Selling like hot cakes
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.
Realestate.com.au 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.”