Another weekend of over 90% clearance across the Jellis Craig network, slightly above the Victorian rate of 86% for a very healthy volume of 903 scheduled auctions. After Labour Day we have three clear weekends to auction until Easter, hence why we’re seeing a healthy amount of stock hitting the market last week, this week […]Read more "A Momentum Game…"
Last week was eye opening. I’ve seen strong auction weekends before. February 2020 was strong. In 2016 and 2017 we saw a strong run with reserves being smashed week after week. But I’ve never seen anything like this. I couldn’t believe it as the following sales unfolded before my eyes in within 24 hours over […]Read more "$600k Above Reserve… X 4"
There’s a lot of momentum in the market right now and a five day lockdown isn’t about to stop that. If the lockdown is extended though it’s going to become a scheduling issue, first and foremost, with auctions and opens being delayed until we have the all clear. Interestingly, the clearance rate for last weekend, […]Read more "What Was The Impact of This Latest Lockdown?"
You can think of downsizers as the ‘canary in the goldmine’ for the market. They tend to be the first to drop off (not literally) when the market heads south or when supply dries up, like last year. They also tend to be the last to re-emerge once conditions improve. And that is understandable. They […]Read more "Downsizers Are Back…"
How rapidly things change. Flash back to April last year and we couldn’t get an offer to save ourselves. Buyers were more than happy to sit on the side-lines and wait for the market to implode. But it never did. Distressed sales? Didn’t happen. Negative net immigration? Didn’t matter. Recession? Not in Stonnington. Banks predicting […]Read more "Buyers Are Out in Force"
We are gradually moving back towards onsite Auction as the preferred sales method for most of our properties, particularly the broadly appealing single and double fronted period homes in the $1,000,000 – 3,000,000 bracket. Love ’em or hate ’em, Auctions are still the most straightforward, transparent and efficient way to sell houses in a market […]Read more "Auction v Expressions of Interest"
Welcome back! You may recall on December 8th I wrote, ‘Are we up 10% in 10 weeks?’: I suggested that prices for period homes in Stonnington seemed to be up 10% in the 10 weeks since Stage 4 lockdown ended in late September. I thought I was being flippant, but it turns out I was […]Read more "House Prices Jump 9.5% in Three Months"
No wonder the property market is going nuts… According to new analysis from Betashares published by Business Insider, thanks to an historically low 0.1% cash rate, housing affordability in Australia is at its highest level since 2002. This varies by city, with Sydney still being ridiculously unaffordable at around 34% of after tax income required […]Read more "Housing Affordability at an 18 Year High"
I feel like our market is up 10% in the 10 weeks since lockdown ended. By ‘our market’ I mean period homes in Stonnington between $1m and $4m. And when I say 10% I’m being flippant. I made this figure up. There’s no stats to back it up yet. Except for the recent sales results, […]Read more "Are We Up 10% in 10 Weeks?"
The market is hot. And heating. Media reporting is now suggesting that prices were up 0.8% in Melbourne for the month of October. It feels more like 10% on the streets. Saturday was our first real weekend back with public on-site auctions and there were some absolute flyers. 16 Mackay Street, Prahran sold for $450k […]Read more "Heating Up…"