01-06-2013, 01:04 PM
When there is little alternatives and with interest rates at the lowest since 1959, surely asset markets will be bubbling...
St****** surely don't fool around with his hard earned $...
http://www.afr.com/p/national/top_end_of...7vaS5JBjeO
Top end of property market heats up
PUBLISHED: 31 MAY 2013 15:05:00 | UPDATED: 01 JUN 2013 05:09:09
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This three-level Docklands waterfront home in Melbourne is expected to sell for $6 million
REBECCA THISTLETON
A waterfront home expected to sell for $6 million and a property inspected by actor Rachel Griffiths are among 1140 Melbourne and Sydney homes scheduled for autumn’s last auction weekend.
Scott Banks of Scott Banks Real Estate in Melbourne will auction a four-bedroom, four-bathroom home on three levels which has a 23-metre boat mooring at the doorstep.
Mr Banks said the Docklands property should sell for $6 million and would suit a buyer wanting to walk from the door to their boat.
It is one of 740 properties to be auctioned in Melbourne this weekend, along with a $2 million-plus property in one of Albert Park’s best streets, St Vincent Place, in which Griffiths has shown interest.
SIMILAR VOLUMES EXPECTED IN JUNE
Similar volumes to this weekend are expected in both cities throughout June and well into winter, as the property market shows little signs of hibernating over the cooler months.
The market generally tapers off in June before a spring revival. Australian Property Monitors has 406 auctions scheduled for Sydney this weekend, and strong results are expected after clearance rates tracked around 75 per cent for much of 2013.
Properties fetching up to $750,000 have drawn auction crowds in the hundreds and sale prices well above reserve, but it has taken time for the top end to respond.
HIGH-END AUCTIONS MAKE A COMEBACK
However, top-end auctions are making a comeback. In Sydney, a Mosman home is expected to sell for more than $5.75 million through McGrath agent Scott Thornton.
Also in Sydney, a Redfern home on Chalmers Street sold before auction after two weeks on the market with Belle Property. More than 60 groups inspected, nine contracts were issued and two buyers raced to exchange first. It was expected to fetch more than $1.5 million and went for $1.73 million.
In Melbourne, top-end auctions have performed well this year, but most properties above $5 million are being sold through expression-of-interest campaigns and culminate in an ¬off-market boardroom auction.
The Real Estate Institute of Victoria expects 740 auctions this weekend. There are only 170 auctions scheduled over the June 8-9 Queen’s Birthday long weekend. But there are 840 homes scheduled for June 15-16, and another 710 the week after that.
The Australian Financial Review
REBECCA THISTLETON
St****** surely don't fool around with his hard earned $...
http://www.afr.com/p/national/top_end_of...7vaS5JBjeO
Top end of property market heats up
PUBLISHED: 31 MAY 2013 15:05:00 | UPDATED: 01 JUN 2013 05:09:09
SHARE LINKS:email
• inShare1
•
•
•
• submit
print-font+font
Reprints & permissions
This three-level Docklands waterfront home in Melbourne is expected to sell for $6 million
REBECCA THISTLETON
A waterfront home expected to sell for $6 million and a property inspected by actor Rachel Griffiths are among 1140 Melbourne and Sydney homes scheduled for autumn’s last auction weekend.
Scott Banks of Scott Banks Real Estate in Melbourne will auction a four-bedroom, four-bathroom home on three levels which has a 23-metre boat mooring at the doorstep.
Mr Banks said the Docklands property should sell for $6 million and would suit a buyer wanting to walk from the door to their boat.
It is one of 740 properties to be auctioned in Melbourne this weekend, along with a $2 million-plus property in one of Albert Park’s best streets, St Vincent Place, in which Griffiths has shown interest.
SIMILAR VOLUMES EXPECTED IN JUNE
Similar volumes to this weekend are expected in both cities throughout June and well into winter, as the property market shows little signs of hibernating over the cooler months.
The market generally tapers off in June before a spring revival. Australian Property Monitors has 406 auctions scheduled for Sydney this weekend, and strong results are expected after clearance rates tracked around 75 per cent for much of 2013.
Properties fetching up to $750,000 have drawn auction crowds in the hundreds and sale prices well above reserve, but it has taken time for the top end to respond.
HIGH-END AUCTIONS MAKE A COMEBACK
However, top-end auctions are making a comeback. In Sydney, a Mosman home is expected to sell for more than $5.75 million through McGrath agent Scott Thornton.
Also in Sydney, a Redfern home on Chalmers Street sold before auction after two weeks on the market with Belle Property. More than 60 groups inspected, nine contracts were issued and two buyers raced to exchange first. It was expected to fetch more than $1.5 million and went for $1.73 million.
In Melbourne, top-end auctions have performed well this year, but most properties above $5 million are being sold through expression-of-interest campaigns and culminate in an ¬off-market boardroom auction.
The Real Estate Institute of Victoria expects 740 auctions this weekend. There are only 170 auctions scheduled over the June 8-9 Queen’s Birthday long weekend. But there are 840 homes scheduled for June 15-16, and another 710 the week after that.
The Australian Financial Review
REBECCA THISTLETON