Welcome to the 2nd Quarter Inner Report, which provides you with an overview of the Melbourne CBD, St Kilda Road, Southbank and Docklands apartment market. This report tracks the number of sales, listings, day on market and median price across the 4 suburbs during the 2nd quarter of 201
Post-election has seen an increase in buyer activity in all 4 suburbs. This has driven by mainly first home buyers and investors returning to the market. This quarter saw the first of 2 rate cuts from the Reserve Bank, which has also encouraged buyers to rethink their purchase and allowed buyers to increase their budgets/borrowing capacity. Days on market reduced by around 11%, due to lower levels of listings coming to the market and the total number of sales increasing by 36. Coming into the 3rd Quarter of 2019 we should see more confidence in the market which will lead to an increase in the number of new listings.
The 2nd quarter brought with it one of the lowest new sale listing periods we have seen in recent time in Melbourne CBD, this has resulted in a reduced number of days on market and an increase in the median sale price. With the traditional increase in number of new properties coming to market in the months of August and September, focus will be on whether the current conditions will continue. Both 1 and 2 bedroom sales have remained the most activity all 4 suburbs.
St Kilda Road 3004
It has been a positive 2nd quarter for St Kilda Road/Queens Road with an increase in the number of sales from the previous quarter. This will continue as we move into the Spring selling season with several new landmark properties predicted to hit the market. We had the pleasure of marketing 173/418 St Kilda Road Melbourne during May which achieved a great result of our client in under 3 weeks. The campaign had over 20 buyers attend our open for inspections with a number of buyers still in the market for a 3 bedroom apartment in the area.
During this quarter our office marketed 157/88 Kavanagh Street and 21/99 Whiteman Street both were sold to owner occupiers within 14 days of going to market. Currently the most in demand apartments in Southbank are 2 bedroom 2 bathroom in buildings built in the early 2000’s. Visible in the statistics is that 2 and 3+ bedroom properties in Southbank are holding the lowest days of market across all 4 suburbs.
Once again Docklands has come in with the highest median price for both 1 and 2 bedroom apartments. Although the median price for the area has declined by 3.6% from last quarter, this has been on the back of 50% more 1 bedroom sales over the last 3 month. In recent months the amount of time 1 bedroom and 3+ bedroom properties are staying on the market has increased by 10% on average.
Full link to report