Real Estate August Sales Results Beaumaris & Black Rock

Starting the month with financial markets taking a tumble around the world will investors move their dollars into bricks and mortar?

With a slow moving property market in Beaumaris and Black Rock this month, it doesn’t appear that many investors chose to move their money into properties. If anything, many seemed to be waiting to see and wait till after the impact of the sharemarket tormoil, especially based on low auction attendees, and in most cases no bidders.

The Reserve Bank of Australia’s 2nd August board meeting saw the cash rate unchanged at 4.75 per cent. The RBA media release explains the reason for the decision.

There has been a slight decrease of properties for sale in Beaumaris with 84 properties, and in Black Rock 43 properties. With only one auction for the first weekend in August saw 1 McGregor Ave (551sq) land only pass in on a vendor bid of $950K of a reserve of $1,025,00. Private sale activities were:

148 Tramway Parade (726 sqm land) originally advertised for $1.28M – $1.38M. Was discounted down to $1.22M – $1.3M, to sell at $1,240,00.

2/21 Bonanza Road quoted at $630K to $690K sold just under the range for $622,500.

Several other properties sold at the beginning of the month though a local agent chose not report them, 27 Wells Road and 84 Haydens Road.

The following week, saw just one auction in Beaumaris:

13 Coronet Grove in front of about 25 attendees the property passed in on a genuine bid of $1.06M to later sell at $1.1M, selling at the top end of the quoted range.

Private sales during the second week were 2/38 Beach Road Black Rock selling for $500,000 for a 2 bedroom and 1/31 Second Street Black Rock selling for an undisclosed price.

Beaumaris Bay Real Estate

BEAUMARIS BAY

The second half of the month saw an increase of auction activity to 10 auctions scheduled for Black Rock & Beaumaris. This resulted in minimal sales.

Only two properties sold on auction day in Beaumaris:

 

22 Folkestone Cresent selling for $785,00 after passing in on a vendor bid of $750K. It sold for under it’s original quoted listing price of $790K to $850K and 13 Erowal Street (760sqm) selling for $941K within its advertised range of $880K – $950K.

Another one property sold before auction in Black Rock:

1/40 Bayview Crescent selling for $590K (2 bedrooms) above its quoted range of $520K to $570K.

The remaining 7 properties all Passed In:

1A Hepburn Ave Beaumaris passed in on a vendor bid of $1.5M on the 27/8

245 Balcombe Road Beaumaris passed in on a vendor bid of $650K on the 27/8

2/42 First Street Black Rock passed in on a vendor bid of $730K on the 27/8

8 Point Avenue Beaumaris passed in on a vendor bid of $1,950M on the 20/8

1/449 Beach Road Beaumaris passed in on a vendor bid of $685K on the 20/8

2/7 Love Street Black Rock passed in on a vendor bid of $520K on the 20/8 went on to sell several days later at an undisclosed price.

1 Champion Street Black Rock passed in on a vendor bid of $860K on the 20/8

Private sales that occurred in the second half of the month are:

4/386-392 Balcombe Road Beaumaris selling for $840K on the 24/8

50 Edben Avenue Black Rock sold on 20/8 for an undisclosed price.