Real Estate December Sales Results Beaumaris Black Rock & Surrounds
With two consecutive months now of interest rate cuts, has this lead buyers to have more confidence in the property market in Bayside?
The Reserve Bank decided to lower the cash rate for a second consecutive month by 25 basis points to 4.25 per cent, effective 7th December, read the full RBA statement here . The question on everyone’s mind is, will this be enough to significantly boost the property market? With the retail market sluggish, jobs market slowing down, and concern about the European Union, homeowners would be hoping this will signal a stronger market to come. Though in reality, it will probably take a few more cuts and months before the interest rate cuts make an impact.
Reviewing clearance figures covering Sandringham, Black Rock and Beaumaris show that since the introduction of the rate cuts this quarter buyer confidence has slowly lifted with auction clearance rate increasing. During November the clearance rate figures were averaging around 35%. The first weekend of December had 14 properties for auction with a clearance rate of 42%, then the second weekend (following the second rate cut) increased the clearance rate to 54% off 11 auctions.
Some of the sold results for the first weekend were: Sandringham that had the highest scheduled auctions; 6 Harold Street $1,102M (townhouse), 38 Tennyson Street $1.150M (613 sqm) and 3/64 Edward Street $515K (3 rm). Black Rock 10 Tulip Street $1.335M (698 sqm) and Beaumaris had 1 properties sell out of 4; 160 Dalgetty Road $805K (608 sqm).
The second week of December had 11 auctions for the same 3 suburbs of Sandringham, Black Rock & Beaumaris. This result this time was ; 6 properties sold out of 11. A few of the results were:
- 10 Hunter Ave Black Rock (622 sqm) passed in on a bid of $950K, later went on to sell for an undisclosed amount
- 4 Daly Road Sandringham (890 sqm) sold for $1.44M and
- 53 Charman Road Beaumaris passed in at $930k with just one interested bidder, went onto to sell for $1M.
The 5 vendors that had their houses up for auction in Beaumaris for the last week end before Christmas either dropped out, changed their minds or had a dismal result. All of them chose not to report results, and all the properties are now up for private sale.
Some of the private sales that occurred during the week are:
- 67 Dalgetty Road Beaumaris (716 sqm) sold for $1,225
- 24 Hotham Street Beaumaris (694 sqm) sold for $1,175M
2012 is anyone’s guess as to what will happen with property prices. Everyone is divided and opinions are on either side of the fence that next year will be down, flat or there will be an upward trend. If only we had a crystal ball!
The Property Matchmaker wishes you a wonderful Christmas and Happy New Year! May the stars shine upon you all and bring you property happiness and love throughout the coming year…. Diana