Real Estate Institute of Victoria recorded 528 reported Auctions with 68% of these properties sold. At the corresponding period this time last year only 293 transactions were recorded. The Auction clearance has improved for the second consecutive weeks for now. Overall it has demonstrated the strength and sophistication of the Melbourne Property market. Despite a large number of properties on the market, well priced properties, in line with market demand and expectation sell.
However it is undeniable the market is “off” the boil” and bidding at Auction is less combative.
The Reserve Bank’s (RBA) decision last week to leave the official cash rate on hold for the second month in a row came as no surprise, although experts are divided on what comes next. A news.com.au article said economists have warned the RBA will begin tightening rates again soon. Conversely, an AAP article said that economists believe the central bank is less likely to raise the cash rate in the short term. Their report came on the back of news that the International Monetary Fund (IMF) expects the economy to grow at a solid clip this year and next, but has warned that downside risks to world growth have intensified. A separate AAP article said that the unemployment rate was steady in June at 5.1%, increasing the likelihood of a hike in the cash rate by the end of 2010, perhaps as early as August.
Global uncertainty is continuing to unsettle the financial markets and only time will tell how the property market will be impacted going forward. At the current moment, Australian Economy is holding strong with strong job numbers reported in all sectors Australian wide.
At the current moment, demand is still strong for well priced properties. The demand is broad based, both from Local and overseas demand (those with the requisite Temporary Residence Status).
Supply continues to be limited with new building application numbers coming down significantly in the first Quarter.
With the supply and demand equation currently favouring vendors and the future as always uncertain, we encourage potential vendors to seize upon the current strong selling condition.
This week we invite you to preview
· 69 Thompsons Road Bulleen (via service road) high side, inspection 12.30pm
· Backyard for the kids
A wonderful elevated position on approx 727sqm and well built home makes a great combination here for now and the future. Renovated just 3 years ago, the home offers a quality layout with spacious lounge, separate dining room, large kitchen/meals area and 3 bedrooms plus polished hardwood floors. The kids will love the huge backyard and you can even sit and watch over them from the covered porch at the rear. The property's future potential comes in with its redevelopment possibilities where you could explore the options of subdividing to add another home at the rear or demolishing the existing home and building 2 new residences (Subject To Council Approval in both cases). The one feature that makes the property very attractive is the location not far from the Thompson Road Eastern Freeway interchange. With shops also very close by and easy access to the city and bayside beaches, it's very convenient.
· 108 Bellevue Avenue Doncaster East
Are you searching for the ideal home, which ticks the boxes for family living, but you're also in search for a residence that has the mod cons and space for entertaining? You'll also want it to be close to schools, parks and shops as well? Bingo! Here it is. A corner street position with 3 robed bedrooms upstairs and a study/ 4th bedroom downstairs, rumpus, a brand new kitchen with the trimmings one can only dream of including: luxury stone bench tops, stainless steel appliances, lavish parquetry flooring and loads of storage space. The kitchen isn't the only new addition to the home. New fencing and a 3000 litre water tank outdoors, plus new carpets in the living rooms and bedrooms. The powder room downstairs is handy for guests with 2 more bathrooms and toilets upstairs. There are also many extras including a double remote garage, evaporative cooling and ducted heating, plus its handy location will impress the most fastidious of buyers.
· 2 Scott Place Templestowe
A complete transformation has brought this home to a level which can only be described as outstanding... with endless features and a court location, just one look and you'll fall in love. Sleek, appealing and instantly engaging, there are 4 robed bedrooms including 2 with private ensuites and 2 further bathrooms and a luxurious spa bath to ease away the stress of a hard day. The glistening polished floors lead you through the lounge and dining room into the meals/family room and the sleek gourmet kitchen fully equipped with impressive stainless steel appliances and crisp, earthy tones. To add to the WOW factor, the large main bedroom with parents retreat and separate study is a sanctuary in itself; a perfect escape from the rest of the household. The sun room is a perfect place to enjoy your breakfast, overlooking the beautifully manicured gardens with serene water features. There are so many more luxury features, including a triple garage, evaporative cooling, ducted heating, security alarm and outdoor entertaining space.
· Unit 1 & 2, 4 Romford Court Doncaster East
Under construction and due for completion soon, these 2 units offer 2 sensational ways of living. While both feature 3 bedrooms over the 2-storey layout, one unit has the main bedroom on the entry level for those not wanting to climb too many stairs. You'll also enjoy fabulous living spaces including a lounge and living area in one and spacious living area in the other, stunning designer kitchen finished in brilliant gloss featuring stainless steel and stone, study, internal access from the double garage and numerous prestige extras that will make the environment pleasurable all year round. As well as potential stamp duty savings, the other feature that's sure to appeal is the location that puts many services including shops, schools, buses and parks within a few turns.
· 48 Scenic Drive Sanctuary Lakes, pictures soon, pictures soon.
Single level 4 bedrooms only 3 years old in the exclusive Sanctuary Lakes Golf Course Precinct.
· Tristania Street Doncaster East
Single level 4 bedrooms, lounge, dining, family room, sun room, new bathroom, new kitchen, single lock up garage and 3 cars lock up car port. Doncaster East Secondary College School zone.
· Attention Builders, plan and permit ready to go
· 111 Willow Bend Bulleen
· 75 The Grange Templestowe
· 52 Clay Drive Doncaster
· Attention Builder, 27 Paula Crescent Doncaster East, Private Sale
932 Sqm of land with a single level 4 bedrooms house. Potential to build 3 units.
· Doncaster East Melway 34B10
Single level 4 bedrooms in the Doncaster East School Zone
· Templestowe Melway 34C8
Double storey 5 bedrooms house on a compact block (smart block), only 3 years old.
· Doncaster East Melway 34C10
Single level 4 bedrooms in the Doncaster East School Zone
· Doncaster East Melway 48D1
Double level 3 bedrooms plus open study in the Doncaster East School Zone and close to Tunstall Squares
· Donvale Melway 48F2
Double storey 3 plus study, 7-8 years old appx, close to transport, park and Freeway Entrance.
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