Real Estate November Sales Results Beaumaris Black Rock & Surrounds
The month raced off with a lower cash rate from the Reserve Bank on Cup Day but will that be enough to raise the confidence of buyers to clear property stock in Bayside.
After waiting a year the Reserve bank lowered the cash rate by 25 basis points to 4.5 per cent, read the RBA full statement. Over the month some Bayside suburbs have greatly increased their stock levels, eg. Black Rock with 17 new properties and Beaumaris with a staggering 43 properties. With what has been slow moving sales in the previous months, will the first round of auctions scheduled for November be winners?
Well, the result didn’t seem to indicate there were any winners, producing a lackluster result of 41% clearance rate for Sandringham, Black Rock and Beaumaris. This was against an overall reported clearance rate of 52% for the first weekend of November (this figure was later downgraded to 50%, making it the second week in a row where the clearance rate has been at a 7 year low).
The second week of November had the same amount of 12 auctions for the same 3 suburbs of Sandringham, Black Rock & Beaumaris. This result this time was; 3 properties sold out of 12, resulting in a 25% clearance rate for the weekend.
- 1/27 Fourth Street Black Rock sold for an undisclosed amount
- 53 Sims Street Sandringham sold prior to auction for an undisclosed amount and
- 9 Scott Street Beaumaris sold for $930K with two bidders interested in the property.
With property stock levels soaring (eg. Beaumaris now up to 116 properties for sale), and clearance rates low, the numbers of auctions fell for the third weekend – just 5 auctions for the same 3 suburbs. Figures from the Real Estate Institution of Victoria show auctions have fallen to a 3 year low. Normally Spring is the strongest period of the year.
Of the 5 auctions, 2 properties sold:
- 21 Grange Road Sandringham for $1,332,000
- 75 Grange Road Sandringham for $885K.
Some of the private sales that occurred were:
- 3 Olinda Ave Beaumaris 679 sqm sold for $1,115M
- 116 Reserve Road Beaumaris 674 sqm sold for $930K
- 9A Summerhill Road Beaumaris for an undisclosed amount.
For the last weekend of November there are 13 auctions scheduled between Sandringham, Black Rock and Beaumaris resulting in a 38% clearance rate. Of the 5 auctions that sold results were:
- 5/198 Bluff Road Sandringham sold before for $460K
- 3/56 Edward Street Sandringham sold for $675K
- 1/55 Royal Ave Sandringham sold for $632K
- 270 Balcombe Road Beaumaris (725 sqm) sold before $750K
- 9 Vardon Ave Beaumaris (620sqm) sold for $1,230M.