Golden Week comes to a close

As always the following in no way constitutes financial advice and no warranty is offered as to its accuracy or validity.  The reader is to make their own inquiries prior to making any decisions.

For Saturday 6th October the published clearance rates (PCR) for the weekend were 55%.

With 669 sold, 298 passed in, and 43 either withdrawn or postponed.  Of those reported, 446 houses (53% sold), 211 apartments (63% sold) and 11 being registered as land sales.

Looking deeper into the numbers over the weekend there were 934 Auctions Scheduled with 669 or 71% reported. Without counting any unreported results as sold, that would show a clearance rate of 40%.  This is a slight improvement above the pre Grand final week (+2%).   Which is to be expected moving into the high end of the Spring selling season.

This week Melbourne has also seen an increase in activity from the Chinese buyers’ market with China’s traditional “Golden Week” coming to a close on the 8th of October (1stOctober to 8th October).    This is a traditional holiday period of travel for the Chinese with nearly 1.4 billion, yes BILLION (or 18% of all humans on earth) going on holiday at the same time.  Many take the opportunity to buy properties while doing it.  And while overall the demand is down compared to nearly all years on record for Chinese buyers, a survey by Chinese property portal Juwai.com showed 77% of Chinese travellers had intentions to buy property when overseas.

60 South Wharf Drive Docklands

We are still seeing activity across all ranges, and well positioned properties in the market are obtaining on trend results quickly.  This week our office held a weekday evening Auction at 60 South Wharf Drive, Docklands. An amazing waterfront home over 4 levels with a pool, 23 meter marina berth and absolute city views.    A large crowd attend with multiple interested parties following the bidding.  The owners were very happy with the result.  We were quoting a price range of $5,500,000 to $6,000,000 with the sale result being undisclosed at the owners request.    We have already had a strong flow on interest to 56 South Wharf Drive, Docklands just a few doors up.

With relation to some specific search areas I follow to track market trends;

Last week, the number of open for inspections increased at a rapid rate with the flurry of new listings coming on to the market, getting ready for the 27th October’s Super Saturday.  Port Phillip had around 117 opens booked in for the Saturday just gone with Boroondara and Wyndham having well over 200 (maximum displayable) in each zone.

  • Albert Park – Middle Park – Port Melbourne – St Kilda West – South Melbourne – 54%  PCR (+10% from 22nd Sept)
  • Southbank – Melbourne  – 67% PCR (+17% from 22nd Sept)
  • Werribee – Werribee South – Wyndham Vale – Hoppers Crossing – 43% PCR (+14% from 22nd Sept)
  • Glen Iris – Armadale – Hawthorn – Hawthorn East – 64% PCR (-2% from 22nd Sept)
  • Seaholme – Williamstown – Newport – 79% PCR (+35% from 22nd Sept)

While September’s available stock was being reported by Corelogic as being down by over 8% from September 2017, the Spring market definitely seems to be in full flight.

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Jonathon Bird

Licensed Estate Agent

0419 536 905