REAL ESTATE agents have moved to prop up confidence in the housing market after a drop in house and unit prices. New figures from the Real Estate Institute of Victoria show Ascot Vale, Essendon and Moonee Ponds were the only suburbs in Moonee Valley to sell 30 or more houses in April to June. Essendon, Kensington and North Melbourne were the only suburbs where 30 or more units were sold. This comes as auction clearance rates in Melbourne plummet compared with 12 months ago, with 55 per cent going under the hammer, down from 68 per cent the same time last year. In the past year, Ascot Vale and Essendon median prices have increased, but other suburbs have not fared well. Moonee Ponds prices decreased by 16.7 per cent to $762,500, Strathmore prices dropped 15.3 per cent to $785,000 and Flemington prices dropped by 7.5 per cent to $670,500. Moonee Valley Real Estate sales manager David Gigliotti said a drop in consumer confidence because of issues such as the carbon tax had slowed sales. But he was adamant it was a good time for people to get into the market. “All it takes is a few big sales and the market is up,” Mr Gigliotti said. “We’re just experiencing a levelling out of the market, which is common.” Barry Plant Essendon sales director Bill Karp said there were a lot of buyers looking for flats as well as homes in the $700,000 to $800,000 range in Moonee Valley, while those after $1m-plus properties were being more selective. “We are calling it a balanced market, one in which neither the buyer or seller is disadvantaged,” he said. Mr Karp said there had been huge growth in value over the past 10 years, as buyers saw lower prices in Moonee Valley compared with suburbs the same distance from the city. This then encouraged other buyers then looking at the area. Head of property research at The Investors Club David Cross said it was a buyers’ market in Victoria, with few buyers and more properties for sale. “This means that properties are taking longer to sell and vendors are dropping their prices in an attempt to move them on,” he said. Melbourne’s metropolitan median house price is $590,000. [...]
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 BALMAIN Trilogy has reported a huge loss on the sale of a beachfront development site at Northcliffe Terrace, Surfers Paradise. Balmain sold the site to a Sydney investor this month for about $6 million, far less than the $14.5 million it paid at a more buoyant time in Queensland’s real estate market. The seven-storey 1980s complex, with 20 strata flats is on a 1151 square metre block, and sold with a permit for an 18-level tower with 14 dwellings. [...] ESSENDON has cemented its place on the exclusive list of suburbs with a median house price of more than $1 million. The suburb registered a median sale value of $1.05 million in 2010, according to the Real Estate Institute of Victoria The suburb first hit the $1 million mark in the 2010 September quarter, but the REIV says the annual figure gives a picture of the suburb’s true value. Essendon’s median value was $555,500 in 2005, placing it among the top 20 for growth suburbs over the past five years. In an example of what the median house cost could buy, a modest renovated weatherboard in Elder Pde Essendon, pictured, sold in October last year for $1.18 million. Three other Moonee Valley suburbs were named among Melbourne’s top 20 for median house price growth over the past year. Real Estate Institute of Victoria data shows Keilor East registered the second-highest jump in median value in 2010, reaching $620,000. This is up 31.6 per cent from $471,000 in 2009. REIV spokesman Robert Larocca said the new Essendon median was due to a mix of factors. “Part of it is a catch-up from a fall in property values,” Mr Larocca said. “Captured in that bunch of sales is when the market bottomed out in the early part of 2009, but the second part of the increase is real growth.” But the massive increases appeared over for now, he said. Fabian Rosan, partner with Nelson Alexander Essendon, agreed it had been a good 12 months for real estate agents in Moonee Valley, particularly those selling in his home suburb of Keilor East. Ample stock meant houses would continue to sell well in Keilor East, Mr Rosan said, but he agreed the house price increases would be nowhere near the heights of last year. Jude De Araugo, from Mortgage Choice Moonee Ponds, said it was important borrowers didn’t over-extend their budget. “Dollar-wise, I call (Essendon) the Toorak of the north-west. That’s the only way I can describe it,” Ms De Araugo said. She said loan repayments needed to balance with quality of lifestyle. “We recommend taking a stepping stone into the market, rather than going in big.” Is the dream of owning a house beyond reach? Tell us at mooneevalleyleader.com.au [...] About Australia Australia is a country of so many extremes, being the sixth largest country in the world (50% larger than Europe) but having the lowest population density in the world, some 2 people per square kilometre. The country has historically strong links to Britain, with the Queen still the official monarchy of the country, [...] The Australian real estate industry showed an increase in October 2009 after more than a year and a half due to a lot of construction that is now being seen in the country due to the low interest rates and the first home owners grant. This is despite the reduction in the first home owners grant [...] Considering investing in property? What are some pertinent things to consider before taking this leap? Of all the investment possibilities, investment in land generally produces the most positive results. It is vital, however, to carefully investigate the pros and cons, benefits and deficits of real estate investment. Most people look at investment real estate as risky [...] The variety of geographical and ecological features that make up Australia can be experienced in many ways. Perhaps the best way to witness all of the wonders here is to spend some time, exploring the tropical feel of Queensland, basking in the warmth and aquatic beauty of the Gold Coast, taking in the mix of the [...] Anybody creative here? Our CEO is retiring…? I work at a credit union and our CEO is retiring next month! All of us (about 200 or so employees) are going to brand a video recording for him to present at his retirement party. The video will own… Anybody else moving into a unmarked home?!? I’m moving into [...] The big story in most countries around the world is how they’re beginning to see daylight at the end of the tunnel in their real estate markets. Following the U.S. down a road of deflated prices and tough credit situations, most world markets are just now beginning to see improvement. Builders are forecasting new business, and [...] For anyone considering investing in real estate, the biggest challenge is finding the right location. While some investors prefer to look for great capital growth potential, other investors tend to look for cash-flow positive investments instead. The beauty of Brisbane real estate is that you can benefit from both continued capital growth and ever-increasing rental yields that [...] |
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