Why large homes are hot prop­erty

Herald Sun - Property - - FRONT PAGE - PETER FARAGO

BIG sub­ur­ban houses have be­come big busi­ness across Mel­bourne as buy­ers seek homes for their large or ex­tended fam­i­lies.

The scarcity of homes boast­ing five or more bed­rooms is also driv­ing up the de­mand.

CoreLogic RP Data fig­ures show the largest homes to sell this year were two ninebed­room prop­er­ties in Eltham and Mt Waver­ley.

There have also been 10 re­ported sales of eightbed­room homes and scores of sales of five, six and sev­enbed­room homes.

Real Es­tate In­sti­tute of Vic­to­ria data shows 68 sev­enbed­room homes sold in the 12 months to June 30, with a me­dian price of $1.235 mil­lion.

Sales of six-bed­room homes were more com­mon, with 326 re­ported to the REIV with a me­dian price of $1.107 mil­lion.

Al­most 2500 five-bed­room homes sold in 12 months to June with the me­dian price tick­ing over the $1 mil­lion mark.

The sub­urbs with the high­est turnover of large homes in­cluded Glen Waver­ley, Bal­wyn North and Tem­plestowe.

But clutches of sub­urbs like Don­caster and Don­caster East, Wan­tirna and Wan­tirna South and Narre War­ren North and South also had strong sales.

The REIV fig­ures show Wan­tirna South now has a $1 mil­lion me­dian price for fivebed­room homes, while strong price rises are also show­ing in Don­caster, Mt Waver­ley and Glen Waver­ley.

Ray White, Pat­ter­son Lakes, di­rec­tor Genevieve Hill said there was al­ways strong in­ter­est from owner-oc­cu­piers when big homes hit the mar­ket.

“We can’t keep up with the de­mand for large homes,” said Ms Hill, who op­er­ates around Car­rum, Din­g­ley, Pat­ter­son Lakes and Wa­ter­ways.

Ms Hill said she had a cou­ple of five-bed­room prop­er­ties on the mar­ket at the mo­ment.

“I’ve got one five-bed­room, four-bath­room home and I had al­most 26 groups at the first in­spec­tion and I’ve got four peo­ple who are wait­ing to put of­fers on it,” she said..

“It’s got to the stage now where I’m try­ing to find prop­er­ties to fill in the de­mand.”

Ms Hill said 98 per cent of buy­ers were owner-oc­cu­piers.

“We find if they haven’t got four kids, some­times the inlaws stay with them and help with the babysit­ting,” she said.

“I think some peo­ple al­ways want the ad­di­tional guest bed­rooms for when fam­ily comes from over­seas. That’s some­thing I do ex­pe­ri­ence a lot in a place like Wa­ter­ways.

“You’ve got the Chi­nese buy­ers, the UK buy­ers and the Aus­tralian buy­ers with mixed cul­tures and a lot of their fam­i­lies are over­seas and come and stay with them for a while, hence why the fifth bed­room is al­ways an ad­van­tage for them.”

Cris­tine Jones is an agent for Ray White in Glen Waver­ley, where she said the pre­dom­i­nant buy­ing group across the Monash area was Asian.

“It’s not un­usual to have ex­tended fam­i­lies to in­spect those prop­er­ties,” Ms Jones said.

“Some­times they’ve got ex­tended fam­i­lies liv­ing to­gether, par­tic­u­larly in the Chi­nese com­mu­nity. They might have their par­ents or inlaws liv­ing with them.”

Ms Jones has listed a sixbed­room home at 1 June Close, Wheel­ers Hill, near Caulfield Gram­mar and Jells Park Pri­mary School.

“Six bed­rooms plus a study is quite rare. Gen­er­ally it’s four bed­rooms plus a study and you might use the study as an ex­tra bed­room,” she said.

“Here you have got bed­rooms on the main bed­room level or as your kids grow older, if they want to be fur­ther away from your area, they’ve got their own sep­a­rate liv­ing area as well.”

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