Tuesday, 3 September 2013

Realestate Record auctions predicted for Spring Nathan Mawby Melbourne property reporter News Limited Network September 03, 2013 10:14AM

Last Updated: September 04, 2013

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Realestate

Record auctions predicted for Spring

Nathan Mawby Melbourne property reporter
News Limited Network
September 03, 2013 10:14AM

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Melbourne Sales Results Sept 1

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A SURGE in auction numbers after the election will officially kickstart what promises to be a strong spring property market for Melbourne.

The combination of the federal election and the AFL Grand Final have pushed almost 2000 homeowners to list their property for auction in the two weeks between the two big events.
The Real Estate Institute of Victoria is expecting up to 1000 auctions in a Super Saturday event on the weekend immediately after the poll. A further 900 are anticipated the following week.
Its predictions come after RP Data recorded a preliminary clearance rate of 73 per cent in Melbourne last weekend. According to RP Data, the clearance trend in Melbourne for auctions is 72 per cent.
The winter selling market was the strongest in recent years, but according to RP Data analyst, Cameron Kusher, there is further room for improvement.
"Given the strong winter season there's definitely potential for the market to go back up to the 80 per cent clearance rate," Mr Kusher said. "It's been a long time since we have seen those levels - but it's a real possibility."
But even strong sales won't result in the same massive price growth for property of 12 to 13 per cent a year seen in 2010, according to Mr Kusher.
RP Data figures indicate about 22 per cent of properties in Melbourne are selling via auctions, but that ratio is expected to grow after the election.
"A lot of real estate agents around the country seem to see a lot of people holding off going to market until after the elections, and buyers may have a bit more confidence after the election as well.
Buyers advocate Monique Wakelin, Wakelin Property Advisory director, echoed the sentiment and said it was possible a "honeymoon period" may lend strength to the market in the two weeks following the polls.
But the real strength of the market would only be revealed in October when pent up demand from the winter months cleared.
"We have the football finals and now we have the election and it wouldn't surprise me to see significant fluctuation in the clearance rate," Ms Wakelin said.
"But the acid test will be into October ... if we still see clearance rates in the high 70s and into the 80s it will be a sign the market has turned."
Check out last week's sales results in our interactive map below. Zoom on the location to see details of properties that sold.

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Monday, 10 June 2013

Realestate Auctions take off out west By Tim McIntryre The Daily Telegraph June 10, 2013 8:10AM

Realestate

Auctions take off out west

By Tim McIntryre
The Daily Telegraph
June 10, 2013 8:10AM

A general shortage of available stock in Sydney's west is pushing prices up / File

SYDNEY'S severe property supply shortage has spread to the outer western suburbs, where frustrated buyers are paying up to $80,000 above the price guide for average family homes at auction.

Houses in Penrith and surrounding suburbs are going under the hammer as agents convince vendors to cash in on a market where desperate buyers are prepared to do what it takes to put a roof over their heads.
"Five years ago, there were no auctions in Penrith,'' Paul Wallace of Property Central said.
"It was a 'city' thing. In the last two years, we've taken around 125 properties to auction, 60 per cent of which have sold above reserve.''
Two big recent results were in Emu Plains, where one house with a guide of $399,000-plus sold for $480,000, while another at $499,000-plus sold for $530,000.
In both cases, the price was pushed up by competitive bidders.
"The price guide is the most important thing,'' Mr Wallace said.
"If people see value, it generates competition and we see a good end result.''
Ray Fayad, of Laing + Simmons Granville, sold a house at Pendle Hill for $626,000 - more than $50,000 above reserve.
"A year ago I would have put a guide of $530,000 on that property,'' Mr Fayad said.
"In this market, sales and rentals are both strong, rather than just one or the other. First-home buyers and investors want to secure something now, because they think prices will rise again.''
Experts said a general shortage of available stock was pushing prices up.
"There are certainly more buyers and less listings in the west than 12 months ago,'' SQM Research managing director Louis Christopher said.
"In April, there were 8856 houses listed in Sydney's west. The April before, there were 9587,'' he said.
"In August 2008, when the Sydney market was in downturn, there were 16,800 properties listed. That is twice as many as now, with a fraction of the potential buyers.''
Auctioneer Charles Baynie, of Real Success Group, said big government spending on western corridor infrastructure projects, such as widening of the M4 and M2 freeways and the $45 million western Sydney parklands development, was also a factor.
"There's so much happening in the area and people are moving there,'' he said.
David and Dani Coghlan decided to take their South Penrith house to auction. They advertised their property for a June 19 auction and have been "inundated with offers''.
"People are just getting used to auctions out our way; it's not like the inner west or the city. They generate plenty of buzz,'' Mr Coghlan said.
Shane Cook recently bought a house in Emu Plains at auction with his wife, Elaine.
"I had a figure in mind and ended up going above that, but at the end of the day, we needed a house,'' Mr Cook said.
"I was surprised at how much competition there was on the day.''

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