Buyers’ lucky charm
ARE you feeling lucky? Well this could be the weekend for you.
The No. 8 is considered a lucky number in Chinese and other Asian cultures, a reason why Chinese buyers favour properties with a connection to the No. 8 — such as the address or price.
So, with today being the eighth day of the eighth month, auctioneers, sellers and buyers alike will be hoping for some good fortune.
Melbourne’s real estate market has had its own share of good fortune of late, with the CoreLogic RP Data Home Value Index this week showing the city outshone Sydney for value growth in the three months to the end of July.
Melbourne home values leapt 6.1 per cent — the best quarterly rate of capital gain since last year — to hit a median price of $568,200.
Barry Plant Group chief executive Mike McCarthy said the jump occurred as higher prices in the inner suburbs pushed more buyers into middle and outer areas.
The price rise also coincided with the Reserve Bank’s last cut in official interest rates.
But Mr McCarthy said a lack of stock to sate the demand for homes was also a factor.
“What I’m hearing across the board now is we need more stock,” he said. “Days on market are down to about 32 on average from around close to 40 this time last year.”
Mr McCarthy said there was nothing to suggest prices had reached their peak, especially in middle and outer suburbs.
Hodges, Sandringham, agent Stephen Wigley, thought $1.5 million might have been the peak of the market in Passchendaele St, Hampton, where a four-bedroom home at No. 26 went under the hammer.
But five buyers thought otherwise, taking bidding in front of about 100 people to $1.751 million.
“We thought it was around the $1.4 million mark, maybe a bit more,” Mr Wigley said. “It wasn’t your traditional Hampton home in that it wasn’t a Californian bungalow or a period home.”
But the combination of numbers 2 and 6 meant the family home attracted plenty of interest from Asian buyers.
In fact, 70 per cent of groups through on inspection were Asian, he said.
“The chap who bought it was an Asian buyer who saw it on the day. He hadn’t seen it before,” Mr Wigley said.
This fourbedroom house in Hampton sold for $1.75m last weekend.