Kew, Hawthorn, Canterbury, Camberwell – School Holiday Wrap

We covered the significant 20 Ross Street sale in Market Insight above.

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Golden Mile
9 Boronia . Another land indicator in Canterbury’s Golden Mile fringe. Sold under the hammer for $1.6m on a very low quote of $1.25m. 650 sqm or $2461 per sqm confirms all recent land sales in this area.

Boroondara Land in General
If you are looking for quality land, between 600 and 900 sq metres, in a quality precinct such as the Reid Estate , Sackville Ward Kew, Grace Park or Canterbuy’s Golden Mile then $2300 per sq metre seems what you may have to pay if you are competing in an auction environment.

$4M+ market
31 Rockingham St Kew
http://www.james.net.au/rating/31-Rockingham-Street-KEW

Interested to see if the market responds to this offering. With 21 Ross St Kew selling north of $4 million but 17 Grange Road Kew (asking around $5 million) still remaining unsold, we think the $4 million to $5 million market has a few wobbles but this auction may help clarify things.

These were our words from our last Boroondara Wrap. 31 Rockingham did sell but it was not around $5m it was around $4m and I’m being generous there. 17 Grange Road which is a great home remains unsold and obviously has or had a price issue. Despite the FIRB changes and the apparent strength of overseas money into the Boroondara market the $4M+ market remains in some eyes slow and in other eyes weak. New buildings at this price level are not attracting the interest they are at the lower levels and this is in direct contrast to 2007 where the $4m+ levels had in many cases stronger interest.

River Precincts
2a Oak Hawthorn. Wonder if will adjust their quote after the sale across the road at Harrison Crescent today – from our last market wrap? Sold for $1,530,000. 601 sqm or $2545 per sqm – this was affected by the Harrison Crescent  sale which was affected by the Blytheswood sale and so on. In fairness when I looked at Oak a few weeks ago and Nick Ptak from Marshall White gave me the quote of $1.1m, I didn’t roll me eyes. It was after all south facing rear, needed a major reno, car parking was not great and I’ve seen wider blocks.  Quote was initially 1.1m+ and seemed fair (as to how agents quote) as $1.2m was realistic.

5 Fairview Hawthorn was bought through Dale Edgecombe of for just over $3m

An another River Precinct Scotch Hill land sale through Jellis Craig of 8 Hawthorn Glen – $1,750,000 for 803 sq metres or $2179 per sq metre for south facing, sloping away from the road a bit block of land.

Tara Estate
Sale by Jason Scillio and Sam Wilkinson of of 25 Loch St – Expressions of Interest for $2,750,000. Good property, good price. Win for both buyer and seller.

Stock Levels.
Despite the price strengthening  having been up and running for a month or two before these stats below, they prove we are still in a situation which is conducive to continuing .

  • May to June 2008 – 199 sales over a million.
  • May to June 2009 – 130 sales over a million.

If we continue to see money from Asia coming in strongly and stock levels remaining at historical lows, then prices will have to continue to increase. In Boroondara if you have a fixed budget you have 3 alternatives in the next few months.

  • 1. Wait
  • 2. Alter your PPP strategy (Price, Property and Position)
  • 3. Tell your spouse the budget is changing.

Buy Well and we can help you with changing your PPP strategy.

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