Real Estate July Sales Results Beaumaris & Black Rock

With median prices down for the June quarter for Beaumaris & Black Rock and one of the big bank’s chief economist forecasting interest rates down too, what impact is this having on properties for sale this month.

Last month the interest rate rises were forecasted to be heading up, and this month Westpac is predicting interest rate cuts, four times over the next year or more (The Age July 16th 2011).  To gain a further insight to what the Reserve Bank is thinking we’ll have to wait for Tuesday’s 2nd August board meeting.

June Quarter shows Beaumaris median price slip down 6.2% to $1,025,000 and Black Rock down 2.5% to $1,267,500 (The Age July 16th 2011 – Source REIV).

The result this month has seen a decline in sales, especially in Beaumaris that is currently averaging around 94 properties for sale.

Sales that went on to do well this month:

• 71 Bluff Road Black Rock (342 sqm land – townhouse) passed in on $1,305,000, went on to sell for $1,365,000 after auction on 9th July above it’s quoted range of $1,250M – $1,350M
• 1 Surf Avenue (585 sqm land corner block) sold at the higher end of its quoted range of $1M – $1.1M for $1,090,000.
• 1 Hepburn Avenue (383 sqm land – new townhouse) sold at auction 2nd July within its quoted range for $1,590,000.
• 10 Sturdee Road Black Rock (590 sqm land) sold at auction 9th July for $906K well over it’s quoted range $700K – $770K.

Black Rock has concentrated on auction sales this month, successfully selling on the day or just after. Beaumaris on the other hand has primary used the Private Sales method. Some of the other private sales results for the month are:

• 25 Rossmith Avenue (705 sqm land) sold 16th July $885K
• 5/405 Beach 10 Road (apartment) sold 15th July $540K
• 75 Dalgetty Road (705 sqm land) sold 11th July after auction for $1,195,000 against a quoted range of $1.1M – $1.2M.

The month ended with one auction at Black Rock 43A Bayview Crescent A small local attendance saw the property pass in on a vendor bid of $1.2M on a reserve of $1.25M (280sqm). It’s now for sale at $1.25M.

Over at Beaumaris, there were three auctions all passing in. Another small quiet local gathering saw 22 Florida Ave pass in on a vendor bid of $1.45M (757 sqm) on a reserve of $1.525M, it’s now selling for $1.65M. 2/132 Oak Street passed in on a vendor bid of $780K with a reserve of $840K. It’s now selling for $840K. Finally 2/65 Tramway Parade passed in at $1,385M with a reserve of $1.55M. It’s now selling for $1.55M.