No ‘Bricks and Slaughter’ in Hawthorn
I need to speak on the recent article by 60 Minutes entitled Bricks and Slaughter. Personally, I think it made incorrect generalizations about the future of the property market. In fact, other media outlets share our view. The property market moves at different speeds at different times depending on what and where you are buying. You cannot generalize, and more importantly, let media sway your opinion on the market.
Here are some sales results from last weekend that you may find interesting.
Bricks and Slaughter? We don’t think so.
No ‘Bricks and Slaughter” in Hawthorn
In Mary Street, Hawthorn, Mr Duane Woloweic of Marshall White sold a magnificent townhouse backing onto parkland.
A unique opportunity for this superb location. Bought by a couple downsizing and moving from interstate at a highly competitive auction. The property had been quoted at $2.8 to $3 million. Four bidders drove the price to $3,520,000. That’s 17% over the top end of the quote range. Well done Duane, your vendors must be thrilled.
At another auction in Fitzroy’s sought after Kerr Street saw a lovely sun-filled 2 bedroom apartment sold for $832,000 on a quote of $720,000 to $770,000. Again, that’s nearly 10% more than the top end of the quote range or 15.6% over the top end of the lower end of the range.
The ‘wow factor’
Why are these properties selling so well even in wobbly market conditions? Because they have WOW FACTOR and will be hard to replicate if not secured now. North aspect with lots of sunshine, location, location, location. Well built with great car parking and more. We look for a point of difference in everything we buy at Buyer Solutions, as well as the fundamentals that drive growth.
The media are having fun knocking real estate as an investment class at the moment. There is a lot of negative sentiment. The market has certainly tightened, but at Buyer Solutions we think this is a good thing. Will it fall more. Certainly some types of property may but other will not. As professional property buyers, we pick the best only and buy those properties for our clients.
Clever buying in any market conditions will reward and that is what we aim to do for our buyer advocacy clients. Buy better for less is our motto.
If you are uncertain or need advice about buying a home or investment property at the moment, please book a time to meet with me rather than letting the press affect your plans.
Buyers Advocate, Home buying, Housing Affordability, Housing Market, In The Media, Investment, Investment property, Janet Spencer, Overseas Buyers, Real Estate News & Opinion
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