Brock Harcourts » Adelaide Property Updates

Demand for Hills homes on the rise

brockharcourts — Tue, 17 Jan 2012 07:39:39 +0000

by Amelia Broadstock

INTEREST rate cuts and a return of first home buyers to the Hills market is expected to boost high-end property sales this year, local real estate agents say.

The number of homes in Hills suburbs selling for more than $1 million dropped to four last year compared with nine in 2010.

RP Data figures show the most expensive property – a Belair home with a swimming pool and tennis court on Centre Way – sold for $1.125 million.

This figure was half the price of the most expensive home sold in 2010 – a property on Adamson Tce, Belair, which fetched $2.25 million.

Brock Harcourts Aberfoyle Park principal Scott Torney said the slowdown in the lower price brackets, caused by a reduction in first home buyers last year, had flowed on to the top end of the market. He said a series of recent interest rate cuts would help boost sales this year.

LJ Hooker Blackwood principal Mark Burns said the property market looked promising in “every sector” in 2012.

“It really does come to simple demand and supply … last year the supply of high-end properties increased and buyers disappeared,” Mr Burns said.

“But it’s looking promising in 2012.”

Pick up your Hills & Valley Messenger this week for more local property news or access our digital edition online.

REISA’s Weekly Auction Clearance Rates

brockharcourts — Tue, 17 Jan 2012 07:36:58 +0000

REISA’s Weekly Auction Clearance Rates

Week Ending 15 January 2012
Properties auctioned	2
Sold under hammer	0
Sold before auction	0
Sold after auction	0
Passed in	1
Withdrawn	1
Adjusted Clearance Rate	0%

Top 5 Private Treaty Sales (from week ending 15 January 2012)

Address	Suburb	Price	Agent
26 Briar Av	Medindie	$2,175,000	Jaynie Morris (Harris Real Estate)
107 Seaview Rd	Tennyson	$1,775,000	Kris Papagiannis (Michael Kris Real Estate)
63 Seaview Rd	Tennyson	$1,720,000	Jamie Brown (Bernard H Booth - Adelaide)
6 Prescott Tce	Toorak Gardens	$1,720,000	Peter Veitch + Simon Veitch (Toop & Toop Real Estate)
227 Halifax St	Adelaide	$1,070,000	John Cunningham (JKC Properties)

Information is provided by RP Data

REISA is committed to providing accurate and credible data on current market conditions. We only release auction results when all results have been collected and we only publish prices with your permission.

REISA Weekly Auction Clearance Rates

brockharcourts — Tue, 10 Jan 2012 03:14:01 +0000

REISA’s Weekly Auction Clearance Rates

Week Ending 08 January 2012
Properties auctioned	1
Sold under hammer	0
Sold before auction	0
Sold after auction	1
Passed in	0
Withdrawn	0
Adjusted Clearance Rate	100%

Top 5 Auction Sales (from week ending 08 January 2012)
Please note there was only 1 auction last week. It was sold for an undisclosed price

Address	Suburb	Price	Agent

Top 5 Private Treaty Sales (from week ending 08 January 2012)

Address	Suburb	Price	Agent
116/220 Greenhill Rd	Eastwood	$1,700,000	John Williams + Stephanie Williams (Toop & Toop)
23 Invergowrie Av	Highgate	$1,300,000	Lew Toop + Michael Williams (Toop & Toop)
14 Jarvis St	Erindale	$1,170,000	Steve Alexander (Klemich Real Estate)
12 Antigua Gr	West Lakes	$910,000	Damian Popowycz (L J Hooker – West Lakes)
5 Victoria St	Henley Beach	$890,000	John Smith (Klemich Real Estate)

Information is provided by RP Data

The Real Estate Institute of South Australia Inc. (REISA)

Millions slashed off Adelaide house prices

brockharcourts — Mon, 09 Jan 2012 00:28:14 +0000

MILLIONS of dollars are being wiped off house prices as sellers “get real” with values, agents say.

A luxury property at Glenelg North, now listed with Toop & Toop, is nearly $1 million less than the last time it was on the market.

The 5 Cygnet Court property has a price guide of $6.9 million. When listed by another agency in June 2010, the asking price was $7.75 million.

LJ Hooker West Lakes sales partner Donna Farquhar is considering enlarging the “reduced $100,000″ sticker on a house she is selling on Semaphore Rd, Exeter.

Despite the property being rented out for $480 per week, she said the owners were “motivated to sell”.

“Realistic pricing is so important because there is so much competition out there,” Ms Farquhar said.

Real Estate Institute of SA president Greg Moulton said it was “critical” that vendors set a realistic price.

“Otherwise, there is no way you will sell your property,” Mr Moulton said.

“People are being very careful with their money and even though it is an emotional purchase, they are not going to pay more than the property is worth.”

Source: AdelaideNow

Mr Moulton said the biggest discounts were in properties worth more than $2 million, where a 2 per cent discount or more was common.

Toop & Toop managing director Anthony Toop said vendors needed to be careful when considering an asking price for their property and should not be seduced by the idea of getting the highest price.

“The pricing should be left to the valuers and the sales and marketing left to agents,” Mr Toop said.

“Rather than having an agent price the property for you, they should point out to you homes that have sold in that area and are most similar.

“Don’t consider sales before 2011 because the 2009 and 2010 sales may be well over the price you will achieve at the moment.”

Mr Toop said it was vital that a property was correctly priced from the outset of a sales campaign as potential buyers were unlikely to return.

Property Auctions on the rise in the East

brockharcourts — Mon, 12 Sep 2011 04:29:09 +0000

EASTERN suburbs property owners are choosing to put their homes and businesses under the hammer in a bid to sell up faster and for a higher price.

Figures obtained by the Eastern Courier Messenger show there were 603 auctions across the east last year, with Magill topping the list at 36, followed by Parkside (35) and Norwood (32).

So far this year, there have been 435 auctions, with Norwood, Parkside, Magill and Unley the most popular suburbs.

Norwood Professionals principal Nick Ploubidis said Norwood and surrounding suburbs were in high demand despite the unpredictable market conditions.

The area’s close proximity to the city, prominent shopping strip and mix of properties made it popular with buyers, he said.

“An auction speeds up the sale process to a four-week sale period rather than the average 12 weeks,” Mr Ploubidis said.

“The competition created by the buyers often helps to achieve a higher price for vendors.”

LJ Hooker Kensington agent Mark Bressington said there were a number of benefits to an auction, including “bringing out the buyers in a shorter timeframe”.

“An auction is basically an event in the campaign and it reduces the number of days the property is on the market,” Mr Bressington said.

Brock Harcourts Magill director John Joyce said vendors were attracted by the shorter sale process of an auction.

“If you’re motivated to sell, it will give you less days on the market and it brings the marketing campaign to a head,” Mr Joyce said.

Real Estate Institute of SA president Greg Nybo said SA property owners often chose the “auction option”.

“The auction method basically provides an opportunity for the market to determine the worth of the home,” Mr Nybo said.

“In high-demand locations, such as Magill and Norwood, it gives the vendor a chance to maximise their sale price through a competitive environment.

“When you’ve got two or more people competing for a property, you never know what can happen.”

HISTORY UNDER HAMMER

FRIDAY, September 9, will be an emotion-charged day for Kurt Panczak when the home of his family’s Magill business goes to auction.

The former joinery factory, at 51 Woodforde Rd, was established by Mr Panczak’s father Michael and half-brother Gunter Willenberg soon after they arrived in Adelaide from Germany in 1949.

The business produced joinery for the Hyatt and Hilton hotels, the Commonwealth Bank and Parliament House.

Mr Panczak sold the business five years ago but only recently decided to part with the building.

He chose auction over a private treaty because it meant the property would only be on the market for four weeks and its value would be determined by the market.

“It’s such an emotional time to put a close to more than 60 years of family history,” he said.

“An auction is the fairest, most equitable and the fastest way to sell a property.

“In a private treaty situation, there’s a lot of uncertainty because you can be negotiating with individuals for an extended period of time.

“If a fair market price cannot be agreed on the day, I can then go to private treaty.”

Source: Eastern Courier Messenger

Great time to buy, property experts say

brockharcourts — Mon, 11 Jul 2011 00:55:41 +0000

Jane Sutton, watching her son Spencer on his toy car, is selling the family’s home at Henley Beach to move overseas.

Picture: Patrick Gorbunovs Source: The Advertiser

A CONTINUING flat market has created a great opportunity for buyers, industry experts say.

Valuer-General figures show the June 2011 quarter has seen a drop in sales volumes of 16 per cent when compared to the June 2010 quarter, but the slight drop in median house prices of 0.4 per cent for the quarter, is encouraging, the experts say.

The Real Estate Institute of SA president Greg Nybo said the high number of properties on the market, compared to a low number of sales was causing the market to flatten.

“There’s no doubt that the property market is flat at the moment and both REISA members and consumers are noting this right across the market,” he said.

“However, it is a positive sight that we’re not seeing large price drops across the metropolitan region and this is important as it shows the long-term stability of our property market.

“For purchasers there is a smorgasbord of choice, so there are great opportunities available for people who do their research.”

Brock Harcourts chief executive Greg Moulton said buyers were in a good position because vendors had started to adjust prices in line with the market.

“Vendors are being more realistic with their pricing and it looks like the market will creep up, only very marginally, for the rest of the year, with things looking better in 2012 when the market gains some confidence again,” Mr Moulton said.

“There are still some suburbs like Henley Beach and Golden Grove doing really well and I imagine they’ll continue to do well.”

The Valuer-General figures show the five suburbs with the highest median price increases compared to the same quarter last year, are all North and West of the city.

In terms of Local Government Areas, Holdfast Bay was up 21.98 per cent for the quarter and 9.76 per cent over 12 months. “There are still a range of suburbs which are holding value well, which shows that well-priced, quality housing will always be in demand,” Mr Nybo said.

Jane Sutton and Broughton Snell are selling their Henley Beach home to move overseas. The strong results did not surprise Ms Sutton.

“We’d love to come back and settle down in Henley,” she said. “The beach is fantastic and you feel like you’re on holiday, plus it’s only 20 minutes from the city.”

JUNE QUARTER RESULTS
BEST PERFORMERS	2010	2011	Percentage Change
Henley Beach	$563,500	$732,500	29.99%
Largs Bay	$485,000	$575,000	18.56%
Para Hills West	$285,000	$495,000	18.42%
Gulfview Heights	$427,500	$480,000	15.79%
Golden Grove	$414,650	$480,000	15.76%
WORST PERFORMERS
Norwood	$815,000	$652,500	-19.94%
Highbury	$470,000	$380,000	-19.15%
Littlehampton	$490,000	$405,000	-17.35%
Sellicks Beach	$363,000	$305,250	-15.91%
North Haven	$480,000	$405,000	-15.69%

Source: AdelaideNow

Interest rates set to rise after Easter – Economists

brockharcourts — Thu, 01 Apr 2010 01:15:25 +0000

By Stephen Johnson

INTEREST rates could be set to rise again in April after Australians return from their Easter break.

Home borrowers are still dealing with March’s rate increase, on top of three hikes at the end of 2009.

With the economy gathering strength, some experts expect the Reserve Bank to put up rates when it next meets, on April 6.

National Australia Bank chief economist Alan Oster says the Australian economy is expanding more rapidly than expected.

“Over 2010, we now expect soaring bulk commodity prices to bolster economic growth and push unemployment down to four per cent or lower,” he said in a note to clients.

“Against this backdrop there is little doubt that the Reserve Bank will wish to rapidly unwind its current expansionary policy settings.”

Reserve Bank assistant governor Guy Debelle’s speech to the Australian Mortgage Innovation Forum tomorrow will be closely watched for clues on the next possible rate move.

Official data on retail sales and building approvals for February, both due out on Wednesday, are not expected to have a major bearing on the Reserve Bank’s thinking for April.

Unlike NAB, the Commonwealth Bank expects policy makers to leave rates on hold in April.

But the bank is predicting a rate increase in May, after the central bank has digested consumer price index data for the March quarter.

“The Reserve Bank has set the scene for a gradual policy tightening,” it said.

“There are nine monetary policy meetings to come this year, and we expect the RBA to raise rates at four of them.”

Under this scenario, the cash rate – now at four per cent – could rise to five per cent.

That means monthly repayments on an average $300,000 home loan would jump by $205, to $2173, by Christmas.

With many borrowers anxious about another rate increase, Treasurer Wayne Swan assures voters taxpayer funds have been invested wisely to promote competition in the home-lending sector.

He cited a previously unpublished analysis, by the Australian Office of Financial Management, showing that government buying of residential mortgaged-backed securities had help smaller, non-bank lenders.

“The new analysis shows the government’s support is giving private investors the confidence to invest increasing amounts of their own money in this important market, which many smaller lenders rely on heavily to make home loans,” Mr Swan said in an economic note yesterday.

On the international front, balance of trade data for February is due out on Thursday.

Source: http://www.adelaidenow.com.au/money/interest-rates/interest-rates-set-to-rise-after-easter-economists/story-fn3hwpx0-1225846696320

Brock Harcourts » Adelaide Property Updates

Demand for Hills homes on the rise

REISA’s Weekly Auction Clearance Rates

REISA Weekly Auction Clearance Rates

Millions slashed off Adelaide house prices

Property Auctions on the rise in the East

Great time to buy, property experts say

Interest rates set to rise after Easter – Economists

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