KENSINGTON is an investor “hot spot”, according to a ranking of 15,000 suburbs nationwide. A survey by Your Investment Property magazine found the small suburbs which border Moonee Valley and Melbourne council areas have all the attributes of money-makers. It was ranked among the top 100 investment areas for properties likely to grow in value. The magazine’s editor, Nila Sweeney, said Kensington’s historically strong performance in the market and excellent amenities made it a good choice. “Buyers can get a good deal now on a property that will achieve great growth in the future by choosing the right location,” Sweeney said. “The suburbs that rated best for investment typically had good comparative affordability with neighbouring areas.” Flemington and Travencore also rated in the top 100 for its proximity to the CBD and amenities. And the numbers seem to back the claim. Unit prices have only just reached the Melbourne-wide median of $474,500. As of the June quarter, the median for Kensington is $485,000, an increase of 9.3 per cent of its March figure ($450,000). According to the REIV, Kensington also recorded a 12.4 per cent increase in its median house price for the June quarter. The median price is now at $766,500, well above the Melbourne-wide median and a big improvement on its previous median of $676,250 for the March quarter. As of last week, real estate website realestate.com.au showed the cheapest one bed, one bathroom apartment or townhouse in Kensington is selling for about $350,000. At the high end of the scale, you can pick up a townhouse overlooking Hollard Park, with CDB views, for a cool $1.1 million. Property, p24-25 [...]
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GLEN Huntly auctioneer, Woodards’ director Ruth Roberts, will have a real estate challenge on her hands when she faces the crowds eager to grab their slice of The Block . You’ll be selling the house of Josh and Jenna on Channel 9’s smash TV show The Block . How did that happen? I was referred to them, so met up with them and got the gig! I was surprised, but it’s very exciting. I’m a female auctioneer and it’s going to be a challenge, but it’s good to raise the bar. The episodes are quite a bit behind where the competition is at. How’s the house looking? I think they’ve kept it simple and have a nice sense of style. It’s not that they aren’t risk takers – they’ve got a few surprises in there and know what they like – but it’s simple and tasteful. Josh and Jenna are the youngest ever contestants on the show, has that made a difference? No, they’ve done a great job, they’ve done really well. Have you had a peek inside the other houses so you know what you’re up against? No, I haven’t. I’ve seen the outsides obviously, but nothing else. It’s a great promotion for your real estate agency … It’s a big coup for us and I see it as adding another feather to my cap. It’s so well televised but I’m not sure we’ll be on there that much. Although I’ve got an advantage, being the only female auctioneer. People will know who I am, because I’ll be the one in the skirt! With all the excitement do people forget there’s a serious job of selling a house to be done? It will be a real challenge to find a buyer. We have to sift through and find the people serious, not those caught up in the hoo-ha of the show. I’m certainly out of my comfort zone and it’s not going to be easy. How are you feeling considering there’s been a bit of a property slump? It’s not easy. It’s a big challenge but I’m ready. I’ve got the best house to sell, but with that comes the highest reserve. Will that mean we win and get the highest price? We don’t know. As a Glen Huntly agent we’re out of the area too, but in this case I don’t think [...] Things are looking up – ask Plus Architecture’s Craig Yelland. The architect and director believes the great Australian dream of owning a house is fast being replaced by apartment living. “I don’t understand why anyone would want to live in a house,” Craig says. “Suburban commuting is getting worse because of traffic and the backyard is unkempt because you need a double income to support a mortgage – houses have just lost their appeal.” Instead, buyers are starting to realise they can achieve the same lifestyle by buying an apartment. “By taking on less space you can cut your carbon footprint dramatically, lower utility bills, reduce clutter and say goodbye to car ownership,” he says. “And many new apartment blocks boast beautiful pools, tennis courts, libraries, special occasion diningrooms, theatre rooms and even their own bars.” Don’t forget stepping outside to amenities on your doorstep, including markets, public parks, pools and sporting venues. Craig practises what he preaches, too. He lives in an apartment in Port Melbourne, with his wife, Megan, two children and their dog. A move home from London reinforced their love to be close to the action, and they decided – even when children followed – they could still have it all in an apartment. “The world’s most vibrant and cosmopolitan cities belong to apartment dwellers. And to compete and thrive, modern Australian cities such as Brisbane, Melbourne and Sydney must follow suit,” he says. Apartment life is also cheaper. An example is the design of Plus Architecture’s Society building in South Yarra. It was the first development to receive funding for floor plans starting at 38sq m, with prices to match. “Society sold out within three months,” Craig says. The smaller floor plans don’t mean closer neighbours either, with many of the newer residential towers now featuring cutting-edge acoustics technology, plenty of natural light, privacy and user-friendly designs. Life certainly is looking up. [...] MORE houses sold in Berwick than anywhere else in Melbourne in the year to April 30, the latest RP Data figures show. And the market was strong, with most buyers getting their asking price and selling within two months of listing. > > Should more land be released for housing in Berwick? Tell us below A total of 744 houses changed hands at a median of $450,000 – an increase of 11 per cent for the year and 54 per cent during the past five years. Second place went to Pakenham, where 694 houses sold at a median of $340,000 – an increase of 10 per cent for the year. To add extra comfort for Pakenham householders, the market moved up 2 per cent in the latest quarter. It was 4 per cent weaker in Berwick in the final quarter, but that did little to take the gloss off overall strong figures. Barry Plant Berwick principal Paul Dabb credited the strong performance in the suburb to the limited numbers of houses for sale, no new significant estates opening up and the appeal of established infrastructure and Berwick’s general amenities. “There is no questioning the appeal of the suburb. People are paying in the order of $350,000 for a block of land here now,” Mr Dabb said. O’Brien Real Estate principal Dean O’Brien agreed. “There’s no question there’s a shortage of property for sale in Berwick and this is helping keep prices firm,” Mr O’Brien said. “The consistency of interest rates, too, has helped throughout the mortgage belt area. “In the short term, at least, I don’t expect any great change to any of what we are now seeing.” [...] MORNINGTON Peninsula’s property market has taken a dive following a long period of solid growth. Prices in many towns increased in the year to March 2011. But it was during the last quarter where falls of more than 20 per cent were evident. According to research by Australian property database RP Data, units bore the brunt of the falls, with Mt Martha units dropping 21 per cent in value from December 2010 to March 2011. Rosebud units fared a little better, dropping 16 per cent, while houses in Blairgowrie dropped 11 per cent. Mt Eliza homes dropped 7 per cent, while Rye homes dropped 4 per cent. However, Tootgarook homes defied the trend, rising 11 per cent in the same period. Sorrento house prices increased by 7 per cent. Median house prices in Flinders dropped by almost 20 per cent, but increased by 32.6 per cent in Cape Schanck and 20 per cent in Shoreham. Real Estate Institute of Victoria auction figures revealed a drop in peninsula clearance rates over the past 12 months. While the number of properties listed for sale that actually sold remained a healthy 80 per cent in Rosebud West, it dipped below 30 per cent in Dromana. In Blairgowrie, McCrae, Mt Eliza, Mt Martha and Safety Beach, the figure was below 50 per cent. RP Data’s senior research analyst, Cameron Kusher, said the market’s softening was mainly due to extraordinary growth in values since 2007. “There is certainly some potential for further value falls, although we don’t think they will be substantial,” Mr Kusher said. Hocking Stuart Rye’s general manager Mal McInnes said it was a buyers’ market now. “Many vendors have adjusted their expectations, but buyers are still buying,” Mr McInnes said. [...] BOROONDARA’S blue ribbon property market will be put to the test in the next few weeks, with more $1 million-plus houses coming onto the market. David Morrell, of buyers’ advocate Morrell and Koren, said the top-end market ($3 million-plus) remained “untested” this year. “You’d need a cattle prod to start it,” Mr Morrell said. “Buyers and sellers are treading water. It’s the first to blink.” Buyer’s Advocate Mal James said clearance rates during the next few weeks would give a better idea of the market. Mr James said 29 $1 million-plus properties in Boroondara went to auction last weekend and 45 were scheduled to go under the hammer this weekend. Hocking Stuart Hawthorn director Glen Coutinho said the market had “opened strong with a good supply of listings”. “The majority of people are back from holidays and property inquiries are up,” Mr Coutinho said. “So far it’s a pretty even balance of buyers and sellers.” He predicted “reasonable growth” throughout the year, underpinned by a stable economy, good demand for quality and “reasonably low” interest rates. [...] |
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