Melbourne market for family homes near good schools is "very, very strong", says Andrew Boyce of Hodges

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Aug 14, 2017

Melbourne market for family homes near good schools is "very, very strong", says Andrew Boyce of Hodges

"The market for family homes is very, very strong, especially homes near good schools," Andrew Boyce of Hodges Brighton told SCHWARTZWILLIAMS.

A four-bedroom house at 30 Coonil Crescent, Malvern, sold for just over $4 million through Andrew Boyce of Hodges Brighton.

A well located, four-bedroom family home at 30 Coonil Crescent, Malvern, sold for just over $4 million through Andrew Boyce of Hodges Brighton on the weekend.

Around 70 people attended the auction, but two bidders "just kept on bidding and pushed the price higher", Boyce told SCHWARTZWILLIAMS.

Importantly, the home is close to good schools, including De La Salle College, St Joseph's Primary School, Lauriston Girls' School, Malvern Central School, and Malvern Primary School, said Boyce.

It is very appealing to families that they can send their children to the local primary school and then to high school, all in the same area, and homes close to good schools are very highly sought after, said Boyce.

Melbourne auction market fell just short of August record: REIV

The Victorian auciton market is performing well, Joseph Walton, president of the REIV, told SCHWARTZWILLIAMS, but in August volumes will fall short of the 2015 record, when more than 4,000 homes were sold under the hammer.

“August 2017 will surpass last year in terms of auction volumes, however, it will fall short of the highest August on record – set in 2015 when more than 4,000 homes went under the hammer,” said Walton.

REIV data shows Melbourne achieved a preliminary clearance rate of 73 per cent last week, with 751 prooperties being auctioned. Auction volumes were up considerably on the same period last year, when 550 homes went under the hammer.

“Victoria’s clearance rate cooled slightly this weekend, which is not unusual given the volume of auctions we’re seeing in the middle of winter," said Walton.

“The city’s north continues to offer buyers value for money with strong results being seen under the hammer in Reservoir, Pascoe Vale and Thomastown.”

The strongest results under the hammer this weekend were in the city’s inner ring. A four-bedroom home at 8 Linden Court, Prahran sold for $4.2 million through Marshall White Stonnington.

Confidence returning to the Sydney auction market: REINSW

John Cunningham, president of the REINSW, told SCHWARTZWILLIAMS volumes are 20 per cent higher than they were at the same time last year.

"We are seeing a gaining confidence returning to the market," he said.

"Auctioneers are reporting slight increases in the number of bidders on average but at the same time the number of properties selling prior to auction is increasing in many areas," said Cunningham.

"With (Sydney) clearance rates now sitting comfortably over the 70% mark for the past four weeks the signs for a very strong late winter/spring market are very positive," said Cunningham.