Stephen Smith

M 0423 266 231 P 9832 1140 E stephen.smith@marshallwhite.com.au W smith-stephen.com

Bayside

Property Market Update

Prestige Review

After last year’s record results, the housing market in Melbourne has continued in

2016 on a very strong note. While there is not the same heat in the market, success

rates at auctions have remained high and prices are still rising, although at more

sustainable levels. While Sydney has seen negative price growth since the market

peak, Melbourne’s residential property market has proved remarkably resilient.

The market this year has been characterised by low levels of housing stock. In many areas covered by Marshall White, supply is down by 20-30 per cent compared with the same period last year. A 0.25 per cent cut to the official cash rate by the Reserve Bank Board has only increased demand from buyers increasingly frustrated by the lack of supply of quality properties in preferred locations.

While the Federal Election may be a distraction, historically election time has had no effect on property prices. A clamp down on lending to foreign

buyers by the major banks in addition to an increase in stamp duty imposed by the Victorian Government on foreign buyers however will have an effect, particularly on the apartment market. This will be counteracted by the low dollar which continues to make Australian property attractive to both overseas buyers and ex pats.

During the Winter months, although demand does not subside, the number of properties offered for sale decreases as vendors wait until a spring auction. The reduced competition makes this an ideal time to list a property for sale.

The first interest rate cut in 12 months highlighted favourable buying conditions, creating an interesting enigma, combined with the fact that available stock remains thin on the ground. Robust attendance at open for inspections and auctions of family homes, knock-down-and-rebuild sites and single-level dwellings alike demonstrates a significant level of pent-up demand. Many buyers are happy to pay ‘emotional’ prices and homes in Bayside have historically never been worth more.

We have also observed the recurring phenomenon of the ‘time-poor’ purchaser. These qualified buyers, often referred from the Marshall White International Division, want to secure a home in record time, sometimes only a few days, and are willing to spend far and above what might be considered ‘market rate’ to secure their dream home either at auction, or by way of private negotiation in an ‘off-market’ transaction. For potential sellers, now is an excellent time to consider making a move.

From the Agent

It is this approach that has seen Rob Mills Architects labelled as one of Australia’s most forward-thinking residential architecture and interior design studios. His projects all share the same hallmarks: they are strong, proud and well built, with great proportion, light and sense of space.

Essentially, Rob’s passion lies in his determination to capture the essence of great living for each client. He likes to design the entire space, including furniture and artwork, in order that it makes sense for them.

“Interiors should be comfortable yet sophisticated and, most importantly, inspire your children to reach great heights,” he says, no doubt thinking of his own four children – Eliza, Phoebe, Henry, Jasper – with yogi wife Lucinda, his co-founder in One Hot Yoga & Pilates.

Rob may share his name with the Charleston-born architect of the Washington Monument, but it is European design that he cites as the greatest influence on his work, travelling

as often as his schedule allows to visit the makers of the finely crafted elements he features in his client’s homes.

Inspiration also comes from those with whom he frequently collaborates, including interior and furniture designer Kimberley-Jade Bromley and award-winning garden designer Paul Bangay. His holistic design philosophy extends to the landscapes around a building. “A house’s design does not end at the front door,” he says. Naturally, the view from his Prahran office is over a green expanse, Grattan Street Park.

His advice when thinking about an interior design project is to take as much time as you can afford in the planning stage. “Gather references and build a scrapbook that you constantly edit.”

From Great Design Comes Great Living

A love of buildings – and building sites – from a very young age led Robert Mills to study architecture, however he quickly

realised that interiors were just as important as a building’s structure – and his holistic approach to building design was born.

Robert Mills Architects & Interior Designers robmills.com.au

TOTAL NUMBER OF HOUSEHOLDS

IN BAYSIDE

34,668

Recent Sales in BaysideA sample of Marshall White auction results in Bayside between 1st January - 30th May 2016*

22 Halifax Street, Brighton was sold at auction on the 30th of April. After a 4-week marketing campaign led by Stephen Smith utilising the Marshall White eStrategy combined with recommended high-exposure print media, strong interest in the property was documented by 186 individual inspections from buyers. The eventual purchaser found the home via The Age online from Singapore with the immediate underbidder moving from Sydney. Stephen Smith started bidding at $2,800,000 which quickly climbed to $3,000,000 with final negotiations taking place over the hour and a half following, resulting in a result well above $3,000,000. If you would like to discuss how Stephen Smith can assist with the sale of your property, please contact him today on 0423 266 231.

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BAYSIDE SALES STATISTICS

JAN-MAY 2016

*Statistics from propertydataonline.com.au

12 North Rd, Brighton 4/3/2 $6,300,000

1&2/140 Esplanade, Brighton 6/4/4 ~$5,000,000

11 Peacock St, Brighton 5/4/2 >$4,700,000

51 South Rd, Brighton 5/3/4 >$4,200,000

90 Cole St, Brighton 4/2/2 >$3,800,000

406A Beach Rd, Beaumaris 5/3/2 >$3,500,000

22 Halifax St, Brighton 4/3/3 >$3,100,000

75 New St, Brighton 4/3/2 >$2,800,000

67 Mills St, Hampton 4/3/3 >$2,700,000

17 Berwick St, Brighton 4/2/2 >$2,500,000

30 May St, Hampton 4/3/4 >$2,100,000

2 Gillies St, Hampton 3/2/2 >$2,100,000

14 Lynch St, Brighton 4/2/2 >$2,000,000

55 Whyte St, Brighton 3/2/2 >$1,950,000

5/22 Willansby Av, Brighton 3/2/2 ~$1,900,000

55 Murphy St, Brighton 4/2/2 ~$1,800,000

26 Charles St, Brighton East 4/2/2 >$1,700,000

10B Comport St, Beaumaris 4/3/2 >$1,700,000

19 Cheeseman Av, Brighton East 4/2/2 >$1,700,000

10/10 St Andrews St, Brighton 3/2/2 >$1,700,000

22 Oswald Thomas Av, Hampton East 5/2/2 ~$1,700,000

2/51 William St, Brighton 4/3/2 ~$1,700,000

28 Florence St, Brighton East 3/2/3 ~$1,600,000

33 Bourneville Av, Brighton East 3/1/2 >$1,600,000

6 Balfour St, Brighton East 3/2/2 >$1,600,000

34 Milroy St, Brighton East 4/2/2 $1,600,000

123A Linacre Rd, Hampton 3/2/2 >$1,500,000

42 May St, Hampton 3/1/2 >$1,500,000

23 Lubrano St, Brighton East 3/2/2 >$1,500,000

11 Billson St, Brighton East 3/1/2 >$1,500,000

15 Lawrence St, Brighton 3/1/1 >$1,500,000

3 Berwick St, Brighton 3/2/1 >$1,300,000

11 Elm Gr, Brighton 3/2/2 >$1,280,000

3 Austin Rd, Hampton 3/1/2 ~$1,200,000

11B Elm Gr, Brighton 2/1/1 >$1,000,000

3/59 Cole St, Brighton 3/1/2 ~$950,000

313 South Rd, Brighton East 3/2/2 ~$950,000

2/13 Tatong Rd, Brighton East 3/2/2 ~$950,000

7/8-10 Durrant St, Brighton 3/2/2 ~$950,000

29/147-149 Male St, Brighton 2/2/2 >$850,000

Reach. Relationships. Results.These three strategies underpin everything that is different about Marshall White.

Our company culture rewards teamwork resulting in our sales agents working together to introduce buyers to your home. You have the whole Marshall White sales team behind you, each of them working hard to sell your property.

Some of Stephen’s Recent Results

55 Murphy Street, Brighton Sold $1,790,000

3 Berwick Street, Brighton Sold $1,315,000

11 Elm Grove, Brighton Sold $1,285,000

22 Halifax Street, Brighton Sold in excess of $3,000,000

17 Berwick Street, Brighton Sold $2,585,000

90 Cole Street, Brighton Sold in excess of $3,800,000

A search for the perfect coffee table was the genesis of DOMO, Australia’s leading retailer of prestige global furniture brands. Founder Frank Novembre came across exactly what he was looking for in a magazine: a beautiful coffee table by French classic furniture label Grange. It was 1984 and Grange was seeking an exclusive Australian distributor. Frank saw an opportunity and, 32 years later, his stores – now known as DOMO, which translates to ‘home’ in Latin – stock a stable of luxury European brands.

DOMO 256 Bay Road, Sandringham 9277 8888 domo.com.au