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Real Estate 2013 Autumn Beaumaris Market Report

Posted on: March 28 2013

beaumaris-beach-road

Beaumaris Beach Road

After a long hot summer not all areas of Beaumaris are selling with sizzling results.

The median price of Beaumaris has been around $910K – $930K since June 2012,prior to that the median price was around $200K higher (REIV suburb comparison trend graph). As a result of the drop this has made the suburb more affordable and allowed entry to other buyers that previously thought the area was out of their reach. At ground sales level an increase level of buyers confidence can be felt, though this has not transposed yet to overall higher price sales.

With the overall clearance rate around 70%, the auction clearance rate year to date (24/3/13) for Beaumaris is 44.4% (REIV 2013 Suburb-by-suburb auction data).

When a property is priced correctly, the market will respond; 10 Holding St sold in 3 days and 13 Holding St sold in 4 days, compared to four long term properties in Dalgetty, one having campaigned through multiple agents, an auction then private sales to finally sell after one year on the market for an undisclosed figure, and the other 3 properties are still sitting there up for sale, 2 of them for over 6 months. For some vendors it is difficult to understand how their property is no longer worth that extra $200K, and are still looking for those earlier higher sold prices.

Some of the sales that occurred recently are:

3 Pasadena Ave sold on 15/2/13 for $1,220M. Another townhouse close-by in Gramatan also sold for around the same price. Overall townhouses have been the hardest hit in the suburb, some dropping their price significantly.

7 Glenwood Ave sold for $960K. The block is 778 size, and this gives an indication of land prices in the middle of Beaumaris. Closer to the beach end land prices are commanding over well over $1400 per sqm.

53 Haldane sold on 23/2/13 block size of 658sqm for $1.3M. Similar properties in the surrounding streets have sold for comparable prices.

21 Anita sold on 20/3/13 block size 750sqm for $1,215M.

So far the housing market has failed to respond to lower interest rates with the ABS Building Approvals showing that the number of dwellings approved for Victoria fell 2.6% in January 2013 (ABS).

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The Real Estate Institute of Victoria (REIV) has been the peak professional association for the Victorian real estate industry since 1936.

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