We are now into spring, and the market continues to be strong and active. October is National Breast Cancer Month and the Professionals are active participants, as always. I personally made it to the Peter Mac Centre and was given a tour. In total, the Professionals have raised close to 3 million dollars for the cause. I also managed to meet with a company called gifang.com, a Chinese property website that will give our clients more opportunities.
The average days on market for properties being sold in the last 6-8 weeks has been around 20 days – in a normal market that would be around 50-60 days. For August, 57% of our sales had multiple offers, where more than one buyer bid on the home. 11 properties last week had more than one buyer bidding on the property.
Median sale prices have increased dramatically over the last six months across the board in Croydon, Mooroolbark, Lilydale and Mount Evelyn. Mooroolbark was listed in the Herald Sun in July as the 4th top growth suburb for Victoria, with 15.5% growth for that quarter.
With such increase in median sales prices, you may think it is only happening at the lower end. We have a few examples of properties in the higher end that have sold. A property on Bailey Road in Mount Evelyn achieved a fantastic result of $1,080,000. In Lanning Crescent, Seville, a property with subdivision potential sold for $950,000. In Tudor Drive, Mooroolbark, another property sold for $801,000. Ben Weeks from our Mount Evelyn office listed a property in Waddle Valley Road that was on the market for 2 and a half weeks and sold for $1,050,000. For the sake of comparison, a property we sold about 12-18 months ago in Glasgow Road, Kilsyth for $1,200,000, was recently resold for just under $1,400,000. These are all great results that highlight that there are still plenty of buyers at the higher end of the market.
The amount of inter-office sales that we’ve been able to achieve is staggering – approximately 30-40% of our sales each week are inter-office sales, which has been fantastic and achieving great results for our owners.
On the rental side of thing, we’ve let just over 260 properties in the last 6 months, and our average vacancy rate is consistently coming in at just under 1% (currently 0.9%), compared to the Melbourne average of 2.9% (REIV).