According to “The Age” auction results this weekend the clearance rate was 65%.

The top sale recorded was 46 Hawthorn Grove, Hawthorn. A period home on the south side of Hawthorn Grove. This price was inline with what was expected for one of the best streets in Hawthorn and would have been held back a little due to the southern rear aspect.

A significant holding at 19 Haverbrack Avenue, Malvern, arguably one of the best streets in Malvern, failed to attract a single bid. Not surprising when the auctioneer opened the bidding at 5.7 million, which is 700,000 over our best expectations and we suspect those present in the crowd, of which many appeared to be neighbours. The holding is relatively large for the area and would make a great new home site but the optimistic the auctioneer appears to be still in 2007.  

In Richmond we saw a property in Westbank Terrace offered for auction for second time in recent months, this time by Jellis Craig’s Richmond office, at a significantly modified price expectation. The property sold under competitive bidding for $725,000 a result that was directly in line with our expectations for the property on both accounts.

We are seeing many properties in the upper end of the public market, that is houses over 2.0 million going to action, not getting the vendors expected results and failing to attract completive bidding at auction. The smart money with larger properties is looking to sell before auction or tap into the quiet sale market, where many deals are now happening.

The market is seeing properties that are price correctly, for the current times achieving the results that are expected. Any property over quoted is doomed to fail in the current tricky market

If you would like to find out how to get access to these quiet sales dont’ hesitate to call us for an obligation free meeting.

Cheers

David McMillan

Director

Domain Property Advocates

0418 323 723

www.domainbuyer.com.au

If interested in learning more about this update please contact me today!

As Domain Property Advocates continues to grow I will continue to provide superior service to those choosing to use property as their investment. It is an important choice of who to choose as the one responsible to look after your property. You can be sure that Domain Property Advocates will always strive to be the best.

This entry was posted on Monday, May 12th, 2008 at 4:10 am and is filed under Buying Property. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.