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Advice , Market Wrap , Residential

The market finds its mojo

Last month saw more than just the AFL footy finals and strong auction clearance rates, it also saw the Robert Connor Dawes Foundation’s major fundraising event – Connor’s Run. Incredibly, over $1,230,000 was raised by 1,353 individual fundraisers. The hockingstuart contingent proudly raised $61,000, including Director Scott McElroy who raised $10,205 alone. It was a terrific day and fitting for Australia's largest event for paediatric brain cancer.

The market in September, traditionally a busy month leading up to the AFL Grand Final, however this year we  only saw three “auction” weekends as opposed to previous years where there were four. This resulted in fewer property transactions, however did see our office make 25% of our  total sales completely off market - without any marketing.

The CoreLogic Home Value Index saw capital city home prices rise by 1.1% cent in September, the biggest lift in two and a half years. Sydney’s home prices lifted by 1.7% throughout September, after rising 1.6% in August. Whereas Melbourne’s home prices rose by 1.7%, following a rise of 1.4% in the prior month. The lift in home prices, especially in Melbourne and Sydney, can be traced to the Federal Election in May. Once the election uncertainty was resolved, owner occupiers and investors returned to the market.

Three interest rate cuts in the last five months have also supported demand for homes. Presently sitting at a record low of 0.75%, it wasn’t all that long ago (November 2011) when the cash rate was at 4.75%.

With buyers returning strongly to the market, we saw 5 bidders compete locally at 17a Upton Road, Prahran ($1,682,500), 5 bidders at 7a Somerset Place, Prahran ($1,315,000) and 5 bidders at 7/26 Valentine Grove, Armadale - pushing the two-bedroom apartment’s price to a staggering $905,000.

With such high volumes of active and eager buyers, if you are consider making a move of your own it’s certainly a great time to have a chat to us. We’d be delighted to speak with you about our current database of recent underbidders, and how we could secure you a premium price completely off market.

Our 2019 Melbourne Cup Tip – Finche

hockingstuart Armadale
9509 0411
armadale@hockingstuart.com.au