James Buy Sell Market News with Off Markets every Monday
As we travel through our fourth and final market of the year – the pre Santa 2023M4 – and in a week where Sim, Gina and Mal quietly completed $30million in transactions – although none at auction, little coverage on the internet and no mainstream media – we thought it could be interesting for us to put forward some thoughts on how we see negotiations.
The market was so frosty last week I was starting to think we may be in for another down market at 2023M4.
Hey what do I know about Melbourne real estate…….talk of interest rises, wars and many other not so nice things and today on a Super Saturday:
BANG, the market lifts and Big Time!
In Brighton yesterday, hosting a couple of my fav and super smart students from Blockchain Innovation class RMIT – Austern (Malaysia) Beatrice (Canada) Kelly (China)
Now, in October, we find ourselves in Melbourne Property’s own version of the Suez Canal.
The only consistent time of the year when so much needs to squeeze into a very short time space, as we exit the September footy and school holiday interruptions and approach the interruptions of the November Melbourne Cup holiday week preluding the run to Santa.
Spring 2023: Melbourne’s housing market sees decreased auction transparency with only 20% selling under the hammer. Prices slightly retreat, particularly for non-premium homes. Inner East remains a hotspot due to Aussie Asian demand, while Bayside and Stonnington face challenges. Market volatility is evident.
They saw it for the first time at 10:00 am yesterday and by 2:00 pm, after a rigorous diligence process including legals, building inspections, and valuations, it was theirs.
The market’s clearance rate is 70%, but it feels deceptive. It suggests a strong market, but a week in, doubts arise.
The entire market seems to be softening.
3 Chrystobel Crescent Hawthorn (Grace Park). Sold under the hammer today by Desiree Wakim for $7,400,000 – 2 bidders – no change in the home from 2020 when it sold for $4,850,000 with the same agent
With the July/August Market feeling very different to the June Market, the next 100 auction test beginning August 26 will be compulsory viewing for all those buying and selling who have money on their mind.
Today Gina, Mal and the team at James Buy Sell bought for clients a very special home at auction, 25 Hawthorn Grove Hawthorn. Price Quote was $6,800,000 to $7,300,000. On Market at $7,500,000. Sold $8,020,000. 4 Bidders. Crowd over 100.
Below are our James Buy Sell rating, provenance, and due diligence, some correspondence, valuations, and thoughts the day before and on the day of the auction.