October 07, 2016
Spring market to reward astute sellers
A wrap up of the Boroondara winter property market can best be summarised by one critical statement: high demand and low supply. Whether it was the impact of the 2016 federal election creating apprehension or a general feeling that real estate peaked in 2015, fewer properties made it to market than in previous years and buyers were eager to snap up quality properties.
This cautious environment and a lack of competition favoured sellers and provided many with exceptional results right across the board and drove clearance rates, and prices, upwards.
The Jellis Craig Boroondara team helped clients achieve unprecedented outcomes. Some of our winter highlights included:
15 Comas Grove, Ashburton - this 6 bedroom plus study resort-style luxury residence on 1078sqm and situated close to leading local and independent schools, parklands and transport sold for $2.752 million.
75 Earl Street, Kew - this 1115 sqm parcel of land with bonus second access street sold for $2.875 million.
45 Barrington Avenue, Kew - enjoyed strong interest from multiple bidders and sold under the hammer for more than $2.4 million
262 Union Road, Balwyn - sold in excess of $3,200,000
The spring market is well underway. Underpinned by record low interest rates, Boroondara is continuing to reward sellers. In the first weekend of September, our team achieved a sold price in excess of $1.7 million over the reserve for a 709 sqm block in the Sackville Estate at 51 Rowland Street, Kew. An uninhabitable home, the property sold at land value alone for $4.8 million. In fact, that weekend, the Jellis Craig Boroondra Group sold all three top priced homes in the area.
Boroondara brings together all the award-winning elements of our our city's best-loved attributes: vibrant shopping strips, prestige schools, parks and proximity to the CBD. It’s little wonder demand for Boroondara property continues unabated. Helping clients to understand current market conditions and prepare a successful campaign is based on more than intuition and comparable results. It's about using a great network to share knowledge, insights and best practice. We expect the final weeks of the spring and early summer property market to be a rewarding experience for both our sellers and buyers.