Real Estate September Sales Results Beaumaris & Black Rock

With interest rates on hold for the 10th consecutive month, what has this mean’t for the Spring market in Bayside?

There are several observations occurring in Bayside currently.

• Reduction of auctions (see below figures)
• Number of properties passing in at auction has hit the highest level since 2008. eg. 3 out of 6 properties put to auction in the last week of Aug and first two weeks of Sept Passed In on a Vendor Bid.
• Reduction of approximately 18% of properties coming onto the market in the last 3 months in Bayside (figures based on number of properties advertised on the web)
• Unrealistic expectations of vendors in the current buyer’s market

The Reserve Bank of Australia’s 6th September board meeting saw the cash rate unchanged at 4.75 per cent. The RBA media release explains the reason for the decision.

The first weekend saw no auctions in Black Rock and one in Beaumaris, 63 Cloris Ave Beaumaris (townhouse) passed in on a genuine bid of $1,290M on a reserve of $1,325,00.

Private sale activities were:

• 1 Mcgregor Ave Black Rock (551sqm land) listed at $950K to $1,050M sold for $1M
• 17 Bent Pde Black Rock (568sqm land) listed at $1,55M to $1,750M sold for $1,625,000

The second weekend recorded just 3 auctions from Sandringham to Beaumaris. With just one auction in Beaumaris, and one property in Florida Ave selling prior, and no auctions in Black Rock.

• 4 Sparks St Beaumaris with only about 10 neighbours watching on and one genuine bidder saw the property pass in on $1.2M. A later offer of $1.32M was recorded, on a reserve of $1.45M. The property was listed for sale at $1.25M to $1.375M and even though it did not sell at auction in this price range, it is now advertised for more at $1.32M to $1.45M.
• 18 Florida Ave Beaumaris listed for $1M to $1.1M sold for undisclosed price

With the global economy and financial markets instability, buyer confidence seem to worsen towards the second half of the month. A significant number of properties passed in on auction. The last week of September saw 12 auctions scheduled from Sandringham to Parkdale (inclusive). From the 12 auctions: 8 Passed in, 3 Sold and 1 was unreported.

The 3 that sold were:

• 19 Brighton St Sandringham for $1,750M
• 11 John St Sandringham for $930K from a quoted selling range of $890K – $970K
• 25 Gladstone St Sandringham (416sqm) for $1,010,000 from a quoted range of $850K – 930K.

Previous week’s auctions of the 17th Sept reported for Black Rock:

• 99 Bluff Rd (551 sqm) sold for undisclosed price from a price quoted at $985K
• 74 Stanley St (650 sqm) Passed in VB of $890K, reserve undisclosed

There were no auctions for Beaumaris for the weekend of the 17th Sept.

Private sales during the second half of the month in Beaumaris and Black Rock are:

• 63 Cloris Ave Beaumaris sold for $1.25M, after declining an earlier auction offer of $1.29M
• 2/42 First Street Black Rock sold for $722,500 from a quote range of $730K to $790K
• 35A Bayview Cr Black Rock (683 sqm) sold for undisclosed price
• 6 Bayview Cr Black Rock (1,271 sqm) sold for $2.2M from a quote range of $2.1M – $2.3M
• 4B Ebden Black Rock (2 beds) sold for $610K from a quoted price of $649K.