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Buyers keen to purchase a home before Christmas keep Australian auction markets on the boil

Christmas

Determined Aussies desperate to bag a new home for Christmas splashed big sums at hundreds of auctions across the nation over the weekend, with property punters warning a fear of missing out would drive the market until the end of the year.

In Sydney, a “bargain” entry-level home in one Mosman’s most prized pockets – at 7 Wudgong Street – fetched a reserve-busting $2.75 million under the hammer, despite the two-bedroom house needing a major renovation and being initially marketed with a $2.25 million price guide.

A young couple returning from New York threw down the unbeatable bid to nab the keys on Saturday, said selling agent Adrian Bridges of Atlas Lower North Shore, trumping a handful of registered bidders off the back of a competitive campaign in which 31 contracts were issued beforehand.

“It was a good result and it was only a little place. We ended up setting the reserve at $2.4 million and the opening bid was $2.6 million,” Mr Bridges said.

“The location was a huge drawcard … and a home like this, well there’s only been a couple available in this pocket this year, so it’s tightly held,” Mr Bridges said.

“This result shows buyers are confident in the market and they are anticipating another growth spurt in the next 12 months.

“There’s an increase in activity, which will climb between now and Christmas.”

Over at 136 Doncaster Avenue, Kensington, a pint-sized three-bedroom home on a 304-square-metre block collected $2.465 million at a virtual auction, after 14 bidders – of which nine were active – fought tooth and nail for another rare slice of prime real estate.

“Homes here don’t come up much … and there’s only been one or two sales in this street this year,” said selling agent Phillip Elmowy of Ray White Maroubra/South Coogee.

“But it’s also in a lovely area that’s very central to the tram and you’ve got the whole gamut there … so that’s driving the market.”

Bidding kicked off at $2 million, Mr Elmowy said, before shooting up to $2.4 million where it slowed to a crawl with two determined buyers battling it out until a local claimed the keys.

Across at 13 Chesterfield Road, Epping, a four-bedroom Federation home on a 1005-square-metre block sold for $2.867 million under the hammer after seven registered bidders – of which most were young families – duelled it out in the hopes of landing a house near top schools.

“This home is in the blue-ribbon area of Epping … that’s just five minutes’ walk to Epping Station,” said selling agent Kate Seehusen of Atlas – Northern Districts Epping.

“We had more than 100 groups through and seven registered bidders. Bidding started at $2.4 million and it sold for well over the reserve. Homes are tightly held here, but recently there has been quite a generational change. The owners of this one had been here for 45 years.”

Across the NSW capital 533 homes sold on Saturday for a strong median sale price of $1.6 million.

The clearance rate was 75 per cent, which is just under the average of 77.3 per cent collected for the city throughout October, the latest Domain Auction Report showed.

According to the report, 78.5 per cent of houses were cleared at auction over the month, compared with 74.4 per cent for units.

The median sale price for houses over the month was $2.04 million and $1.15 million for units.

Despite the strong figures, clearance rates were slightly softer over October as a result of increased property listings, with auction volumes surging by 42.5 per cent as sellers seek to cash in on the pandemic-induced property boom.

In Brisbane, 29 bidders registered at the auction of a renovated brick home at 35 Pareena Crescent, Mansfield, with a local buyer splashing $1.252 million – $287,000 over the reserve.

The four-bedroom house was snapped up by a young couple upgrading from a townhouse, with the suburb’s famously popular state school fuelling the cracking sale.

“Mansfield State School is one of the biggest drawcards for half of Wishart and Mansfield,” selling agent Geoff Sellars of Ray White Annerley said.

“And we had a lot of interstate buyers interested as well, with nine bidding online.

“I generally just think there’s some FOMO at the moment. Only six months ago this was a $900,000 house.”

While proximity to a top school sparked a buyer avalanche in Mansfield, it was prime positioning next to the Brisbane River that helped 415 Brisbane Corso, Yeronga, secure the city’s top reported sale at $3.86 million, despite the home selling days prior to auction.

Christmas

415 Brisbane Corso, Yeronga QLD 4104 

“This is the strongest the riverfront market has ever been here and most of the interest on this house was local,” selling agent Jane Elvin of LJ Hooker said.

“We had four offers prior to auction and those four would have registered to bid as well but two of them stood out.”

The competition led to an offer that was simply too good to refuse, Ms Elvin said, in a move that highlighted just how much confidence locals had in the Queensland capital’s market.

“I think it will stay strong until Christmas and it’s going up weekly with prices. It’s funny because we used to look at house prices here yearly but now, we look at it weekly,” she said.

Across the city, 60 homes sold under the hammer on Saturday, with an 82 per cent clearance rate. The median house price was $1.252 million, which was well above the house median of $1.182 million throughout October, the Domain Auction Report showed.

According to the report, last month’s clearance rate was 71.5 per cent for houses and 50 per cent for units.

In Melbourne, a three-bedroom Californian bungalow on a prime 637-square-metre block in Brunswick West changed hands for the first time in 60 years, collecting $2.12 million in the process.

Greg Cusack of Jellis Craig – Brunswick sold the prized property at 2 Halpin Street after a hotly contested auction that saw five bidders raise their paddles until a local woman nabbed the keys for just over the $2 million reserve.

“I still think period homes and family homes are very sought after but that said we’ve got lots of stock [right now],” Mr Cusack said.

“Normally, the Brunswick office has about 40 to 60 auctions a month but this month we’ve got just shy of 100.”

Over at 68 Wilcox Street, Preston, a quaint three-bedroom yellow and green cottage fetched more than $400,000 over the reserve after 35 registered bidders led to one buyer splashing $1.31 million.

Ray White Mill Park agent Daniel Nardella sold the popular house to a pair of young first-home buyers who he said planned to renovate the house down the track.

“The house is in a sought-after pocket of Preston, it has a lovely facade and a lot of people have Block fever, so they are looking for something they can renovate and put their own touches on,” Mr Nardella said.

Throughout the Victorian capital, 71 per cent of homes cleared at auction on Saturday after 578 sold under the hammer.

The October Domain Auction Report revealed the overall clearance rate for the month was 75.3 per cent. The clearance rate was higher for houses at 77.4 per cent and lower for units at 67.6 per cent while being the highest monthly rate to date in 2021. The median house sale price was $1,234,567 and $744,000 for units.

 

Article Source: www.domain.com.au

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Brisbane

Top tips for bidding in a hot property auction market

property auction market

The odds of being the successful bidder at a property auction can be improved by being well-informed and having a strategy, rather than just showing up and hoping for the best.

Auctions listings in Sydney and Melbourne are running at about twice the levels of 12 months ago, after the lifting of COVID-19 restrictions and as owners rush to bring their properties to market while there is still price momentum and before the holiday season starts.

A combination of seasonal factors and pandemic lockdowns saw the number of auctions tumble in July and August, before hitting a low in early September. Since then, listing volumes have been increasing by about 10 per cent a week across both major capital cities.

For the week to last Sunday, Sydney held 1577 auctions – the second busiest week on record – and Melbourne held 1891, its best week since late March, figures from CoreLogic show.

Preparing for an auction

Arjun Paliwal, the founder and head of research of buyer’s agency InvestorKit, says auction bidders need to monitor the most recent property sales until the time of the auction, as prices will have likely moved higher than they were just a couple of months ago.

“To minimise getting swept up in the action and paying more than initially planned, have a shortlist of several properties to fall back on,” Paliwal says.

“Not having all your eggs in one basket will mean you’re less likely to make a regretful over-purchase [by paying too much],” he says.

Cate Bakos, a buyer’s agent and the president of the Real Estate Buyer’s Agents Association, says some homebuyers may have to lower their expectations in a hot property market.

You should be prepared to compromise on cosmetic elements, but never light, orientation or location, she says. Buyers need to prioritise features, such as floor plan. “It’s the features of a property that you can’t change that matter most,” Bakos says.

“If a home has good bones and is structurally sound, an ugly duckling might be worth a second look, particularly if the neighbourhood is a good fit,” she says.

Communication is key

Bakos says it is good to get to know a property’s selling agent and the auctioneer as, if it appears that you have a good rapport with them, it can be intimidating to other bidders.

“It is also interesting how attire can create an image. Dressing a bit more formally can signal to other bidders that you can afford to pay a bit more,” she says.

And it is probably better not to have anyone standing with you who looks nervous, she says.

Patrick Bright, buyer’s agent at EPS Property, says bidders need set a clear limit on what they are prepared to pay before an auction and not get caught up in the emotion of the moment.

“Bids should be made with confidence and try to get a good view of the auctioneer, the agent and the other bidders, so that you can see what is going on,” he says.

Bright says if you are “nervous type,” consider getting help from a third party, such as a buyer’s agent or a trusted friend or family member who is experienced at auctions, to bid on your behalf.

Don’t feel rushed

It is important not to feel that if you miss out at an auction that it is the end of the world.

There are more auctions now and clearance rates are falling, creating more opportunities to buy, CoreLogic figures shows. That also means properties are likely to be on the market for longer, helping to tip the balance towards patient buyers.

Louis Christopher, founder of SQM Research, is expecting capital city home prices to peak in the first half of next year, with possible price falls as early as mid-2022.

He expects a catalyst for the falls to be further intervention by the Australian Prudential Regulation Authority to restrict home lending.

The regulator has forced banks to use more cautious interest rate assumptions when assessing new home loan customers. The change is expected to reduce new customers’ borrowing capacity by about 5 per cent.

 

Article Source: www.brisbanetimes.com.au

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Brisbane

Pets make Brisbane’s first build-to-rent apartments a home

build-to-rent apartments

Brisbane’s first rental only apartment building, 36 Lambert Kangaroo Point, is fast becoming home to a thriving community of happy residents, including of the four-legged variety, since opening its doors in July.

One of the building’s biggest advocates is Pablo, a French Bulldog, who took up residence in the pet-friendly building in early July, with his owners Joan and Geoff Gardner, who were seeking a city-change.

For the couple, who downsized from a five-bedroom house in Springfield Lakes, having the option to bring a pet was the clincher in choosing the building, according to Mrs Gardner.

“Having a pet can really limit your rental options, so we had been looking for a suitable property for about three months, and given the sub-standard quality of many other places that did accept pets, we were really struggling to find a place before we came across 36 Lambert.

“We love the fact that there are other dogs in the building, and we are not frowned upon when we hop in the lift with Pablo. The other residents love him.

“There are heaps of people with dogs around here. We walk along the river every morning, which is spectacular, and visit the ‘dogs only’ part of the beach in Kangaroo Point, where they can safely run off-lead. It’s only a six-minute walk away, and all the dogs are so well behaved.

Mrs Gardner also appreciates 36 Lambert’s first-class amenities and location.

“The rooftop garden is amazing with the stunning views, and the facilities, such as the pool and dining room, are all brand new and perfectly maintained. We have absolutely no maintenance and you can even hang pictures on the walls, which you can’t do in a normal rental property.

“We wanted a more urban experience and to have everything on our doorstep, so we couldn’t be better located. I work from home a couple of days a week, and post-COVID, expect to resume regular interstate travel in my role as a Sales Director. The airport is only a 20-minute drive, so that’s perfect.

“Kangaroo Point is great for us as Geoff works at the Lytton Oil Refinery, which isn’t far away either. We’re even saving on tolls.

“I barely drive anywhere now as we often catch the ferry to Eagle Street Pier, which is literally across the water, to check out all the restaurants over there. Or we take Pablo with us to Howard Smith Wharves, which is a lovely 15-minute walk.

“If we ever need anything, 36 Lambert’s Resident Experience Team is fantastic, and nothing is a problem for them. They are really responsive and love dogs. Pablo always pulls into their office for a visit whenever we come home. It’s like having a hotel concierge service.

“The build-to-rent experience offers more than we could have imagined, and we would thoroughly recommend it over traditional renting,” added Mrs Gardner.

36 Lambert offers extensive amenities not usually found in traditional apartment buildings, where renters can have exclusive access to an infinity pool; 24-hour gym; rooftop terrace complete with BBQ, cabanas, spa and stunning views; sauna; dining room for 30 guests

complete with commercial-grade kitchen; television lounge/games room; indoor and outdoor yoga spaces; parcel lockers; bike storage; dog washing facilities and a children’s play area.

The building offers renters an amenity-rich lifestyle with a mix of one, two and three-bedroom apartments, penthouses, as well as two and three-bedroom split-level townhouses with house-like proportions, all available for lease on flexible lease terms.

The building is managed by a full-time on-site Resident Experience Team, who are available to assist with resident’s lifestyle needs.

The team is friendly and very responsive, according to Mr de Guzman, who recently relocated from the Gold Coast.

“It’s great having them onsite. They attend to the building and residents’ needs really well,” said Mr de Guzman, who lives with his daughter Akira, and their cavoodle ‘Miso Soup’.

Working from home as a Business and Strategy Consultant, Mr de Guzman says he wouldn’t choose to live anywhere else in Brisbane.

“We looked for a house to rent for about a month and then I decided to inspect 36 Lambert, and I was totally blown away by it. We love it here. The views are amazing, it’s nice and quiet and cruisy.

“There are quite a few regular rental apartments on the market, but this one really stood out. It’s so close to the water, is safe for my five-year-old daughter, and the general standard of the building is very high in every regard.

“We love taking Miso Soup for walks along the river and also take him on bike rides.

“He loves going to the pet events held on the roof by the Resident Experience Team, where he meets other dogs in the building. He’s made loads of friends and gets excited when he sees them in the lift or hallway.

“My close friend lives in another pet-friendly building, but the smell of the pets there is quite overwhelming. That’s not a problem here at all, as the other pet owners are very courteous and always clean up after their pets.”

Mr de Guzman is also a fan of the lifestyle offered at 36 Lambert.

“We make full use of all the facilities in the building, especially the kids’ playroom, which Akira loves,” he added.

“We love the French bakery nearby, the cafes and restaurants, particularly The Prawnster, where you eat seafood straight off the boats.

“We’re now big advocates of the build-to-rent model. Before we left the Gold Coast, we temporarily stayed in another apartment building and found owners rent their place out on Airbnb, making it quite disruptive. You can’t do that here, which is great.”

According to Marissa Davis, 36 Lambert’s General Manager, residents are experiencing a lifestyle never before seen in Brisbane.

“Build-to-rent generally offers tenants more facilities and services than they would have access to in ‘build-to-sell‘ projects and traditional rental accommodation. Residents enjoy unrivalled amenities within the building, and will soon have a long list of on-demand services available,” said Ms Davis.

36 Lambert’s management team is working with local businesses and services to provide residents with unrivalled convenience by offering a comprehensive range of optional services, such as a dog walker and groomer; car detailer; removalist; apartment sitter; dry-cleaning services; home cleaner; handyman; babysitter; beautician; personal trainer or masseuse, as well as vehicle hire.

“Our residents really appreciate being able to have their pets with them. It really makes the difference between living in a house or a home,” added Ms Davis.

“Being pet-friendly also encourages residents to connect with each other more easily. We all know the amazing ability dogs have in breaking the ice between people.”

All residences at 36 Lambert offer light-filled contemporary interiors with extensive views across the Brisbane River, CBD or leafy surrounds, and come with high quality fixtures and fittings, and a full suite of appliances, window coverings and kitchen amenities.

Weekly rents range from $470 for a one-bedroom apartment, from $595 for a two-bedroom apartment, from $990 for a three-bedroom apartment, from $795 for a townhouse, and from $1,695 for a three-bedroom penthouse.

The building is perfectly positioned just south of the CBD and the Brisbane River, with Kangaroo Point boasting a variety of parks, restaurants, cafes, recreational activities and walking paths.

The Main Street at Story Bridge East, Stop 6 bus interchange is a three-minute walk away.

For further information on 36 Lambert Kangaroo Point, please visit 36lambertkangaroopoint.com.

 

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Brisbane

Best market we’ve ever seen’ – QLD sales achieve record results

Queensland market

The Queensland market has been roaring throughout 2021, with median prices up around +20 per cent for the year across the state.

Where other areas in the country are now beginning to soften, vendors in the Sunshine State are still experiencing incredible selling conditions that are leading to standout results everywhere you look.

We spoke to top agents in Brisbane and the Sunshine Coast to explore some of their recent sales and just how strong the local market is.

Sunshine Coast homes attract record prices in clear seller’s market

“I can’t recall the amount of activity I’ve seen internationally and interstate coming to Pelican Waters and particularly the Sunshine Coast,” explains Linda Feltman of McGrath in Caloundra.

“Everything is selling well above expectations. It’s even surprising agents sometimes.”

Since the pandemic hit, the Sunshine Coast has been one of the most desirable parts of the country when it comes to property. With its ideal weather, minimal impacts from Covid shutdowns and overall lifestyle benefits, it’s easy to see why.

The sale of 26 Millennium Circuit in Pelican Waters, the lakeside suburb which sits on the southern tip of the Sunshine Coast region, is a great example of the success sellers in the area are experiencing.

Queensland market

26 Millennium Circuit, Pelican Waters provided a stunning outlook onto the lake and local golf course. Source: McGrath Caloundra 

The stunning lakeside home boasted four bedrooms plus a guest wing, huge open living and dining, a gold class cinema, a large pool and spa, and views of the internationally renowned Pelican Waters Golf Club.

“From the moment it went online, we had 66 enquiries within 24 hours,” Ms Feltman says.

The owners were hoping for any offers over $2m, and with the huge levels of buyer interest, they ended up securing a fantastic result at $2.2m, a record sale for the lake area.

8 Bond St was another big hit for the area. The modern, sun-drenched four-bedder was on the market for offers over $1.495m, and again expectations were exceeded when the deal was done at $1.8m.

Queensland market

8 Bond St, Pelican Waters achieved a result well beyond the seller’s expectations. Source: McGrath Caloundra 

“On average, at the moment we’re getting anywhere from 100 to 170 enquiries per property,” Ms Feltman explains.

“We’re also dealing with a minimum of three to four offers. One of my properties the other day had nine offers.

“We’ve got huge demand and we haven’t got enough listings, so the supply is low and the demand is high. So whenever you have those two factors—and it’s like that at the moment—obviously it’s a seller’s market, and there are a lot of families that need to purchase on the Sunshine Coast.”

Brisbane sellers in the ‘best market we’ve ever seen’

“If I was to describe the market quite simply I would describe it as an absolute seller’s market,” says Tony O’Doherty, principal at Belle Property Bulimba.

“It’s often hard to know what market you’re in, and it’s very rare that it’s such an extreme one-sided market,” he explains.

“There is no line in the sand… the market has been as good as it’s been in the Brisbane environment.”

The Queensland capital has, similarly to the Sunshine Coast, been experiencing a historic boom that’s led to some remarkable results for sellers.

30 Grosvenor St in Balmoral is what Mr O’Doherty calls a very good example as to how the market is performing.

Queensland market

The sale of 30 Grosvenor St, Balmoral brought the vendors a massive return on their investment. Source: Belle Property Bulimba 

The five-bed family home attracted a wide array of buyers including people from overseas and interstate.

“We had people from America, Byron Bay, Sydney, Melbourne, and a lot of Brisbanites,” he says, adding that despite the media attention on how many out-of-towners have been showing interest in Queensland real estate, “most of our transactions are people who already live in the suburb.”

The owners of the Balmoral house originally purchased the property for $1.3m in 2015. Since then it hasn’t undergone any significant renovations.

After debating when to sell, they felt the market conditions gave them the confidence to list. Fast forward to November 2021 and it sold for $2.15m, a staggering +66 per cent increase in just six years.

Mr O’Doherty also points to the recent sale of 22 Orchard St in nearby Hawthorne as a demonstration of the current power of the market.

Queensland market

In 2020, the owners of 22 Orchard St, Hawthorne couldn’t find a buyer. In 2021 they went well beyond their dream price. Source: Belle Property Bulimba 

Just last year the owners had the three-bedroom house on the market for an extended period and couldn’t achieve a $1m price. In the 2021 market, the property sold for $1.415m.

These kinds of results aren’t only being seen in a particular price bracket, either. “It’s right the way through the market. It’s the million-dollar product, it’s the seven million dollar product, and everything in between,” Mr O’Doherty says.

“If you are a seller and you want to transact your home, this is the best market we’ve ever seen.”

What’s next for Queensland property?

While there’s talk of the property boom reaching its peak in other key markets like Sydney and Melbourne, the near future still looks very bright in the Sunshine State.

Ms Feltman expects that, once the state’s borders open in mid-December, there may be a short lull in activity as families reunite.

“But after that, once mid-January comes along, I think it’s going to be extremely busy because people will be up here and they’re going to be ready to go into real estate mode and need to buy fairly quickly,” she says.

“I envisage the next six months on the Sunshine Coast will be phenomenal, and then after that, it will depend.

“I think people will start to travel again comfortably, I think that’s going to definitely play a part in the real estate industry.”

She also points out that the 2032 Olympics announcement has set off a wave of new investor interest, so the long-term growth prospects for the region are extremely strong too.

Mr O’Doherty notes that Brisbane has seen a huge amount of growth in a short period, to the point that it puts things in uncharted territory and makes the future difficult to predict.

“This is not a natural economy, you’ve got a lot of money circulating that wouldn’t be if it wasn’t for Covid,” he says.

“I believe we’re in such a heavily geared seller’s market, if you are a seller waiting to sell—what are you waiting for?

“If you’re looking to buy, if you buy the right block size in the right location, it’ll never go backwards. If you’re looking to sell, it’s an absolute seller’s market.”

Article Source: www.openagent.com.au

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