Greetings from Scoutable and welcome to our November Wrap Up.
November saw 4,760 properties scheduled for auction across Sydney, with an average clearance rate of 81%. This is up 33% from last year's November average clearance rate of 48% (3,538 properties).
Melbourne saw 5,225 properties scheduled, with an average clearance rate of 74%, up 28% from last year's 46% average (3,915 properties).
Brisbane saw 761 properties scheduled for auction, with an average clearance rate of 51%, up 16% from last year's 35% average (672 properties).
Last weekend saw a massive number of properties auctioned. CoreLogic reported over 3,000 properties in capital cities across Australia, resulting in a preliminary overall clearance rate of 78.9%. The property market is showing signs of a recovery, with national values 4.7% higher since the market floor in May 2019. However, national home values are still 4.1% below the 2017 peak. The recent gain in value is partially due to lack of stock and a return of confidence from buyers.
CoreLogic head of research, Tim Lawless, said, “The synergy of a 75 basis points rate cut from the Reserve Bank, a loosening in loan serviceability policy from APRA, and the removal of uncertainty around taxation reform following the federal election outcome, are central to this recovery. Additionally, we’re seeing advertised stock levels persistently low, creating a sense of urgency in the market as buyer demand picks up. There’s also the prospect that interest rates are likely to fall further over the coming months and an improvement in housing affordability following the recent downturn are other factors supporting a lift in values.”
I can’t believe how fast this year has flown by. It is only 28 days until the end of 2019! We have thoroughly enjoyed the year, securing many dream homes and investment properties for our clients. 2019 also saw Scoutable launch an exciting new service, The Mini Scout. This service provides a competitive edge and helping hand, at an affordable price, at securing a property that a client has found. Please see an outline of the service below.
MINI SCOUT
This service involves Scoutable once you have found your ideal property.
Key Features
A detailed inspection of the subject property (including videos of the property and street)
An in-depth report providing property profile, suburb statistics, zoning regulations, development in the surrounding neighbourhood, comparable sales and price assessment
Assistance in coordinating due diligence
Negotiation of the property either by private treaty or at auction (including pre and post auction)
An unbiased view of the property with expert advice
TERMS
This service is for one property only
Initial Fee - the fee for this service is $2,000+GST to engage the Mini Scout service
Success Fee - $1,000+GST success fee, should we purchase the property
Properties over $3,000,000 attract a higher success fee
Should you engage Scoutable on the Mini Scout service and not purchase the subject property, you can move onto the Semi Scout or Full Scout service. The initial fee paid from the Mini Scout will form the retainer payment for either service, providing you with a $1,000 discount. Please refer to www http://www.scoutable.com.au for details of these and other services we offer.
If you, or someone you know, are in the market for a new home or investment property, engage Scoutable. We know property and we'd love to find the perfect one for you.
Until next month,
Kellie Landrey | Principal Buyers Agent
IN THE NEWS
BIGGEST WEEKEND OF THE YEAR FOR SYDNEY AUCTIONS
https://www.domain.com.au/news/boom-time-results-for-sydney-auctions-after-biggest-weekend-of-the-year-914441/
HOUSE PRICES FORECAST TO JUMP
https://www.abc.net.au/news/2019-11-14/property-prices-in-2020-sqm-forecasts/11703668
REAL LIFE MALIBU BARBIE HOUSE
https://www.realestate.com.au/news/real-life-barbie-malibu-dreamhouse-how-you-can-live-out-a-childhood-dream-for-88-per-night/
PROPERTY OF THE MONTH
16 ARCADIA STREET, COOGEE
Coogee is situated eight kilometres south-east of Sydney’s CBD. Coogee is known for its family friendly beach and ocean pools. The area is popular with a broad range of residents from families, to professionals to travellers. The easy going suburb offers an array of retail and restaurant facilities as well as easy access to the CBD. The property of the month is a beautiful family home originally built in 1915 and completely renovated in 2018. The layout of the ground floor comprises open plan kitchen / living / dining, guest bedroom, bathroom, laundry and multi-purpose room for office / formal lounge or guest bedroom. The first floor provides three bedrooms and two bathrooms, including ensuite to master bedroom. The lower level comprises a sandstone cellar with 300 bottle capacity. The backyard provides access to two single lock up garages, plunge pool and lawn. The property is north facing to the rear and positioned on 500sqm of land. The property is located 700 metres or a 10 minute walk to Coogee Beach via the retail hub of Coogee.
The price guide is $4,000,000 - $4,200,000 with a rental guide of $2,000 per week.
If you'd like to know more about this property or any others, please get in touch.
