Greetings from Scoutable and welcome to our October Wrap Up.
Last weekend saw the largest number of Melbourne properties go under the hammer, with 2,108 properties scheduled for auction. Sydney followed with 1,395 properties. Realestate.com.au recorded an auction clearance rate of 72% (of 1,772 reported results) in Melbourne. Sydney saw a clearance rate of 64% (of 1,011 reported results). Whilst the stock levels are high, we are noticing a lack of good quality stock, in key locations.
The latest QBE Australian Housing outlook has been released. The report includes state and territory analysis and forecasts of house and unit prices for the next three years. The report also provides information about Australia’s population growth, migration, first home buyer / investor market and more.
The below table reflects QBE prediction for properties prices across the states, showing the Sydney house market to remain relatively flat over the coming years, with Melbourne's median house price set to close the gap on Sydney's, reaching $940,000 in 2020. It is important to note that there are areas within each city which are likely to outperform these predictions. For example, the inner city suburbs of Melbourne and Sydney.
The full report can be found via the link below.
Lastly, Happy Halloween to all the goblins and ghouls out there!
Till next month,
Kellie Landrey | Principal Buyers Agent
IN THE NEWS
WEST CONNEX AFFECTING PROPERTY PRICES
AUCTION CLEARANCE RATES FALLING
A BOLD, BEAUTIFUL MOVE TO FRANCE
WATSONS BAY COTTAGE SELLS FOR 30% OVER RESERVE
PROPERTY OF THE MONTH
58 DERWENT LANE, GLEBE
What do you do with a c1850 stable house in Glebe? 58 Derwent Lane is a great example of the possibilities. A simple rectangular dwelling on a slightly larger corner block of land, the the basic layout is beautifully complimented by the balance of original detail and modern touch.
It's an eclectic mix of textures featuring exposed beams and brick work, timber paneling and polished concrete floors and we love the original barn doors which open out to the rear lane. The northern aspect ensures it's flooded with natural light and sliding doors emphasis the indoor/outdoor flow. Overall, it's a great example of turning a simple space into a well designed urban retreat through the use of cosmetics.
Conveniently set behind Glebe Point Road, it's within walking distance to the University of Sydney, UTS, RPA Hospital and public transport. Positioned next to Glebe Public School, you only need to roll out of bed to attend the weekly markets, so long as you're willing to tolerate the school bell during the week - It's definitely conducive to a regimented lifestyle.
With a buyers guide of $1,400,000, we think it'll get snapped up at auction, if not before, given the lack of quality stock currently on the market.