Stunning single level living

I am happy to have the opportunity to offer this stunning single level residence for auction o the 17^th of March.

Architect designed by Peter Sugar this well thought out design blends abundant natural light with a seamless blend of open plan living and clever use of the three private outdoor courtyards.

Offering 2 or 3 generous bedrooms, master with WIR and generous ensuite, large open plan West facing living and dining that opens to all three of the courtyards surrounding the residence.

With double basement garaging and theater room / study and the convenience of a lift this residence offers the best of security, privacy and quality in this prime Armadale address.

To arrange an inspection or to secure further details please contact Mark Williams from Marshall White on (03)9832 4728 or 0417 189 377. email: maw@marshallwhite.com.au

By Mark Williams – Licensed Estate agent – www.stonningtonpropertyvalues.com.au

Market strong for good family homes in Glen Iris

On Saturday the 18th of February I auctioned the property at 46 Gardiner Parade, Glen Iris which was sold after auction for $1,925,000

The auction was a good example of how many buyers are opting to hold back and negotiate after an auction has passed in. We had an initial offer of $1,625,000 which was followed by a vendor bid of $1,800,000.

Up until the half time break we failed to secure another bid. After the break making sure that  the crowd knew the rules of auction and that I would deal exclusively with the highest bidder we still did not receive another bid. This is becoming a common occurrence at auction.

We knew we had strong interest from three buyers but they all chose not to bid. From the buyers perspective two of them walked away once the property was sold disappointed as they had missed out. Had they been the highest bid prior to the property passing in they could have secured the right to negotiate exclusively with the vendor.

Buyers choosing to let properties pass in without declaring a bid run the risk that they will be caught in an open negotiation that they have no control over and that is what happened at this auction. All buyers were prepared to offer higher than the pass in price yet chose not to bid.

From the sellers point of view having a structured auction day strategy, the right staff on hand and the appropriate amount of time to negotiate was crucial to selling the home for the eventual price we achieved.

If you would like to discuss auction day strategy further or to book an obligation free market appraisal for your home contact Mark Williams from Marshall White & Co on (03) 9832 4728 or 0417 189377. email: maw@marshallwhite.com.au

By Mark Williams – Licensed Estate agent – www.stonningtonpropertyvalues.com.au

This weekend’s auction clearance rate was 66 per cent, compared to 54 per cent last weekend, and 63 per cent on this weekend last year.

This is a modest improvement on last year’s results, however the outcome of auctions over the coming two weekends will provide a clearer indication of the state of the market.

A total of 276 auctions were reported this weekend. Homes sold comprise 181 of the total. The remaining 95 were passed in, 60 of those on a vendor’s bid.

There are 1500 auctions scheduled between now and the end of February.

 TOTAL AUCTIONS 

This Week: 276
Last Week: 127
This time last year: 424

S Sold at Auction: 141
SB Sold before Auction: 40
SA Sold after Auction: 0

Passed in: 95
Passed in on vendor’s bid: 60

Clearance rate: 66%

Postponed: 2
Withdrawn: 2
Auctions with no result: 36

PS Private Sales: 519

Total Volume (Auctions): $111.11mil
Total Volume (Private Sales): $252.03mil

Total Auctions Houses: 173
Clearance Rate: 67%
Median Price: $602,500
Total Value: $74,176,388

Total Auctions Flats/Apartments: 96
Clearance Rate: 65%
Median Price: $520,000
Total Value: $35,709,119

Total Auctions Vacant Land: 7
Clearance Rate: 43%
Median Price: $405,000
Total Value: $1,220,000

By Enzo Raimondo – CEO REIV
Read more

RBA leaves the cash rate steady after two consecutive cuts leaving disappointed mortgage holders.

The Reserve Bank of Australia (RBA) opted to leave the cash rate unchanged at 4.25% at its monthly meeting today after widely held expectations of another drop.

The announcement follows two consecutive reductions from the RBA at the end of 2011, the first time since since February 2009 it had made back-to-back rate cuts. After a turbulent 12 months in the property market the expected drop was going to be a much needed shot in the arm.

Easing price pressures and new figures showing prices paid by business in the final three months of 2011 grew at their slowest pace for the year, underpinned hopes that the all-important inflation report would be weaker than forecast,  according to analysts.

However, it seems the consumer price index (CPI) data for the December quarter did not play out as expected and mortgage holders were denied a third straight interest rate cut at the board’s first meeting for 2012 raising doubt of any further rate drops for 2012.

Interest will now turn to major banks, some of whom have declared they will make their own moves on interest rates regardless of RBA decisions. Few are expecting the banks to make any downward move on their interest rates.

For further information on how the property market will take the news or to arrange a no obligation market appraisal cont Mark Williams from Marshall White & Co on (03) 9832 4728 or 0417 189377. Email: maw@marshallwhite.com.au

By Mark Williams – Licensed Estate agent – www.stonningtonpropertyvalues.com.au

The sale of 7 William Street, South Yarra is a promising sign for the property market as the 2012 Real Estate market gets started.

Having been auctioned late in September 2011 there had been a number buyers showing interest but failing to commit to a price that the vendor would consider acceptable. With the owner considering re auctioning the property again early this year two buyers reignited their interest from late last year.

The eventual purchasers had seen the property prior to Christmas and were undecided on the property and the market only to pursue the property again in the new year.

 The property was subsequently sold in late January after four months on the market. We see sales like this as a positive sign that there is improving confidence in the property market moving into 2012.

We have not had enough auction activity this year to gauge where the market is headed but sales like 7 William Street, excellent buyer enquiry and early open for inspection numbers are pointing to a much more positive property market for 2012.

For any further information on the property market or to book a obligation free market appraisal on your property contact Mark Williams from Marshall White & Co on (03)9832 4728 or 0417 189377. email: maw@marshallwhite.com.au

By Mark Williams – Licensed Estate agent – www.stonningtonpropertyvalues.com.au

Vendor says sell! – Price reduction from $1,200,000 to $950,000

In Prahran’s premier tree-lined street, this enchanting solid brick Victorian corner residence’s instantly appealing blend of period charm and light-filled contemporary style provides an enviable lifestyle just metres from a host of attractions including Victoria Gardens, Prahran Pool, Hawksburn Village and Chapel Street.

Timber floors add a modern touch to the high ceilings and OFP in the beautiful downstairs bedroom complemented by a stylish bathroom with laundry and upstairs two further bright bedrooms with BIRs, study and shared second bathroom/en-suite. Beneath beamed ceilings, the inviting living and dining room with stylish contemporary kitchen boasting stainless steel benches and European appliances opens out to a sunny paved courtyard.

Features 5xRC/air-conditioners, attic storage and OSP via remote door to ROW. This property represents exceptional value and an affordable entry to Prahran’s best tree lined address

For further details on 8 Murray Street contact Mark Williams from Marshall White & Co on (03)9832 4728 or 0417 189377. email: maw@marshallwhite.com.au

By Mark Williams – Licensed Estate agent – www.stonningtonpropertyvalues.com.au

Stunning double fronted transformation

I am pleased to be able to offer this sensational family home which we are taking to auction on the 25^th of February at 1.30pm.

Having undergone an extensive renovation this architecturally designed home is a rare offering and centrally located only a few minutes stroll from Chapel Street, Fitzroy Street & Windsor Station.

The absolutely inspired 1-year-old architect designed renovation and extension of this classic double fronted solid brick Victorian residence is brilliantly enhanced by a stunning north-facing garden that provides an exceptional leafy oasis.

Blond Baltic pine floors add a contemporary counterpoint to the arched hallway and ornate ceilings in the inviting sitting room (OFP) and two front bedrooms with BIRs (OFP). Two further bedrooms also with BIRs and two designer bathrooms provide fabulous family accommodation.

The sensational light-filled living and dining room with window seat, cleverly designed study and state of the art Ilve kitchen boasting striking Caeserstone benches opens fully to a generous north-facing entertaining deck and picturesque garden.

A unique inner urban domain, it also features plantation shutters, hydronic heating, large wine cellar, laundry, water tank, irrigation, garage and auto gates. 

For further details please contact agent Mark Williams from Marshall White & Co on (03) 98324728 or 0417 189377. Email: maw@marshallwhite.com.au

By Mark Williams – Licensed Estate agent – www.stonningtonpropertyvalues.com.au

From the 1st of March this year purchasers will no longer be able to waive the cooling-off period by obtaining independent advice from a legal practitioner prior to signing a land sale contract. Purchases at a publicly advertised auction are still not subject to cooling off.

The Real Estate Institute of Victoria feel that this change may impact on boardroom auctions. This is due to many Real Estate agencies instructing intended bidders at boardroom auctions to seek and provide evidence that they have had independent legal advice prior to bidding.

This is done to protect the vendor so that once the auction has been conducted and contracts signed that there is no risk of the buyer changing their mind over the next 3 business days and cooling off. This is already the case with public auctions where you can not cool off three clear business days either side of a publicly advertised auction

This change follows an amendment to the Sale of Land Act by the Parliament in 2010.  The REIV opposed this change. This change has resulted in the REIV and LIV jointly publishing a new Contract of Sale. The contracts will shortly be available in printed and electronic versions.

For further information relating to these changes contact Mark Williams from Marshall White & Co on (03) 9832 4728 or (0417) 189377. Email: maw@marshallwhite.com.au

By Mark Williams – Licensed Estate agent – www.stonningtonpropertyvalues.com.au

Aussie house prices could be on the rise again

For most of this year Australians have had to read asinine media articles reporting purported experts predicting catastrophically large 20%, 40% and, last week, 60% falls in domestic house prices. 

The fact that these individuals have no experience successfully forecasting housing market conditions seems to be utterly inconsequential to the journalists desperately seeking to peddle doom and gloom. 

The best information we have today suggests that Aussie house prices will have tapered by around 3.5% over the course of 2011. That’s right: less than one-tenth the decline sensationally predicted by the closely covered doomsayers (no prizes for guessing who I am referring to here). 

Wiser readers will realise that this is history repeating itself: the same individuals expressed the same opinions during the global financial crisis only to see Aussie house prices surge over 2009 and 2010. 

And now we have mounting evidence that the housing market is staging a slow recovery, as I’ve projected in these pages for some time. The key catalyst appears to have been the RBA’s decision to swing 180 degrees from expecting to hike interest rates to cutting them in November and again in December. A low core inflation result from the ABS today would significantly increase the prospect of a third delicious rate cut for home owners at the RBA’s February board meeting.

By Christopher Joye – Property observer

The big question. What is the value of my property?

In the current market many people are confused regarding the value of their property.The market is changing on a monthly basis rather than the quarterly or yearly cycle we have come to rely with many people employing sworn valuer’s to determine the value of their property. The unfortunate fact is that valuers are struggling to keep pace with market trends.

As discussed in previous articles even registered valuers are finding it hard in the current market to come up with an accurate market value given the volatile market conditions.

The best gauge of your property’s value is not to take people’s opinions or look at what prices are asking for properties that are for sale, look at the similar recent comparable sales to determine your properties likely value.

Your local Real Estate agent will have access to the most recent local sales information from sites such as the REIV, Property data online & RP Data to help determine the likely value of your property.

When making your next property decision your agent should provide a comprehensive list of recent comparable sales before they provide a price estimate on your home.

For further Stonnington property information please contact Mark Williams from Marshall White & Co on (03) 9832 4728 or 0417 189377.

By Mark Williams – Licensed Estate agent – www.stonningtonpropertyvalues.com.au