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Commercial , Market Wrap

HOCKINGSTUART ARMADALE – April 2018

Welcome back from the Easter and school holiday break. What an extraordinary start we have had for the first quarter of 2018, with large volumes of homes for sale combined with a healthy auction clearance rate of 79.26% (selling at or before auction) for our office. In March our office recorded our strongest month in over 25 years with 40 homes finding new owners! A few highlights were a 1 bedroom apartment at 7/40 Wattletree Road, Armadale which saw 7 bidders competing to $561,500, a 2 bedroom Art Deco apartment at 1/29b Hampden Road, Armadale sold for $1,140,000 and 25-31 Harvey Street, Prahran selling in excess of $3,250,000.

While the beginning of 2018 could only be marked as a resounding success, recent CoreLogic data shows that growth has slowed to just 0.8% for homes across the capital cities over the last year. Melbourne outperformed this with home prices up by 5.3%, Hobart up by 13% while Sydney was down by 2.1%. Senior ANZ economists Daniel Gradwell and Joanne Masters forecast a total home growth across the country of 1.8% across this year picking up to 3.6% growth in 2019, with Melbourne and Hobart exceeding this.

With the end of the financial year not all that far away, now is the perfect time to contact us to plan your May, June or even Spring sale. Equally if you would like us to discretely introduce some qualified buyers to your home without advertising we’d be delighted to assist.