Sell­ing like hot cakes

Herald Sun - Property - - NEWS -

av­er­age of 12.5 years in the sub­urb.

Mr James said Prahran’s restau­rant and shop­ping scene on Chapel and High streets, and its close­ness to St Kilda, South Yarra and the CBD were also lur­ing buy­ers.

Th­ese fac­tors drew Mon­ica Kent-Giles and hus­band Tim Giles to buy a house in Prahran eight years ago.

“It has great pubs and restau­rants. There’s Prahran Mar­ket, Al­bert Park Lake for run­ning, and you’re near enough to the beach,” Ms Kent-Giles said.

The cou­ple, par­ents to two young sons, are now sell­ing their two-bed­room Vic­to­rian at 12 Prim­rose St af­ter hav­ing up­sized to St Kilda East. The prop­erty goes to auc­tion to­day, with price ex­pec­ta­tions in the mid-to-high-$800,000s.

Jel­lis Craig, Hawthorn, di­rec­tor Richard Earle said Hawthorn had been pop­u­lar with fam­i­lies for some time due to its sought-af­ter schools, ac­cess to pub­lic trans­port and pe­riod-style ar­chi­tec­ture.

He said the fact the sub­urb was record­ing con­sis­tently high auc­tion clear­ance rates above 70 per cent re­flected its de­mand.

Hawthorn’s me­dian house price also rose 8.1 per cent to $1.675 mil­lion in the last quar­ter alone, CoreLogic data shows.

Lo­ca­tion is the key to the suc­cess of the na­tion’s top apart­ment sellers’ mar­ket, East Mel­bourne, ac­cord­ing to Har­courts, Mel­bourne City, se­nior sales con­sul­tant Stu­art Ken­nett. He said the area also stood out from other in­ner-city sub­urbs be­cause of its strong cap­i­tal growth and rel­a­tive low den­sity. ex­ec­u­tive gen­eral man­ager An­drew Recht­man said now was a great time for home­own­ers in the top sellers’ mar­kets to list their homes, if they were con­sid­er­ing sell­ing. “On the flip side, if you’re look­ing to buy a prop­erty, th­ese are the sub­urbs where you may face hot com­pe­ti­tion,” he said.

Buy­ers’ ad­vo­cate Mr Di Vita ad­vised buy­ers brave enough to look in th­ese ar­eas to try to ne­go­ti­ate a sale preauc­tion as a way to avoid pay­ing crazy prices.

“Doc­u­ment an of­fer and put a time lapse of 24 to 48 hours on the con­tract,” she said.

“If you go to auc­tion, you risk pay­ing more.”


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