/Record challengers wait as buyers get box seat

Record challengers wait as buyers get box seat

Glen Eira and Port Phillip buyers have taken the reins from sellers in the back half of 2018.

Buyers jumped in the property box seat for the second half of 2018, taking the reins from sellers who had benefited from a “booming” market in the past few years across Glen Eira and Port Phillip.

Local agents reported the year was split into two, with a very different market at the end of the year compared with that which started it.

“It was an incredibly strong start to the year off the back of a booming 2017, but the market progressively softened throughout the back half of the year,” Woodards Carnegie director Benjamin Dax said.

“By December most housing categories were down by 5-15 per cent year on year.”

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Port Phillip’s house prices have felt the market dip more than Glen Eira.

Wilson director Graeme Wilson said the biggest challenge in 2018 was stricter lending conditions thanks to the banking Royal Commission which softened prices and resulted in a drop in auction clearance rates.

“This has lead to greater opportunities for buyers, some whom had no way of getting into the market and others benefiting upgrading into larger family homes,” Mr Wilson said.

Glen Eira’s median house price recorded no growth in the 12 months to September, but it has jumped 61.2 per cent in five years to a $1.425 million median, according to CoreLogic data.
The municipality’s units grew 2.4 per cent in 12 months to a $645,000 median.

Port Phillip was impacted by the market drop more, with the median house price falling 8 per cent in 12 months to a $1.515 million median, a figure that has increased 48.5 per cent in the past five years. Units were up just 0.2 per cent to a $581,000 median.

However, the step back in property prices didn’t stop luxury listings hitting the market with record-breaking price expectations.

41-42 Howe Cres, South Melbourne is on the market for $13.4 million.

Vendors of 223 Beaconsfield Pde, Middle Park are also seeking a cashed-up buyer.

Port Phillip’s $12 million residential price record is currently being challenged by three opulent properties listed for sale.

A grand 1850s South Melbourne mansion at 41-42 Howe Cres has a $13.4 million price tag, while a billionaire’s palatial pad at 223 Beaconsfield Pde, Middle Park has a $13-$14 million price guide.

Both hit the market in October but are yet to find a cashed-up buyer.

And a Port Melbourne penthouse would shatter the record if its exorbitant $18 million price is reached.

The mansion in the sky at 191/85 Rouse St was listed in June, the fourth attempt to sell the luxury apartment since 2013.

The Penthouse at 191/85 Rouse St, Port Melbourne would set a few records if its hefty price guide was reached.

25 Beach St set a new high-water mark for Port Melbourne.

A new benchmark was set in Port Melbourne when a four-storey beachfront property at 25 Beach St sold for $7.05 million in May.

Perry Property Advocates founder and director Adam Perry said the property last sold in 2013 for more than $5.17 million.
“It is one of the highest sales in the area in recent years and the result highlights that there are still solid results at the top end of the market,” Mr Perry said.

Another of Port Phillip’s top sales was a three-bedroom apartment at 221/350 St Kilda Rd which sold for $6 million in October.

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