REIV: Weekly Auction & Sales Results, Market Overview Saturday 19th & Sunday 20th February 2011
This weekend there has been 673 auctions reported with a total of 441 selling resulting in a clearance rate of 66 per cent.
This is a healthy result which indicates demand is consistent with results achieved in the last quarter of 2010.
This compares to this weekend last year when there was 723 auctions and a clearance rate of 85 per cent.
Of the 646 auctions reported there was 232 passed in, of those 145 were on a vendors bid.
In each of the next two weekends the REIV is expecting 980 auctions.
Enzo Raimondo
REIV CEO
TOTAL AUCTIONS
This week: 673
Last Weekend: 383
This weekend last year: 723
S Sold at Auction: 340
SB Sold before Auction: 95
SA Sold after Auction: 6
Passed in: 232
Passed in on vendor’s bid: 145
Clearance rate: 66%
Postponed: 3
Withdrawn: 8
Auctions with no result: 90
PS Private Sales: 607
Total Volume (Auctions): $310.73mil
Total Volume (Private Sales): $315.02mil
Total Auctions Houses: 422
Clearance Rate: 64%
Median Price: $698,000
Total Value: $210,021,100
Total Auctions Flats/Apartments: 235
Clearance Rate: 70%
Median Price: $558,500
Total Value: $96,519,500
Total Auctions Vacant Land: 15
Clearance Rate: 40%
Median Price: $476,250
Total Value: $3,378,500
House Sales in Detail
TOP 5 HOUSES
1. 61 Mary Street, St Kilda West $2,220,000
2. 9 Tourello Avenue, Hawthorn East $2,050,000
3. 367 Main Creek Road, Main Ridge $1,920,000
4. 24 Kardella Street, Malvern East $1,786,000
5. 10 Nicholson Street, Hawthorn East $1,752,000
TOP 5 BARGAIN HOUSES
1. 8 Roma Avenue, Cranbourne $261,000
2. 52 Malcolm Road, Langwarrin $283,000
3. 12 Wodalla Street, Kurunjang $285,000
4. 36 Norfolk Drive, Narre Warren $340,000
5. 2 Winston Street, Lalor $350,000
Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 4/48 North Road, Brighton $1,725,000
2. 311/6 Victoria Street, St Kilda $1,650,000
3. 31 Carters Avenue, Toorak $1,135,000
4. 7/97 Cruikshank Street, Port Melbourne $1,125,000
5. 30 Wattletree Road, Armadale $1,090,000
TOP 5 BARGAIN APARTMENTS
1. 7/92 Grey Street, St Kilda $208,000
2. 10/67 Monash Street, Sunshine $230,000
3. 2/173 Balcombe Road, Mentone $235,000
4. 12/68 Mathoura Road, Toorak $251,500
5. 905/408 Lonsdale Street, Melbourne $267,000
SOURCE: REIV
MILEY CYRUS SELLS BEACHFRONT PENTHOUSE
American singer, actress, and all round tumultuous-teen idol, Miley Cyrus, has sold her Florida home for nearly $2 million. Located in Panama City Beach, in an area commonly referred to as the ‘Redneck Riviera’, the penthouse level apartment sprawls over 4,400 square feet. It includes five bedrooms, master ensuite with chroma-therapy spa tub, four further bathrooms, open-plan living area, chefs kitchen with integrated appliances, a state-of-the-art screening room with wet bar, and a water-side terrace with panoramic views over the Gulf of Mexico. The building benefits from full-service amenities, a gulf-front swimming pool, spa, and 240 feet of private white sand beach. Miley, the daughter of famed Country singer Billy Ray Cyrus, made her own headlines staring in the Disney Channel sitcom ‘Hannah Montana’, which also helped to launch her music career. She has since received a Golden Globe Award for Best Original Song ‘I Thought I Lost You’, and released hits such as ‘Party in the U.S.A.’ and ‘Can’t Be Tamed’. She is currently ranked number thirteen on Forbes’ 2010 Celebrity 100.
SOURCE: thehomepage.com.au
REIV: Weekly Auction & Sales Results, Market Overview Saturday 12th & Sunday 13th February 2011
This weekend there have been 338 auctions reported and with a total of 222 selling a clearance rate of 66 per cent has been recorded. Of the 116 passed in 67 of those were passed in on a vendors bid.
This compares to the clearance rate of 54 per cent from last weekends 182 auctions and the 85 per cent reached on this weekend in 2010.
There is no sign yet that the market has shifted in any significant way from the way it ended in 2010.
The next three weekends will see significantly more auctions with 695 next weekend followed by 980 and 910 in the following two weekends.The high number of listings shows that sellers have a reasonable degree of confidence in their prospects, reflecting the overall health of the national and state economy.
Enzo Raimondo
CEO, REIV
TOTAL AUCTIONS
This week: 338
Last Weekend: 182
This weekend last year: 403
S Sold at Auction: 163
SB Sold before Auction: 59
SA Sold after Auction: 0
Passed in: 116
Passed in on vendor’s bid: 67
Clearance rate: 66%
Postponed: 3
Withdrawn: 1
Auctions with no result: 88
PS Private Sales: 632
Total Volume (Auctions): $139.52mil
Total Volume (Private Sales): $304.49mil
Total Auctions Houses: 211
Clearance Rate: 64%
Median Price: $652,000
Total Value: $95,142,100
Total Auctions Flats/Apartments: 118
Clearance Rate: 72%
Median Price: $508,750
Total Value: $42,621,727
Total Auctions Vacant Land: 9
Clearance Rate: 33%
Median Price: $680,000
Total Value: $1,760,000
House Sales in Detail
TOP 5 HOUSES
1. 197 Keys Road, Flinders $1,955,000
2. 2 Baldwin Street, Armadale $1,360,000
3. 2 Cooraminta Street, Brunswick $1,360,000
4. 4A Gillies Street, Fairfield $1,310,000
5. 1 Uniting Lane, Bulla $1,300,000
TOP 5 BARGAIN HOUSES
1. 6 Burgundy Drive, Wyndham Vale $230,000
2. 59 Gipps Crescent, Cranbourne North $291,000
3. 6 Monterey Court, Narre Warren $342,500
4. 19 Talintyre Road, Sunshine West $350,000
5. 70 Monaco Parade, Dromana $370,000
Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 1/4 Laburnum Court, Brighton $1,160,000
2. 3A Glenhuntly Road, Elwood $1,032,880
3. 4A Cromwell Street, Caulfield North $925,000
4. 1002/325 Collins Street, Melbourne $875,000
5. 1/24 Victoria Street, Box Hill $790,000
TOP 5 BARGAIN APARTMENTS
1. 707 Moonah Link, Fingal $195,000
2. 3/10 Walsh Street, Ormond $262,000
3. 5/156 Station Street, Fairfield $278,000
4. 2/11 Eldridge Street, Footscray $282,000
5. 14/57 Gillies Street, Fairfield $310,000
SOURCE: REIV
This weekend there have been 326 auctions reported and with a total of 206 selling a clearance rate of 66 per cent has been recorded. Of the 110 passed in 63 of those were passed in on a vendors bid.
This compares to the clearance rate of 54 per cent from last weekend’s 182 auctions and the 85 per cent reached on this weekend in 2010.
There is no sign yet that the market has shifted in any significant way from the way it ended in 2010.
The next three weekends will see significantly more auctions with 695 next weekend followed by 980 and 910 in the following two weekends. The high number of listings shows that sellers have a reasonable degree of confidence in their prospects, reflecting the overall health of the national and state economy.
Enzo Raimondo
CEO, REIV
TOTAL AUCTIONS
This week: 326
Last Weekend: 177
This weekend last year: 390
S Sold at Auction: 159
SB Sold before Auction: 57
SA Sold after Auction: 0
Passed in: 110
Passed in on vendor’s bid: 63
Clearance rate: 66%
Postponed: 3
Withdrawn: 1
Auctions with no result: 84
PS Private Sales: 630
Total Volume (Auctions): $133.62mil
Total Volume (Private Sales): $303.29mil
Total Auctions Houses: 201
Clearance Rate: 64%
Median Price: $651,000
Total Value: $89,777,100
Total Auctions Flats/Apartments: 116
Clearance Rate: 72%
Median Price: $505,000
Total Value: $42,084,727
Total Auctions Vacant Land: 9
Clearance Rate: 33%
Median Price: $680,000
Total Value: $1,760,000
House Sales in Detail
TOP 5 HOUSES
1. 2 Baldwin Street, Armadale $1,360,000
2. 2 Cooraminta Street, Brunswick $1,360,000
3. 4A Gillies Street, Fairfield $1,310,000
4. 1 Uniting Lane, Bulla $1,300,000
5. 74 Dudley Street, West Melbourne $1,275,000
TOP 5 BARGAIN HOUSES
1. 59 Gipps Crescent, Cranbourne North $291,000
2. 6 Monterey Court, Narre Warren $342,500
3. 19 Talintyre Road, Sunshine West $350,000
4. 70 Monaco Parade, Dromana $370,000
5. 285 Mickleham Road, Westmeadows $395,000
Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 1/4 Laburnum Court, Brighton $1,160,000
2. 3A Glenhuntly Road, Elwood $1,032,880
3. 4A Cromwell Street, Caulfield North $925,000
4. 1002/325 Collins Street, Melbourne $875,000
5. 1/24 Victoria Street, Box Hill $790,000
TOP 5 BARGAIN APARTMENTS
1. 707 Moonah Link, Fingal $195,000
2. 3/10 Walsh Street, Ormond $262,000
3. 5/156 Station Street, Fairfield $278,000
4. 2/11 Eldridge Street, Footscray $282,000
5. 14/57 Gillies Street, Fairfield $310,000
SOURCE: REIV
REIV: Weekly Auction & Sales Results, Market Overview Saturday 5th Sunday 6th February 2011
TOP WIN: Jason Andrew has been named Australasian Auctioneering Champion for 2010
This weekend there has been 149 auctions reported with a total of 90 selling resulting in a clearance rate of 60 per cent. Of the 149auctions held a total of 59 were passed in, 43 of those on a vendors bid.
This result indicates that the market is not as strong as it was this time last year when there was 181 auctions and a clearance rate of 85 per cent.
The next few weeks will see a substantially higher level of stock on offer with 375 homes to offered at auction next weekend, 715 the weekend after and 950 the weekend after that.
Enzo Raimondo
CEO REIV
TOTAL AUCTIONS
This week: 149
Last Weekend: 132
This weekend last year: 181
S Sold at Auction: 57
SB Sold before Auction: 33
SA Sold after Auction: 1
Passed in: 59
Passed in on vendor’s bid: 43
Clearance rate: 60%
Postponed: 3
Withdrawn: 3
Auctions with no result: 54
PS Private Sales: 691
Total Volume (Auctions): $51.98mil
Total Volume (Private Sales): $347.51mil
Total Auctions Houses: 88
Clearance Rate: 64%
Median Price: $555,000
Total Value: $35,644,000
Total Auctions Flats/Apartments: 48
Clearance Rate: 60%
Median Price: $445,000
Total Value: $12,757,500
Total Auctions Vacant Land: 12
Clearance Rate: 33%
Median Price: $649,500
Total Value: $2,924,000
House Sales in Detail
TOP 5 HOUSES
1. 3433 Point Nepean Road, Sorrento $2,670,000
2. 3275 Point Nepean Road, Sorrento $2,650,000
3. 148 Epsom Road, Ascot Vale $1,200,000
4. 10 Charlotte Street, Glen Waverley $1,190,000
5. 10 Gatis Street, Glen Iris $1,105,000
TOP 5 BARGAIN HOUSES
1. 20 Spring Road, Junction Village $300,000
2. 198 Railway Crescent, Broadmeadows $322,500
3. 3 Jolly Street, Frankston $365,000
4. 4 Gidgee Court, Wantirna South $400,000
5. 42 Tormore Road, Boronia $405,000
Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 301/241 Flinders Lane, Melbourne $710,000
2. 1/17 Hotham Street, Seddon $632,000
3. 8/27 Newry Street, Windsor $560,000
4. 2/31 Flemington Street, Flemington $526,000
5. 4/40 Munster Avenue, Carnegie $510,000
TOP 5 BARGAIN APARTMENTS
1. 14/7 Sandown Road, Ascot Vale $295,000
2. 3/12 Clarendon Parade, West Footscray $299,000
3. 3/9 Symonds Street, Queenscliff $310,000
4. 3/51 Epsom Road, Kensington $358,500
5. 2211/60 Market Street, Melbourne $400,000
SOURCE: REIV
This weekend there had been 149 auctions reported with a total of 91 selling resulting in a clearance rate of 61 per cent. Of the 149auctions held a total of 58 were passed in, 42 of those on a vendors bid.
This result indicates that the market is not as strong as it was this time last year when there was 181 auctions and a clearance rate of 85 per cent.
The next few weeks will see a substantially higher level of stock on offer with 375 homes to offered at auction next weekend, 715 the weekend after and 950 the weekend after that.
Enzo Raimondo
CEO REIV
TOTAL AUCTIONS
This week: 149
Last Weekend: 122
This weekend last year: 177
S Sold at Auction: 57
SB Sold before Auction: 33
SA Sold after Auction: 1
Passed in: 58
Passed in on vendor’s bid: 42
Clearance rate: 61%
Postponed: 3
Withdrawn: 3
Auctions with no result: 48
PS Private Sales: 692
Total Volume (Auctions): $52.4mil
Total Volume (Private Sales): $348.81mil
Total Auctions Houses: 88
Clearance Rate: 64%
Median Price: $555,000
Total Value: $35,644,000
Total Auctions Flats/Apartments: 49
Clearance Rate: 61%
Median Price: $445,000
Total Value: $13,177,500
Total Auctions Vacant Land: 11
Clearance Rate: 36%
Median Price: $649,500
Total Value: $2,924,000
House Sales in Detail
TOP 5 HOUSES
1. 3433 Point Nepean Road, Sorrento $2,670,000
2. 3275 Point Nepean Road, Sorrento $2,650,000
3. 148 Epsom Road, Ascot Vale $1,200,000
4. 10 Charlotte Street, Glen Waverley $1,190,000
5. 10 Gatis Street, Glen Iris $1,105,000
TOP 5 BARGAIN HOUSES
1. 70 Kuringai Road, Tootgarook $275,000
2. 19 Barragowa Drive, Rosebud West $307,000
3. 66 Third Avenue, Rosebud $315,000
4. 4 Ropley Grange, Frankston $330,000
5. 11 Boston Court, Narre Warren $365,000
Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 3/6 Riverview Road, Essendon $510,000
2. 3/10 Mary Avenue, Highett $506,000
3. 1601/594 St Kilda Road, Melbourne $467,000
4. 2/4A Burnie Street, Toorak $374,000
5. 8/127 Arthur Street, Bundoora $320,000
TOP 5 BARGAIN APARTMENTS
1. 7/280 Nepean Highway, Seaford $297,500
2. 9/30 Balaclava Road, St Kilda East $311,000
3. 8/127 Arthur Street, Bundoora $320,000
4. 2/4A Burnie Street, Toorak $374,000
5. 1601/594 St Kilda Road, Melbourne $467,000
SOURCE: REIV
Blairgowries bit of history
The property, built in approximately 1946, was part of the original estate that created Blairgowrie after the Second World War. The original house, together with its neighboring property, formed an estate that ran down to St John’s Wood Rd, overlooking what was then the Wilson’s paddock and abattoir. Today, the owners have replaced the original house with a light–filled and lovingly cared for home that boasts superb views over Port Phillip Bay, Delgany Castle, Portsea Lagoon and Arthur’s Seat.
It includes four bedrooms, two bathrooms, two separate living areas, a Jetmaster fireplace, marble kitchen, and numerous entertaining spaces.
Outside features a North facing paved pavilion, extensive deck areas, and a recessed swimming pool.
For further information, find it on Millionplus.
REIV: Weekly Auction & Sales Results, Market Overview Saturday 29th & Sunday 30th January 2011
This is the first weekend with a reasonable volume of auctions this year. It is important to note that it is too early to compare the market last year.
Since the 20th December 2010 (the last report) there have been 126 auctions reported with a clearance rate of 55 per cent achieved. This weekend it is 52 per cent. This compares with the 82 per cent recorded this weekend last year from 80 auctions.
Of the 126 auctions reported a total of 69 sold and 57 were passed in, 30 of those on a vendors bid.
The REIV is expecting 180 auctions next weekend with 390 the weekend after then 700 on the weekend of the 19th and 20th of February.
Enzo Raimondo
CEO REIV
TOTAL AUCTIONS
Since 20 Dec 2010: 126
Last weekend: n/a
This time last year: 80
S Sold at Auction: 55
SB Sold before Auction: 10
SA Sold after Auction: 4
Passed in: 57
Passed in on vendor’s bid: 30
Clearance rate: 55%
Postponed: 1
Withdrawn: 0
Auctions with no result: 48
PS Private Sales: 1669
Total Volume (Auctions): $38.07mil
Total Volume (Private Sales): $812.84mil
Total Auctions Houses: 92
Clearance Rate: 57%
Median Price: $527,500
Total Value: $30,921,388
Total Auctions Flats/Apartments: 20
Clearance Rate: 50%
Median Price: $426,000
Total Value: $4,389,500
Total Auctions Vacant Land: 14
Clearance Rate: 50%
Median Price: $419,000
Total Value: $2,759,500
House Sales in Detail
TOP 5 HOUSES
1. 7 Ballamore Crescent, Doncaster $1,000,888
2. 36 Durham Street, Richmond $920,000
3. 6 Woolcock Close, Burwood $912,000
4. 22 Shawlands Avenue, Blackburn South $778,000
5. 16 Dayan Drive, Wantirna South $711,000
TOP 5 BARGAIN HOUSES
1. 70 Kuringai Road, Tootgarook $275,000
2. 19 Barragowa Drive, Rosebud West $307,000
3. 66 Third Avenue, Rosebud $315,000
4. 4 Ropley Grange, Frankston $330,000
5. 11 Boston Court, Narre Warren $365,000
Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 3/6 Riverview Road, Essendon $510,000
2. 3/10 Mary Avenue, Highett $506,000
3. 1601/594 St Kilda Road, Melbourne $467,000
4. 2/4A Burnie Street, Toorak $374,000
5. 8/127 Arthur Street, Bundoora $320,000
TOP 5 BARGAIN APARTMENTS
1. 7/280 Nepean Highway, Seaford $297,500
2. 9/30 Balaclava Road, St Kilda East $311,000
3. 8/127 Arthur Street, Bundoora $320,000
4. 2/4A Burnie Street, Toorak $374,000
5. 1601/594 St Kilda Road, Melbourne $467,000
SOURCE; REIV
New report puts Sydney and Melbourne among world’s most unaffordable property markets but experts question methodology
A new report has put Melbourne and Sydney at the bottom of a survey of the world’s most affordable property markets based on a ratio of median house prices to income levels, but experts say this method is faulty and doesn’t take into account factors such as interest rates and tax policy.
The report also comes as a new piece of research from Fitch Ratings also shows Australian banks would be able to withstand a doomsday-scenario where house prices fall by 40% and defaults skyrocket.
The Demographia International Housing Affordability Survey, which ranks 325 separate property markets, classes Melbourne as the 321st most affordable city. Sydney is classed as the second least affordable city.
The cities were ranked according by dividing median house prices in each city by average household incomes in each city. The formula suggests that Melbourne has a income-to-price ratio of 9x – that is, houses costs nine times average household income. Sydney is even worse, with a ratio of 9.6x.
Saginaw in the American state of Michigan is classed as the most affordable, with a median multiple of 1.6 and a median house price of $61,400.
“The escalation of house prices has been financially damaging to households,” the report argues.
“Virtually all of the major markets in Australia, the United Kingdom and New Zealand and some in the United States and Canada, now have seriously unaffordable or severely unaffordable housing. In many of these markets, house prices have doubled or tripled relative to incomes.”
Various other Australian cities including Toowoomba, Canberra, Shepparton and the Sunshine and Gold coasts have also been named on the list.
“Australia’s burgeoning house prices have forced many households into both housing and mortgage stress,” the report says.
“Last year’s Demographia International Housing Affordability Survey showed that the median income household would spend between 57% of its pre-tax gross income for a mortgage on the median priced house in severely unaffordable Sydney and 50 percent in Melbourne.”
But some local experts say the report isn’t accurate. Paul Braddick, head of property and financial system research at ANZ, says using the ratio of house prices to income doesn’t present an accurate picture of the market overall.
“This is the main point we’ve tried to make in early notes. Using single metrics like that to make comments about the value of house prices is unwise because it ignores so many factors that play on house prices.”
“The obvious one is interest rates, but there are a whole range of factors to consider including different taxation policies, the number of investors, the quality of concentration in some urban centres – all of these come into play.”
Braddick’s comments come just days after ANZ published a report arguing the various metrics used to judge housing prices are inaccurate because they only provide a snapshot. Braddick says while the survey is interesting, it is not how ANZ judges affordability.
“Generally, we use a lot of individual metrics. So some of the simple ones like rental yields and house price to rent ratios can be used, but different taxation rates play a huge part in this as well.”
“Much of the argument that also pins up the house price to income ratio is that people argue that ratio needs to return to an historical average. But that reversion is quite questionable in the context that interest rates have fallen quite significantly. There’s really no justification for reverting to that previous metric.”
Rismark managing director Christopher Joye has been particularly outspoken regarding the house price to income ratio, and has argued that housing prices are not out of reach for the average buyer.
According to the company, the ratio of price to disposable household income ratio has dropped from 4.6 to 4.4 in the September quarter.
“On this basis, there appears to be little evidence that housing market valuations have become more stretched in recent years, as is commonly claimed,” Joye said in a blog post last month.
He also points out that Rismark’s calculations take into account dwellings across all regions, not just capital cities, property types, and the ABS quarterly national accounts measure of average disposable household income, not just household earnings.
“In the 12 months to September 2010, disposable incomes per Australian household rose by 6.8% while the cost of the median dwelling across all Australian regions increased by 6.6%.”
“Australian disposable household incomes have also out-run median dwelling prices over the preceding three years with compound annual growth rates of 5.0% and 4.2%, respectively.”
Meanwhile, a new report from Fitch shows that if housing prices were to fall by 40%, the local banks would be able to withstand such a catastrophe.
“Even in a severe downturn, gross losses incurred by the four major banks in their mortgage portfolios would be manageable,” John Miles, senior director at Fitch Ratings, said in the report.
“Of more concern would (be) the broader state of the economy, should such a downturn ever occur, and the impact this would have on commercial loans.”
Losses for the banks after insurance protections would range from $US100 million to $US2 billion under the scenarios, with insurers’ losses to reach a maximum of 56% in the third year of such a downturn.
However, Miles says vulnerabilities for the housing market include a relatively high household income to debt ratio, and the sector’s reliance on wholesale funding.
SOURCE: smartcompany.com.au
