The latest Melbourne housing market insights reveal that the city, alongside Sydney, is leading an ease in market conditions as analysts point to high inflation, raised interest rates and tightening lending.
Savvy buyers are still trying to secure a property to lock in interest rates now, in fear that they could rise further. With our experience in the area and through changing markets over the years, we always find that sellers will only drop so low and buyers will still need to buy to upsize, downsize etc, no matter where the market is at. In consequence our local market keeps bubbling along and generally more resilient than the Peninsula and inner-city suburbs.
In the past month, new listings have jumped by 25 per cent in Melbourne, the highest amount of new stock in the last four-week period, according to Domain.
With these higher inventory levels and less competition, buyers are becoming savvier than ever.
Another change in trends that we are seeing is the way property is being sold. At the height of property prices everything was going to Auction, but with the downfall of this market and loss of confidence from the consumer, Agents are opting for a Closing Date or Private Sale style of selling. This removes the stress of an Auction and opens up offers from a wider pool of potential buyers.
Melbourne auction clearance rates have hovered around the 60 per cent mark in May.
Experts correlate a 70 per cent auction clearance rate with annual property price growth of about 10 per cent but consider 60 per cent a balanced market.
In Melbourne time on the market rose by four days to a median of 28 days.
Waterfront suburbs and affordable family-friendly areas topped buyers’ most desired locations during May.
SPOTLIGHT, PROPERTY
14 GLENBROOK AVENUE, BONBEACH
FAMILY OASIS WITH ENTERTAINER’S APPEAL
Capturing glorious natural sunlight throughout the day, this spacious 3-bedroom home is nestled amongst established tropical gardens on a huge 773sqm block, just footsteps to the golden sands of Bonbeach shoreline.
Warm and welcoming whilst offering plenty of scope to update further if desired, this single level home features a central open plan lounge and dining room along with a contemporary kitchen with large electric oven, gas cooktop and stainless steel appliances. A light-lavished master suite with ensuite and walk-through wardrobe will please buyers, whilst two additional bedrooms (both with built-in robes) and a family focused bathroom featuring floor to ceiling tiles, rainfall shower and generous bathtub.
Although, this home’s biggest draw card is its rear entertainer’s paradise.
Separated by a large double-glazed, frosted glass sliding door is a second living area which leads you into a full wrap around bar equipped with Keg King tap, basin & double bar fridges. Open wide the concertina doors to a durable WPC entertainers deck overlooking a 6 person electric spa and immaculate lawn, perfect for the whole family to enjoy.
Additional features include a large laundry located within the spacious double lock-up garage, separate WC off bar area, ducted reverse cycle heating & cooling, hardwood Floof skylights, LED lighting and an expansive attic space for storage or potential 2nd storey extension.
This coveted beachside locale is ever popular with families thanks to its proximity to many prestigious primary schools and sporting clubs, 3mins to Railway Station, 700m to the famous Bicentennial Park and a short stroll to Chelsea’s bustling shopping strip.
Everything a family could need!
Interested? Call James on 0400 080 422
SPOTLIGHT, PROPERTY
24, 74-76 GLADESVILLE BLVD,
PATTERSON LAKES
Renovated Relaxation on the Riverfront
Right on the riverfront with glorious river views, city glimpses, northern sunshine and a sneak peek at the canal, this renovated 2 bedroom town residence is situated in this secure enclave that creates a resort style lifestyle.
Adjoining the access to the riverfront walk, this lifestyle haven enjoys a casual living area (surround sound) with bi-fold doors to a secluded alfresco courtyard with borrowed palm tree vistas; adjoining dining area, and a well-equipped stone kitchen (Smeg induction cooktop, Bosch dishwasher) with island bar and concealed laundry lapping the north facing riverfront courtyard. Upstairs has 2 generous bedrooms with BIRs and balconies, and a stylish central bathroom.
In the gated community of ‘Pelican Waters’ with a communal playground and visitor parking, this tropical hideaway has picturesque views of unadulterated Wannarkladdin Wetlands, while featuring R/C air conditioning on each level, double blinds, intercom access, great stage and an auto garage plus driveway parking.
Whisper quiet with a lovely sea breeze, just metres to the Patterson Lakes Shopping Centre, Patterson Lakes Primary School, bus services and freeway access.
Interested? Call Peter on 0414 622 955
