Melbourne property market buyers lag as Sydney rages
|01/07/2018||Posted by admin under 南京夜网||
27 Riverside Drive, Sans Souci. Photo: Domain The three-bedroom deceased estate at 27 Riverside Drive, Sans Souci went for $2.7m. Photo: Domain
1/128 Warrandyte Road, Ringwood North was passed in on a vendor bid and is on Domain seeking offers above $470,000. Photo: Domain
1/128 Warrandyte Road, Ringwood North. Photo: Domain
27 Riverside Drive Sans Souci Photo: Nicole Frost
Melbourne’s property market is running cold and Sydney’s a raging inferno judging on the dramatically different auction clearance rates in the two capitals.
Tuesday’s rate cut had “fuelled a raging fire” in Sydney, Domain Group’s senior economist, Dr Andrew Wilson, said, but had little impact in Melbourne, which was in “slowdown mode”.
Melbourne’s auction clearance rate was 67 per cent; in Sydney it was 82 per cent. This was based on the 135 results reported by Saturday evening from the 189 scheduled in Melbourne and the 256 reported from the 297 auctions in Sydney.
Homes in Sydney sold for as much as half a million dollars above the reserve price. The three-bedroom deceased estate at 27 Riverside Drive, Sans Souci – opposite the water and on the market for the first time in a century – went for $2.7 million through Ray Fadel of Raine and Horne.
“There were 19 registered bidders,” Mr Fadel said. “It was a really strong auction – the family were prepared to accept around $2 million.”
It was a different story in the Melbourne outer-eastern suburb of Ringwood, where young first home buyers were expected to be keen on a three-bedroom duplex.
It was passed in on a vendor bid and is on Domain seeking offers above $470,000. “It’s only early days. It will [soon] be easier to borrow a bit more,” Barry Plant agent Nicole Freene said.
In the northern suburb of Coburg, Jamil Allouche, of Ray White, was also trying to sound positive despite his auction of a block of land passing in.
“Generally speaking we don’t see a massive difference until three to four weeks after a rate cut,” Mr Allouche said.
Agent Michael Kyritsis, of Greg Hocking, is preparing to start his auction season next week.
“On the weekend in particular there were good numbers through our opens. They were ready to rock and roll,” he said.”The year’s started pretty positively.”
The Melbourne market lost most of its heat last year with Domain Group data showing just 1 per cent growth in the December quarter, compared with Sydney’s 4 per cent – the harbour city’s strongest quarter of the year.
This story Administrator ready to work first appeared on Nanjing Night Net.