother-and-daughter run cafe is near the Gleadell Street fresh fruit and veg market in Richmond. Much like their frozen yoghurt stores, Frozen, A Thousand Blessings prioritises fresh and local ingredients for its seasonal menu.

The cafe supports Demeter-certified biodynamics (free from synthetic chemicals, fertilisers and unnecessary additives) by sourcing its milk and eggs from Shelford in Victoria.

There´s a great range of smoothie options with one using a pretty daring ingredient - broccoli. Otherwise, a grapefruit, mint, strawberry and pomegranate fruit crush will go down a treat on a hot day.

109 Guildford Road, Surrey Hills

Feature Property 109 Guildford Road, Surrey Hills Sold in excess of $2,600,000

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Many people are naturally prone to procrastinate especially if there is no sense of urgency. While listing a property for private sale with no deadline attached is a preferred method of sale by some vendors, the downside is that it allows potential buyers to put it on the back burner. A luxurious executive property set within a stunning garden with pool at 109 Guilford Road, Surrey Hills was at first offered for open ended private sale. When it was converted to an expressions of interest campaign, it generated a great deal of interest before selling for a price in excess of $2,600,000.

A Word From My Clients Having bought our new home we can sit back and think about the experience of selling our beloved old house. In reflection it is clear to us that the help and support which you gave us made the process so much easier.

During the process you were always most warm and friendly, very professional and available.

Tori is an exceptional agent, always exceeding expectation, a diligent and decent real estate agent, a good person who is nice to deal with. Selling your home is such a stressful experience, having the right agent to work with makes a huge difference.

She is always extremely professional and always giving sound advice, we have no hesitation recommending Tori.

Thanks again Tori and we wish you every success in future Megan & Dan Helen

Boroondara Recent Sales A selection of sales results in Boroondara between June 2019 - August 2019

2 Kinkora Road, Hawthorn

29 Edgerton Street, Hawthorn

57 Belmore Road, Balwyn North

2 2 3 Sold in the vicinity of $1,900,000

2 1 4 Sold for $1,865,000

5 4 5 Sold for an undisclosed price

154 Wellington Street, Kew

23 Rubens Grove, Canterbury

14 Kintore Street, Camberwell

2 3 4 Sold for $3,880,000

2 4 5 Sold in excess of $4,000,000

2 2 4 Sold for $4,015,000

3 Vista Avenue, Kew

22 St James Avenue, Mont Albert

36a Tourello Avenue, Hawthorn East

5 5 2 Sold in excess of $4,000,000

5 3 2 Sold in excess of $2,600,000

4 1 4 Sold for $2,025,000

1/53 Chaucer Crescent, Canterbury

70a Cutter Street, Richmond

6 Rosedale Road, Glen Iris

3 2 2 Sold for $1,360,000

4 2 1 Sold in excess of $1,900,000

5 3 2 Sold in excess of $2,400,000

If your property is currently listed exclusively with another agent please disregard this notice.

Reach. Relationships. Results.

These three strategies underpin everything that is different about Marshall White.

Our company culture rewards teamwork resulting in our sales agents working together to introduce buyers to your home.

You have the whole Marshall White sales team behind you, each of them working hard to sell your property.