Prices Soar in Williamstown
Homes are on the Wish List
As Christmas trees go up, energetic buyers continue to pour into the market in Melbourne’s inner west. Auctions are proving to be competitive affairs and bidders are plunging forward into the property scene with vigour. A sense of desperation is typical at this time of year according to Compton Green’s Director and Award Winning Auctioneer, Adrian Butera. “Buyers are longing to purchase a home before the clock ticks over to 2015. Low interest rates have fuelled a high rate of buyers to continue entering the market. Buyers are gravitating here in the inner west for good reason and Compton Green continues to seize high clearance rates. Auctions are already building up for next year,” he said.
18 Osborne Street in Williamstown proved to be a memorable auction as this treasured Victorian has been loved by the same family for the past 52 years. Arising with a commanding street presence from the one of the area’s most elite streets, this 107-year-old home’s iron laced verandah creates a vision of grace. Once inside, the past echoes in exquisite high ceilings where traditions and temptations to transform unite. Over 80 people approximately lined the established street and competition was fierce as intense bidding contributed towards this home selling under the hammer for $1,950,000 while the quoted marketed price was $1,500,000-$1,600,000.
Just streets away, an auction was also held at 8/51 Verdon Street, Williamstown and the property was marketed as “Hidden Secret Revealed” due to the tucked away position. Confident bidding ensued and prices soared up as this townhouse went under the hammer for $931,000 while the marketed quote range was $830,000 plus. According to the purchasers, Sandra and Serge, it seemed like fate as they had met the vendors, Geoff and Christine before. “One day we were walking past the home just reading the board and the owners invited us in! We didn’t want to interrupt them but they were adamant that we take a look. It’s funny because the next day I bumped into Geoff at the Supermarket. It’s a small world,” Sandra said.
The Facts
- Home values fell 0.3 per cent across capital cities for November, although year-on-year growth remains positive, at 8.5 per cent. From our point of view, it hasn’t slowed down.
- There are widespread expectations among finance experts that rates won’t stay steady in the New Year.
- Almost 1300 homes were auction across Melbourne over the weekend and buyers continue to be spoiled for choice.
- Melbourne and Sydney continues to lead the way in house price growth. Australia’s median capital city house price stands at $559,000 with Sydney homes selling for $705,000 and Melbourne dwellings going for $568,500. Elsewhere, median prices are $447,000 in Brisbane, $400,000 in Adelaide, $515,000 in Perth, $315,000 in Hobart, $540,000 in Darwin and $511,200 in Canberra.
- In Queensland, auction-bound homes are no longer permitted to display a price guide under new Queensland laws that come into force today.
- Over the weekend, there was a median sale price of $770,000 recorded on those that sold, according to Australian Property Monitors (APM).
- PRD Nationwide analysis of Macquarie Bank mortgage approvals to first-home buyers shows the average first-time buyer can only afford to spend $371,834. Mr Raimondo said there were still a range of affordable homes available in different areas of Melbourne.“Small units can still be purchased in suburbs such as West Footscray for around $350,000,” he said.
- Nearly 90 new suburbs nationwide swelled the ranks of Australia’s millionaire’s club this year.
