"Strong enquiry" for prestige homes in Melbourne
Contact
Feb 19, 2019
"Strong enquiry" for prestige homes in Melbourne
It's still hot at the top, as wealthy buyers are snapping up properties in the ultra-prestige end of the Melbourne market.
-
RT Edgar ToorakPictured: 18-20 Shakespeare Grove, Hawthorn. For sale by Jeremy Fox and Helena Chow of RT Edgar Toorak.
Agents say they're fielding "very strong rates of inquiry" for homes at the top end of the Melbourne market.
RT Edgar Toorak agent Justine Harris is run off her feet with enquiries for property priced between $10 and $20 million.
"We have been receiving very strong enquiry for prestige homes in the salubrious areas that we cover, with buyers ranging anywhere from those overseas to locals simply wanting to upgrade their own homes within the same area," Ms Harris told WILLIAMS MEDIA.
Related reading: Get to know Justine Harris, senior sales consultant at RT Edgar Toorak
Kay & Burton South Yarra have kicked off the year with $40 million in sales across four deals last month.
Some of their recent deals include a Yar Orrong Road residence set to trade for $16 million and a Hopetoun Road home to trade for $14 million.
"We have recorded a number of excellent sales to begin 2019 in the $5 million to $15 million dollar range in a mix of both local and international buyers in Toorak," Kay & Burton South Yarra agent Robert Fletcher told WILLIAMS MEDIA, adding that available properties are in short supply.
Related reading: Get to know Robert Fletcher of Kay & Burton
"Ultra-prestige property still has a very solid demand. We have a strong mix of local and international buyers looking for opportunities in this range.
"Enquiry levels of property at both ends of this scale have certainly increased since late last year and we anticipate with some scarcity of available opportunities that this will continue," Mr Fletcher said.
Opportunities to be had in wake of banking royal commission findings
Despite all the uncertainty surrounding the outcome of the royal commission, agents say their clients are unperturbed.
"The feedback from our owners generally has been that the royal commission outcomes were not as drastic as had been first thought," Mr Fletcher told WILLIAMS MEDIA.
"Buyers appear to be searching for opportunities and share this view. We have some buyers and sellers taking a conservative view of the market in light of the upcoming election and choosing to hold onto any property movements until the second half of the year."
Ms Harris said savvy clients are taking advantage of either a lack of stock or leftover stock from last year.
"In some cases both buyers and vendors are holding back, awaiting the outcome of the election; however vendors who have been considering selling are taking full advantage of the lack of stock currently available by placing their own properties on the market for sale in order to achieve a premium result.
"Savvy buyers are also taking advantage of leftover stock from late last year by trying to secure them at a bargain price."
Related reading:
What does $1 million buy you in Melbourne?
Why houses in these Melbourne suburbs are selling up to $400k more
Contact Details:
