[blink] What kind of movements (auction clearance rate, prices etc) are you getting in your local area….? Any signs of price softening, or buyers shying away?
Are we supposed to be in a “bust” now? If so, there is no sign of that in our local area [hmm]……..
We went to two auctions over the weekend, just a few house away from our place in St Kilda East (approx 6kms from CBD).
For those of you not familiar with the area, it’s an old area, filled with 60’s or 70’s low rise apartment blocks as well as some original Art Deco/Edwardian houses. This is one of the most affordable suburb in Inner Bayside Melb.
Both auctions went over local expectation & sold on the spot.
The nothing-special 70’s 2 brm apartment (ok condition, renovated 5 years ago) broke the ceiling price ($300k) of similar properties in the same street & got $330k (if I overheard correctly).
The other was a 4 brm house (circa 1920?), renovated in the last 5 yrs. it was a nice house with lots of original features but surrounded by low rise apartments (no privacy). This went over 1 mil (advertised as $780k +)!
While I’m happy that our area is keeping good value, it still looks like the boom is alive and well? Auction clearance rates certainly looks a lot better than, say, 6 mth ago? A lot more active bidders now.
How deos it look around your area? I thought it might be interesting if we share a few local snapshots amongst us [happy3]….
Very little changing in Perth.
REIWA tells us there has been @ 45% median capital growth over the last 12 months – which is staggering… But there are very few negative indicators in the market, although it does appear to be slowly returning to “normal” levels of activity.
The average sale time for homes has increased from 7 days (at it’s peak) to around 3-4 weeks. Plus the number of homes on the market available for sale has increased up towards normal levels. At the market peak (July) there was very little to choose from.
We are not big on auctions over here so our auction clearance rate is never a good indicator of the market.
Capital growth in Perth will remain reasonably strong for a while yet IMHO.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
