The Bayside Market Wrap - 01/08/2020
⚡Once again, the week presented record low numbers of new listings coming into the market, in fact, our neighbours in Moorabbin had no new listings for their second consecutive week.
A heavy backlog of buyers is beginning to build up and for those selling in this market, we saw some fantastic results this week.
For our McGrath sellers, we celebrated several happy moments over the past couple of days with the successful sale of number 67 Cromer Road, Beaumaris, a family home on 774sqm selling for a whopping $2,215,000 after just 8 days on the market, with 4 families competing to call this property home.
67 Cromer Road, Beaumaris
The next sale was the iconic 35-37 Cavanagh street in Cheltenham, a beautiful home on over 1,400sqm of manicured land, selling off-market to a purchaser who contacted us from abroad. We worked to find them a home that met their unique criteria in a short time, after searching several months without a result.
Last but not least number 1/2 Moira Avenue, Highett which was sold by our McGrath St.kilda team for an incredible $880,000 making it the highest recorded sale price for a 2 bedroom villa unit in Highett in a very long time.
1/2 Moira Avenue, Highett
Since I get quite a lot of questions about the local market, I thought I would try to answer some here each week. We had a viewer in Highett write in asking this question:
"Mitch, we would be interested in selling our family home and we have been approached by a few agents suggesting that they can sell our place off-market, any tips?"
Great question, selling off-market can be a fantastic opportunity especially in a market like this, where demand is high and supply is low. We quite often hear about impressive numbers being thrown around about how many people exist on the database (10-50-100,000 buyers!) Let me tell you, agents have been pitching this line for years. If these numbers were anywhere near accurate, everyone would sell off-market and there would be no need for the big online real estate portals.
However, that is not to say it can't be done, about 10% of our sales each year are off-market sales and as you can imagine in most markets the real number of buyers for your home on or off-market is statistically somewhere around half a dozen.
So, the best tip I can offer you when considering a sale off-market is, don't sign yourself up for life. We frequently see sellers signing up for 60+ days of exclusive authority to sell, meaning their agent has exclusive rights over their property for 60 days, which I feel takes you out of the race for far too long.
Any agent sending out an off-market email to their very best buyers (remembering at any time, there is likely to be less than 10 perfect candidates) within 2 weeks should have a good indication of whether or not an ideal buyer existed within the current clientele.
So don't sign up for anything longer than 2 weeks off-market, you can always offer an extension if your agent is doing a great job or alternatively give another agent a go for 2 weeks, it is that simple.
Thanks for writing in and I hope that helps you on your journey!
Stay safe, have a fantastic week,
Victorian Auction Clearance Rate - 71%*
🌞 I hope this has been a valuable addition to your week, please feel welcome to email me at email@example.com if you have a question about the local market and until next time I look forward to seeing you out and about in the community!
Mitch - 0478896986
Sales for the week in the community