Real Estate October Sales Results Beaumaris Black Rock & Surrounds

Properties for sale have increased in Bayside with little interest from buyers.

This month commenced with no auctions on grand final weekend from Sandringham to Parkdale and little activity the following 2nd weekend.  What we did see is a greater increase of properties for sale, eg. 18 new properties have come onto the market for Beaumaris within the first two weeks of October, and Black Rock with 8 new properties, totalling 130 properties now on the market for postcode 3193.

Buyers are showing little interest, passing properties in, and in most cases not meeting the vendors reserve or rejecting stale properties that have been on the market for over 6 months in Beach Road, Coronet and Glenwood.

Auctions for the first half of the month were:

• 4/26 Third St Black Rock (3 room)  quoted a price range of $520K – $570K, passed in on a vendor bid of $530K with a reserve of $580K
• 475A Balcombe Rd Beaumaris quoted a price range of $650K – $700K passed in on no bids with a reserve of $680K
• 16, 18 & 20 Edward St Sandringham all passed in on vendor bids with undisclosed reserves.

Private sales for the first half of the month were:

• 4 Sparks St Beaumaris (9 room 476sqm) sold for $1.4M under it’s reserve at auction of $1.45M
• Tramway Pde Beaumaris vacant land (409sqm) sold for $725K against a quoted range of $740K – $775K.

With more activity scheduled for the 2nd half of the month, 3 out of 4 auctions in Beaumaris pass in on Vendor Bids; 406 Balcombe Road, 9A Summerhill Road and 34 Reid Street .  The only auction sale was 1 Raymond Streetfor $685K against a price range quote of $675K to 725K.  There were no auctions scheduled for Black Rock for the weekend of 15th Oct.  Sandringham had all three auction properties pass in; 5/384 – 386 Bluff Road, 9 Minnie Street and 15 Norwood Street.

The 2nd half of the month also saw median prices drop and a heavy increase of properties for sale.  For example, Beaumaris increased to 104 properties for sale.  With an increased stock level to clear, the current stock found itself hard to move; 12% of properties have been on the market for over 6 months and 24% have been on for 3 months.

The following week 22nd Oct was dubbed “Super Saturday” with REIV reporting 741 auctions overall.  This didn’t seem to be the case with Beaumaris – 2 auctions passed in, 7 Beach Road and 134 Dalgetty Road (selling a couple of days later for it’s reserve).  Sandringham had 4 auctions with only one property selling 50 Nelson Street and Black Rock faired better with two properties selling out of three; 4/4 Glenmore Crescent and 22 Stanley Street.

The last weekend of October had 2 auctions at Black Rock Pass In at 3 McGregor Ave and 35 Glenmore Crescent, two sold before at 23 Glenmore Crescent and 5/46 Middleton, and 32 Seaview Crescent sold for $1,355M (632 sqm).  Sandringham Passed In on one property at 31/86-88 Beach Road.  Beaumaris finished the month with 4 auctions, all resulting in no sales:

4 McNamara Street (583 sqm) listed now for sale at $850K

38 Haldane Street (949 sqm), Passed In on a Vendor Bid of $1.450M with a reserve of $1.650M

204A Tramway Pde Passed in on a Vendor Bid of $890K

205 Tramway Pde (698 sqm) Passed in on a Vendor Bid of $860K, now is for sale at $895K.