Reduced days on market for properties in capital cities: Market Wrap
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Aug 17, 2020
Reduced days on market for properties in capital cities: Market Wrap
High end and record-breaking sales in short periods of time for The Agency, McGrath and Place.
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The AgencySam Hobbs of The Agency has seen properties sell within a week, despite Stage 4 restrictions in Melbourne.
A number of agents are experiencing quick sale turn around as some properties 'fly off the shelf'.
Melbourne
Melbourne might be in lock down but someone has forgotten to tell the real estate industry.
Sam Hobbs of The Agency is a case-in-point, where the agent has clocked up sales of over $13 million in seven days.
Mr Hobbs sold two premium listings and one mid-tier listing within the St Kilda postcode, for his clients over the past week.
“The transaction of these three well-presented homes, two of which are at the premium end of the market, shows the extremely strong buyer demand for quality properties within inner city Melbourne despite Covid-19 and its economic implications,” said Mr Hobbs.
“There are smart buyers out there identifying the opportunity to upgrade at this time."
According to Peter Kakos, General Manager Victoria, Mr Hobbs is a market-leading agent, armed with a legal background and a qualified solicitor, bringing a wealth of knowledge to his client’s sales including an in-depth knowledge of his local areas St Kilda, St Kilda East, St Kilda West, Elwood, Elsternwick and Balaclava.
“Sam is an exceptional agent, it’s his demeanour, patience, thoroughness and strategic thinking that culminate in extraordinary results for his clients,” said Mr Kakos.
“These are some of the highest sales in St Kilda in the last 12 months confirming his stature as St Kilda’s number one prestige agent.”
These transactions, during Stage 4 restrictions are a significant outcome and include two prestige homes at 5 Crimea Street, St Kilda and 11 St Leonards Avenue, St Kilda.
5 Crimea St, St Kilda was sold through agent Sam Hobbs of The Agency. Photo: The Agency
The off-market sale of 5 Crimea Street took place over just a couple of weeks.
Mr Hobbs identified he had qualified buyers for the home, he focused on his database and handpicked relevant buyers to show through the property.
After nine groups reviewed Crimea Street, Sam Hobbs had four interested parties and sold the home promptly.
11 St Leonards Avenu, St Kilda sold through agent Sam Hobbs of The Agency. Photo: The Agency
The sale of 11 St Leonards Avenue was quite a different sale.
This premium home was listed Australia Day 2020, but amazingly the upcoming Covid stage 4 restrictions led to increased buyer interest and competition.
The final negotiations were completed on the 10th of August amidst Melbourne’s lockdown.
“Interestingly I’m seeing quite a few upsizers deciding to purchase first, and sell their current properties later," said Mr Hobbs.
"There is a real focus on finding the right home, as this will be a longer term property.
“The buyer competition in the current market is more refined, in that the numbers may be lower but the buyers looking are highly qualified."
14a Havelock Street, St Kilda sold through agent Sam Hobbs of The Agency. Photo: The Agency
The third property sale in this seven-day St Kilda transaction spree was the well presented 14a Havelock Street, St Kilda.
This mid-tier family home garnered so much attention it sold within four days on market.
After just two days of buyer inspections, on a Thursday and Saturday, an offer was negotiated by the Sunday.
Three acceptable offers were received in that time.
Mr Hobbs puts this quick turnover sale down to the fact the home was beautifully styled, held an accessible price point and a further reflection that there is a limited amount of quality stock on the market.
Sydney
In Sydney an unrenovated house in Randwick North has beat the suburb record by several hundred thousand dollars.
At a price above $6.75 million, 53 Govett Street, Randwick North sold in the past week.
53 Govett Street, Randwick sold through agents Stephen McMorrow and Angus Gorrie of McGrath Estate Agents. Photo: McGrath
The Federation-era house in a coveted park-side precinct spent just one day on the market.
It had been scheduled for a September 12 auction.
McGrath Coogee agents Stephen McMorrow and Angus Gorrie had a price guide of $5.25 million.
The listing went live on Wednesday, August 12 and a family from Paddington, determined to secure the property before auction, beat several other keen parties with a deal agreed upon and exchanged by Thursday evening.
The sale price, while undisclosed by the agents, eclipsed the previous record for Randwick which was set in 2017 at $6.4 million for 54 Dutruc Street.
53 Govett Street last traded more than 40 years ago.
While it lacked the dazzling renovation and architectural extension of the previous record-holder in Dutruc Street, the Govett Street property’s unusually large 831 square-metre land size with its north-facing garden, confirmed the value of the park-side setting.
Queensland
At only 5 days on the market, Place agent James Gwynne has sold 54 Fihelly Street, Keperra for $700,000.
The post-war home has been extensively renovated to bring it to contemporary standards.
For the short time it was on the market Mr Gwynne told WILLIAMS MEDIA there were 90 enquiries with 31 inspections.
"The enquiries came from a combination of our marketing and our database," said Mr Gwynne.
"We had our first open home on Saturday and ended up with a multi-offer situation."
The succesful buyers were locals looking to upsize in the area.
Auctions
CoreLogic's report shows there were 1,042 homes up for auction across the combined capital cities this week, down from 1,150 over the previous week and 1,228 this time last year.
Preliminary results show that of the 810 results collected so far, 64.3 per cent have recorded a successful result, down slightly from last week’s preliminary clearance rate of 65.9 per cent, which revised down to 58.4 per cent on final numbers.
Source: CoreLogic
This time last year, the combined capital cities recorded a final clearance rate of 73.0 per cent.
In Melbourne, auction volumes continue to decline with 189 homes scheduled for auction this week, down from 294 over the previous week and 588 this time last year.
The number of auctions held across Melbourne was averaging around 530 each week prior to the implementation of new restrictions.
Of the 151 results collected so far, 63.6 per cent were successful, while 29.1 per cent were withdrawn.
Source: CoreLogic
Melbourne’s clearance rate has held much firmer compared with the previous lockdown phase, when clearance rates fell below 30 per cent and withdrawal rates approached 65 per cent.
In comparison, last week saw a final clearance rate of 63.7 per cent, while 23.3 per cent were recorded as withdrawn.
One year ago, Melbourne recorded a clearance rate of 76.2 per cent.
There were 668 homes scheduled for auction in Sydney this week, up from 640 over the previous week and 446 this time last year.
Sydney hasn’t recorded this many auctions over a week since the first week of April.
Preliminary results show the city recorded a clearance rate of 67.8 per cent this week, slightly higher than last week’s preliminary result of 65.8 per cent, which later revised down to 58.8 per cent.
This time last year, a final clearance rate of 76.2 per cent was recorded across the city.
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