House and Home Design - Realestate Passion
SPRING has come early on the Port Phillip property market, with listings creeping up from the winter lull and offering buyers more choice.
CoreLogic figures show the number of new listings in Port Phillip has steadily increased since July, with almost 48 homes hitting the market each week in the lead up to spring.
And the Real Estate Institute of Victoria believes much of the municipality’s auction action will centre on St Kilda East, naming it one of Melbourne’s top five “hot under the hammer” suburbs for this spring.
It found the suburb’s impressive 79.8 per cent auction clearance rate for the year so far and strong 25.8 per cent quarterly growth in the median unit price made it a good bet for spring buying.
Hocking Stuart St Kilda director Sam Inan said listing started to increase about a month ago in Port Phillip’s most-affordable suburbs.
“In St Kilda, Elwood and St Kilda East, spring began for us about a month ago,” Mr Inan said.
But there was still a shortage of homes on the market in the more blue chip suburbs of Middle Park, Albert Park and Port Melbourne.
“Further down bayside in more affluent suburbs we are not seeing the (influx of) stock levels through this period,” Mr Inan said.
“The wealthy suburbs are seeing lower stock and that will continue through to spring.
Glen Eira suburbs are also taking longer to shrug off the winter chill.
Ray White Carnegie’s Josh Hommelhoff said that while listing numbers in the area weren’t going to blossom as they had done in previous years, there was still plenty of opportunity for buyers.
“There’s not going to be a magnitude of stock coming on, we don’t think we are going to see that dramatic increase,” Mr Hommelhoff said.
Mr Hommelhoff advised bidders to get their hands up at auction and on the flip side, sellers should be prepared to put in a little extra effort in presenting the home to make it bloom.
Mr Inan said it was a great time for buyers keen to upsize, with savings to be made on larger properties.
“It’s a wonderful time to upsize,” he said.