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WHAT YOUR HOME IS WORTH A-Z OF SUBURBS

Spring predictions

domainproperty review

SPRING 2006

THESUNDAYAGETHESUNDAYAGE

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6 DOMAIN PROPERTY REVIEW September 10, 2006

CONTENTS

The spring season begins after a listless and nervous winter, and now, more than ever, the cost of driving to work, school and other

regular destinations needs to be factored into the purchase price of new property.Petrol has infl uenced housing prices for a year or so, particularly at the lower end of the market and in outer areas, but the impact is really being felt now, say agents.Coupled with the threat of another interest rate rise, it seems as if the spring selling season might be off to a conservative start. Some agents feel, however, that this will be balanced by low unemployment and rising wages, while others are reporting more stock for sale than at this time last year.There are few surprises in agents’ and analysts’ predictions. Inner and bayside areas are expected to remain strong, with suburbs such as Brighton, Malvern, Elwood and, particularly, Toorak retaining

their bulletproof status. Areas bordering traditional blue-chip suburbs are benefi ting from the “seepage effect” and, in middle and outer suburbs, the amenities, infrastructure and proximity to public transport govern values. Investors are returning to the CBD, attracted by the strong rental market.In this issue, Sunday Age Domain editor Gary La Personne points to sleeper suburbs where values are expected to increase well; we give an all-points-of-the-compass breakdown of greater Melbourne; rural and coastal areas are scrutinised; and Karin Derkley, author of Buying and Selling a Home for Dummies, advises on purchasing properties.Check how your home is performing in the A to Z suburb listings (August 1, 2005 to July 31, 2006) by the Real Estate Institute of Victoria, beginning on page 25.

Beverley Johanson, acting Domain editor

INTRODUCTION

8 Trends10 Market overview13 Central Melbourne14 North15 South16 East17 West18 Ones to watch22 Rural areas24 Market talk25 Melbourne

metropolitan listings58 Beach life59 Mornington and

Bass Coast listings62 Geelong region

listings66 Ways to buy

Acting Domain editorBeverley Johanson

Domain editor, SundayGary LaPersonne

Senior property writerBen Schneiders

ProductionJim Makridis

Imaging co-ordinatorBrendon McCullough

Real estate sales managerJohn Ioannou

Advertising accounts managerMichelle Mullin

Account executivePandora Sandler

Advertising inquiries(03) 9601 2000

Advertising productionEster Ellero (03) 9601 2737

Cover picturePrahran values remain strongBy Gerry Angelos

Published by Andrew Jaspan for The Sunday Age, 250 Spencer Street, Melbourne 3000. John Fairfax Publication Pty Ltd ABN 33 003 357 720. Inserted into The Sunday Age. Not for sale separately.

COPYRIGHT & DISCLAIMER© 2006 Real Estate Institute of Victoria Ltd. (REIV). All rights reserved. No reproduction, distribution, or transmission is permitted without the prior written permission of the REIV.In compiling information, the REIV has relied upon data supplied by third parties. The REIV uses recognised statistical techniques in compiling its data, and this data is checked for accuracy and questionable sales results are either verifi ed with the selling agent or discarded.

THESUNDAYAGEWallan

Bacchus Marsh Healesville

Kinglake

Warburton

Packenham

Lorne

Torquay Hastings

Flinders

Rye

Frankston

Werribee

Mornington/Phillip IslandPages 59-61

GeelongPages 62-65

Melbourne CBDPages 25-57

HOW TO READ THE TABLES

The middle price of all houses and units sold in this suburb

Percentage change of houses and unit values

Annualised percentage change of values in the last 5 years

Percentage of properties put to auction in the 12 months that sold

Total value of property sold in the 12 months, in millions

Top sale in the suburb in this period – either by auction or private treaty

All prices in ’000s

The Domain Property Review’s prediction of how far values will rise each year for the next 3-5 years.

See legend on page 65

Period analysed: August 1, 2005 to July 31, 2006

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TRENDS

FINALLY, the market is starting to stir after a prolonged period of listlessness. Surveys have shown an increase in median prices in recent times with much of the growth

in the wealthiest suburbs. But there are some potential brakes on the market as it enters spring, traditionally the busiest time of year.

Firstly, the Reserve Bank is in a cycle of lifting interest rates which could deter some buyers, while rising fuel prices have hit family budgets. Also fi rst-time buyers are still fi nding the market far less affordable than they did in the late 1990s.

But for many buyers and sellers — and agents — the last 12 months has proved to be a better period.

That is refl ected in the most recent house price data from the Real Estate Institute of Victoria. It showed a market that in some areas and price ranges was booming, but in others was mostly stable.

Overall, the median price rose 4.2 per cent to $375,000 in the year to June 30 — just shy of its 2003 peak of $380,000.

But in the top fi ve per cent of the market, median prices jumped 10.4 per cent from a year ago as the number of $1 million-plus sales across Melbourne rose by more than a quarter.

That has had top-end agents salivating as suburbs such as South Yarra — where median prices are up 30.2 per cent on a year ago — Toorak, Balwyn, Hawthorn East and Brighton are all reporting growth of more than 15 per cent.

Apartment prices have been strongest in areas such as Malvern, where they were up by more than a third, and in Elsternwick.

Paul Nugent, from Wakelin Property Advisory, says the market two to 12 kilometres from the city has been “highly under-supplied” in recent times, helping push up prices.

“The winter market has been very strong,” he says. “I haven’t seen any real change in market sentiment due to interest rates or fuel prices, I think that’s more likely to have a greater impact on the outer areas.”

Mr Nugent reckons sentiment started to improve for the inner suburbs market late last year as buyers and would-be buyers started to put aside their post-boom fears. “I think there was an uptake of activity on people realising that the market hasn’t collapsed,” he says.

Mr Nugent says investors seemed to be re-entering the inner-city market while the family home market was being driven by a surge in demand for properties worth more than $1 million in suburbs such as Hawthorn, Camberwell and Malvern.

Proximity to good private schools was an important driver of those markets, he says.

Another factor helping prices has been a lack of new construction from developers, a reversal of the boom conditions at the start of the decade. “New projects haven’t been emerging out of the ground,” Mr Nugent says.

However, at the cheaper end of the market it’s a different tale, where rising costs are more

Ben Schneiders discovers the

Melbourne property market is a bit of a

mixed bag, depending on how much you are

able to spend.

‘‘We would certainly expect spring to be very big this year.’’Mike McCarthy

The fl at outlook is supported by another forecaster, Macquarie Real Estate, which is tipping a “stabilisation phase” for the Melbourne market. But Macquarie’s report said demand for expensive property was performing much more strongly than the rest of the market.

Louis Milkovits, head of developer AVJennings, is another who expects no signifi cant growth in Melbourne.

He says household incomes have failed to keep pace with house price increases, although Melbourne was better placed than the struggling Sydney market.

He says rising fuel prices were hurting the outer suburbs property market more than higher interest rates.

“One thing that tends to escape all media attention is the impact of rising fuel prices (on the property market),” he told The Age in a recent interview.

of an issue. Median prices for the bottom 25 per cent of the market increased less than the rate of infl ation at 2.9 per cent over the last 12 months.

Suburbs such as Fawkner, where median house prices dropped 4.3 per cent, reported falls, as did Caroline Springs, Dandenong and St Albans. Also reporting declines were the more expensive Donvale and Vermont South.

Forecaster BIS Shrapnel expects overall Melbourne prices to be capped for the next few years due to the residential property market suffering its worst affordability crisis since the late 1980s.

Measures of housing affordability — which compare mortgage repayments against gross household income — have shown that housing became much less affordable from the late 1990s onwards as prices boomed.

The easing of prices in the last three years has done little to help improve affordability so far.

Vote of confi dence in blue-chip suburbs

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September 10, 2006 DOMAIN PROPERTY REVIEW 9

“The most recent increase in 25 basis points in interest rates will add $35 a month to an average mortgage, but the increase in petrol prices over the last two years, which effectively has doubled, will add more than $100 a month.”

That double hit to family budgets is scaring off would-be buyers in those markets, Mr Milkovits contends. “The impact of that is prospective customers who were once quite willing to commute from the urban fringe, where most development takes place, back to their employment in the city, are now hesitant about it because of the high cost of commuting.”

Others are more upbeat, pointing to the solid economic fundamentals underpinning the market such as low unemployment and rising wages. “If people feel secure in their employment then they’re prepared to make the commitment and upgrade,” says Mike McCarthy, of Barry Plant Doherty.

Mr McCarthy expects a strong spring. “We would certainly expect spring to be very big this year,” he says.

His fi rm is a reasonable proxy for the Melbourne market with offi ces spread across the city. He said the fi rm’s July fi gures — typically a quiet period — were very strong and up about 30 per cent on a year ago. In fact, Mr McCarthy says it was Barry Plant’s third strongest market ever on record.

With that in mind, Mr McCarthy expects good conditions in spring across all markets — including the outer suburbs where volumes have been strong. He reckons most buyers in the outer suburbs are prepared to absorb higher petrol prices if they can stay living within their existing areas.

Likewise, he says many buyers had factored rising interest rates into their equations. “While we wouldn’t welcome it (another increase), it

wouldn’t have a severe effect on the market.”Mr McCarthy describes market conditions

as now returning to normal, being in neither a boom or a bust with prices rising between four and fi ve per cent in a year, depending on which survey you look at. “That’s about what we expect, that sort of number refl ects a normal market,” he says.

Wakelin Property’s Mr Nugent agrees, saying sentiment has improved after the fall-out from the boom.

He says supply was at its highest levels in spring which means, if you do your homework, it can make it a good time to buy, but knowing what you want is important.

“The spring market requires a degree of confi dence to buy into as it is very highly analysed,” he says “(However) I think it tends to be a better time to buy because there are more options.”

HOUSES UNITS & APARTMENTS

Most Expensive* Most Expensive*Suburb Median Suburb MedianToorak $2,020,000 Brighton $586,250Brighton $1,183,000 Port Melbourne $500,000Canterbury $1,121,000 Toorak $490,000Malvern $930,500 Malvern $451,250South Yarra $911,250 Caulfi eld South $450,000Kew $910,000 Balwyn $417,000Middle Park $910,000 East Melbourne $408,000Black Rock $865,000 Mount Waverley $400,500Caulfi eld North $837,000 Doncaster $390,000Camberwell $825,000 Kew $390,000

Most Affordable* Most Affordable*Suburb Median Suburb MedianMelton South $170,000 Footscray $165,000Frankston North $175,000 Footscray West $190,450 Melton $190,000 Sunshine $201,500 Broadmeadows $194,500 Flemington $205,000 St Albans $212,500 Brunswick West $217,000 Deer Park $215,000 Bayswater $227,000Cranbourne $216,000 Murrumbeena $242,500 Werribee $218,000 Glenroy $243,000 Hampton Park $220,000 Thornbury $247,000 Cranbourne North $226,500 Ringwood $248,000

Greatest 1-year Growth* Greatest 1-year Growth*Suburb Median % Suburb Median %South Yarra $911,250 30.2% Malvern $451,250 36.3%Maribyrnong $492,500 26.6% Elsternwick $358,000 27.5%Gisborne $360,000 21.4% Sunshine $201,500 25.9%Toorak $2,020,000 18.8% North Melbourne $341,500 24.2%Balwyn North $678,000 17.9% Caulfi eld South $450,000 19.4%Hawthorn East $807,000 17.8% Footscray West $190,450 16.5%Balwyn $810,000 17.4% Fitzroy North $362,000 16.0%Warrandyte $631,000 16.7% Brighton $586,250 15.5%Lysterfi eld $512,000 16.4% Glenhuntly $333,000 14.8%Brighton $1,183,000 15.4% Richmond $355,750 14.8%

Least 1-year Growth* Least 1-year Growth*Suburb Median % Suburb Median %Donvale $467,500 -8.6% Parkdale $289,550 -15.6%Croydon North $355,000 -6.0% Footscray $165,000 -8.7%Vermont South $421,000 -4.5% Mentone $268,000 -6.5%Caroline Springs $282,250 -4.3% Ascot Vale $255,000 -5.6%Fawkner $256,000 -4.3% Blackburn $328,000 -4.9%Rosebud $240,000 -4.0% Melbourne $300,000 -4.1%Mont Albert $619,175 -3.6% Brunswick $256,000 -3.9%St Albans $212,500 -3.4% Northcote $265,000 -3.6%Dandenong $231,000 -3.3% Brunswick West $217,000 -3.6%South Melbourne $618,750 -3.3% Williamstown $311,750 -2.6%

Greatest 5-year Growth* Greatest 5-year Growth*Suburb Median %(AGR) Suburb Median %(AGR)Rye $305,000 19.5% Sunshine $201,500 21.9%Toorak $2,020,000 16.4% Yarraville $292,500 14.1%Emerald $328,450 16.2% Carnegie $305,000 13.8%Healesville $272,000 16.2% Malvern $451,250 13.4%Frankston North $175,000 16.1% Bayswater $227,000 12.7%Carrum Downs $236,250 16.0% Ringwood $248,000 12.4%Cockatoo $245,250 14.8% Mordialloc $285,000 11.9%Werribee $218,000 14.7% Footscray West $190,450 11.6%Bayswater $285,000 14.1% Mount Waverley $400,500 11.2%Boronia $279,750 13.3% Glenhuntly $333,000 10.9%

Least 5-year Growth* Least 5-year Growth*Suburb Median %(AGR) Suburb Median %(AGR)Mount Martha $419,000 -3.7% South Melbourne $390,000 -5.8%South Morang $315,000 -1.5% Port Melbourne $500,000 -1.9%Caroline Springs $282,250 0.0% Southbank $360,000 -0.7%Mornington $340,000 3.6% Melbourne $300,000 0.1%Point Cook $329,000 4.7% South Yarra $363,000 5.0%Donvale $467,500 4.9% St Kilda West $307,500 5.1%Hillside $290,000 4.9% Armadale $328,500 5.4%Wheelers Hill $420,000 5.6% Balwyn $417,000 5.5%Taylors Hill $310,500 5.7% Williamstown $311,750 5.6%Carlton North $567,750 6.0% Parkdale $289,550 5.6%

‘‘Sentiment has improved after fall-out from the boom.’’Paul Nugent

* Only suburbs with a minimum of 50 sales reported in the relvent period(s) are included

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MARKET OVERVIEW

IN A market beset by interest rate rises and in a time of soaring fuel prices, buying a home has become an equation of how much infrastructure you get for your housing dollar.Agents and analysts suggest these two factors

combined should make buyers much more conscious of the transport and time costs related to their housing choice. Will every trip to the shops use three litres of petrol? Would a smaller house closer to the city be cheaper in real terms, if it’s in zone one and we can sell one car?

Housing choice will become part of trying to balance the family budget against the rising cost of mortgages, petrol and debt. Experts predict strong growth in the inner 10 kilometres and little or modest growth in outlying areas.

Property analysts Residex say the market has had a “beautiful soft landing” and appears to be at the start of a new cycle with the middle and upper segments likely to do very well. Residex chief John Edwards says Melbourne’s outer areas are likely to be a year behind the recovery and fringe areas will struggle more.

UNDER $350,00In the under-$350,000 market the choices are

stark — an apartment in an inner suburb or a largish house in an outer suburban estate.

Buyers’ advocate David Morrell, of Morrell

Apartments in Prahran are predicted to appreciate quickly.

Urban richesKatherine Townsend fi nds that inner suburbs are the place to be if you want your home to retain its value.

and Koren, says buyers should concentrate on the inner 10 kilometres and a period-style apartment somewhere like Prahran will appreciate faster than a large home in an outer suburb.

“Go for the inner-city apartment. It’s position, position, position,” he says.

Mr Morrell says outer suburban developments can never compete. “It’s so easy to bowl over another paddock and build more.”

Hocking Stuart founder Greg Hocking says young buyers should stick with inner-city period apartments in areas such as Richmond and Prahran, which buy lifestyle but, more importantly, “the capital gain is the springboard to the next buy.”

Barry Plant, director of Barry Plant Doherty, says rising fuel prices and interest rates will have buyers studying their transport maps. “They’ll go where the good infrastructure is,” he says. Young buyers who might be living in the outer suburbs but working in the city will fi nd faded inner-city apartments the best buys, he adds.

“I think you’ll see some of those apartments built within the last 10 years doing well. Central Equity and Mirvac built them and they’ll have a few marks on the walls, but they’ll represent a good entry point.”

Property valuer Peter Hay, of Hay Property Consultants, is optimistic about Docklands. He

predicts the waterside apartments will surge. “Docklands is going to recover quickly because of fuel costs,” he says.

$350,000-$600,000Mr Morrell says the once hot areas of Clifton

Hill, Carlton and Fitzroy now present good buying opportunities. “These areas seem to have stopped so they are presenting an opportunity to buy small, quality homes around $450,000.”

Mr Hay offers a gloomy outlook for the outer suburbs. He says proximity to new freeways such as EastLink will give a temporary lift to suburbs

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‘‘Mentone, Chelsea and Aspendale will only increase in value.’’Greg Hocking

such as Ringwood or Mitcham, but the growth will be nothing like in the inner suburbs.

He says the fuel crisis means there will be “much more focus on proximity to shopping and transport and walking distance to cafes”.

Buyers in this range, Mr Hay says, still need to consider access to infrastructure, as otherwise, driving long distances to work, schools, shops and leisure will eat into household income and their ability to meet mortgage costs.

“If you’ve got $500,000 to spend and you’re looking at Ringwood, spend it in the older part, near the railway station,” Mr Hay says.

Barry Plant says suburbs that have grown for 20 years are still good buys. “I would recommend Mount Waverley, Wheelers Hill, Rowville and then places like Doncaster Templestowe, Eltham and Greensborough — areas where you have easy access to train lines, shopping and buses.”

Mr Hocking says the same principles apply in all price ranges: “I’d be buying as close in as you can.” He says parts of Burwood and Ashburton are good buys, as they are near sought-after areas and have good housing and infrastructure.

In bayside areas, he says Mentone, Chelsea and Aspendale will only increase. “And I still champion Frankston; there is a lot of money being spent there.” Mr Hocking also suggests any streets near the beachfront in Altona.

And it is in the $350,000-$600,000 price range that many family buyers try to make a huge leap in housing and suburb. Is it worth buying an ugly duckling in a street fi lled with period homes?

“No, I believe they’ll always be out of context, always be the ugly duckling. Better to buy a ’50s or ’60s house in a street of them — there are many streets of them in Burwood, for instance. Don’t render them. You can easily make them sleek and modern and make a bit more room out the back,” he says.

$600,000 TO $1 MILLIONIn the $600,000-$1 million price range,

Mr Morrell says the fringes of the south-eastern suburbs’ most popular areas offer the best potential. “Fringe areas such as Balwyn or Surrey Hills are worth looking at,” he says.

Mr Hocking says this is a very competitive price range and buyers must look at areas “on the edge of the really hot stuff” — such as Essendon, Surrey Hills and Canterbury, which are solid but not the super sought-after areas of Moonee

Ponds, Camberwell or Hawthorn.In the $600,000-$1 million range, however,

Peter Hay says buyers would be far better aiming for “bullet-proof locations” including Williamstown, Yarraville, Malvern, Elwood and Ivanhoe — all established suburbs with access to shopping and transport.

The rock-solid real estate in this range is found in a ring around the city, Mr Plant says. He recommends Albert Park, Williamstown, Fairfi eld, Alphington, Maribyrnong, Essendon, Strathmore and Kensington.

For most family buyers who need larger accommodation than they’ll be able to afford, Mr Plant says to avoid fashionable spots.

$1 MILLION-PLUSIf you think $1 million would solve all your

housing problems — think again. It doesn’t give buyers carte blanche to their favourite suburbs, Mr Plant says; they will still need to hunt and hunt. “Really, $1.5 million only gets you the basics in Brighton now; so much is in excess of $2 million.” Free-standing renovated period homes in Malvern will cost the same, with prices pushed higher by limited supply.

Mr Plant says there is now good buying in areas such as Templestowe. “In the City of Boroondara you can get an extended 1950s weatherboard or a rebuilt 1930s weatherboard for $1.25 million, but recently we auctioned a very tired 50-square house in Templestowe that was built in 1992. It had a reserve of $800,000 and sold for $910,000, and with a renovation of $150,000 you’ve got a palatial home.”

For bullet-proof real estate in a single-fronted package, Mr Hocking says buyers can’t go past a Victorian cottage in Middle Park where $1 million will be the general price tag.

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CENTRAL MELBOURNE

WITH such huge diversity in the make-up of inner-city apartments nowadays, it’s no longer appropriate to talk about the city market as a whole. There’s

everything from prestige penthouses, cookie-cutter units and heritage makeovers, all the way down to swing-a-kitten studios.

It certainly doesn’t operate as an homogenised market in terms of price movements because while some categories boom — as always, the top end is — there are also sludgy patches, such as parts of Docklands, and stable pockets that seem to be sitting it out.

Darren Portwine, of Hocking Stuart City, says the overall good news is that despite a lot of new stock in new buildings, “it hasn’t dipped.”

The better news for investors, who are coming back into the CBD in noticeable numbers, is that the rental market is incredibly tight. Investors are targeting everything from student-friendly one bedrooms for $200,000 to $300,000 to two and three-bedroom apartments priced between $500,000 and $700,000.

Depending who you talk to, the CBD vacancy rate is hovering between 1 and 2 per cent.

“In the better buildings, some units are taken up sight unseen and every time we renew

a lease, we can add another $10 or $15 a week,” Mr Portwine says. He adds that it is not too hard to let a three-bedroom, two-bathroom unit with two car spaces for $770 per week.”

He says the sales market is “bullish” in the quality buildings that include QV, Rockman’s Regency Towers, Temple Court, The Hero Apartments and the Republic.

Keith McMahon of Dingle Partners cites “a marked upwards movement in the past year” in the New York-style Sargood Building in Flinders Lane, which has seen similar 200-square-metre apartments rise from about $675,000 a year ago to about $900,000-$1 million today.

In an even shorter time, one of the four penthouses in the Bourke Street Paramount building changed hands in February for $857,000 and, with a bit of a makeover, is back on the market for $1.4 million. It could feasibly sell for $1.2 million, says Mr McMahon. “And they certainly haven’t spent $300,000 on a renovation.”

Southbank, which was put into the shade in the early years of this century by developments

in other parts of town has picked up in light of the new cachet and “vibrancy” endowed on the area by Eureka Tower, which recently saw a whole-fl oor penthouse sell for $7 million, and by the river-fronting Freshwater Place.

“The quality of lifestyle down there (at Southbank) is starting to exceed people’s expectations,” says Mr Portwine. “Eureka is going fabulously with about 85 per cent sold.”

Good buying for investment at the moment, says Colin Coy, of L.J.Hooker, is in the form of $200,000-$250,000 small apartments that can be swung onto the long-term lease-back serviced apartment market. “You can get a 6.5 per cent return on investment for them.”

Mr Coy says owner-occupiers in the $400,000 to $600,000 price range have a lot of choice in the inner city but they are proving to be a very choosy buyer type. “We’re fi nding a lot of people coming into the city if they can get the right property,” he says.

Where real estate-speak turns sotto voce is, as always, when it comes to talking up Docklands. Mr Coy says it is still “the sleeper” market with not a lot of price movement and quite a lot of choice in terms of available properties.

“I still think it’s pretty good and if I was buying at the moment that’s where I’d look,” he says.

Mr Coy’s rationale is that the stable prices at Docklands allude to the idea that its development potential is still being realised and that “it wouldn’t be fi nished until 2008. It’s not full yet and you’ve got to think long-term about Docklands”.

“But there are a lot of good two-bedroom apartments with car park spaces and good views down there for $450,000. Docklands might be slow now but, in the long-term, I think it’s going to be pretty good,” Mr Coy says.

Investors return to the cityThe CBD is selling, despite an infl ux of new properties, writes Jenny Brown.

‘‘In the better buildings, some units are taken up sight unseen …’’Darren Portwine

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THE NORTH

HIGH-QUALITY period homes are the order of the day in Melbourne’s northern suburbs. The “retreat to quality” trend has typifi ed the local market over the past

year and agents and experts predict that division will continue. Melbourne’s north-western fringes, where fi rst-home buyers and those on lower incomes tend to be found, are set to be hard hit by the “double whammy” of surging interest rates and fuel prices.

Analysis by the Real Estate Institute of Victoria predicts growth in housing prices of more than 8 per cent for suburbs as diverse as North Fitzroy, Parkville, Roxburgh Park, Brunswick, Brunswick East and West, Alphington, Ivanhoe East, Fairfi eld and Northcote.

Newer, poorer serviced areas are expected to experience much lower growth, if any.

The REIV analysis shows the north’s growth areas are almost entirely confi ned to the inner-northern suburbs and areas that track the Merri Creek and Yarra River. These well-established suburbs, mostly within 10 kilometres of the city, also have extensive transport and shopping within easy reach and it is this that will continue to draw buyers, agents say.

Nelson Alexander chief Paul Lunardi says the most popular inner-northern suburbs such as Carlton, Fitzroy, Northcote and Brunswick will continue to be in demand and he predicts growth of between 4 and 8 per cent. “They are well serviced by public transport and have good access to the city, so they will be less affected by petrol price rises.”

He says even another two or three interest rate rises in the next year, “won’t affect prices. Affordability is now close to where it was in the late 1980s but purchasers buying in these areas are better able to weather these rises.”

So, where is left in the north that hasn’t been picked over, renovated and re-renovated? Mr Lunardi says Reservoir and parts of Preston and Preston West offer good buying under $450,000 for fi rst-home buyers.

He says the period homes in these areas come on good-sized blocks and are likely to hold their own in a struggling market.

Period houses shine in a fl agging marketLook back to the future, writes Katherine Townsend.

‘‘Outer northern areas will continue to struggle.’’Barry Plant

“The area around Edwardes Lake is worth watching, too. There are a lot of Edwardian homes and Cal bungs with three bedrooms, side drives and a full block of land,” Mr Lunardi says.

Hocking Stuart’s Greg Hocking says North Melbourne is the last really affordable city fringe area and represents great buying.

Rendina Real Estate’s Lou Rendina says there is a shortage of quality family homes in the north, much the same as the rest of Melbourne but “there’s a smorgasbord of newer stock”.

He says there is a lot of stock on the market in areas such as Oak Park, Glenroy and Pascoe Vale and “that market will remain a struggle”. He says Oak Park offers affordable family homes for $300,000-$400,000.

Barry Plant, head of the Barry Plant Doherty chain which has a large market share across the northern suburbs, says there are essentially three markets in the north: the rock-solid period market in the inner north, the struggling north-western fringe and the stronger market for large, modern homes in the leafi er outer north-east. He says values will continue to increase depending on proximity to the Western Ring Road.

Of the north-western suburbs, Mr Plant says Roxburgh Park has matured well from its early days as a Government-sponsored housing estate and also highlights Greensborough as a northern “hotspot”. With an increase of 10.8 per cent in the median house price in the year to June, clearly some buyers are already on to its charms, but that price is an affordable $283,000 and Mr Plant says it will only continue to grow.

He says some parts of Eltham and Greensborough are experiencing strong demand and pockets such as St Helena, near Aqueduct Road, will hold their value well.

Outer northern areas, such as Epping, will continue to struggle, he says. “There is a lot of hardship in these areas and interest rate rises and petrol prices will affect them a lot more.”

The northern migration of buyers is fairly predictable and provides a good template for demand and rising prices in the housing market, he says. “Generally, people move from Thomastown or Reservoir to Greensborough.”


Q&ATHESEARCH

How do I look for a property?Before you hit the streets to look for your dream home, you need a clear picture of what kind of property is going to suit your needs, especially if you’re buying with someone else.

List the features you absolutely can’t live without — a bath, for instance; what you’d like if you can afford it — say a north-facing aspect; and what you just couldn’t live with — residing on a busy road, for instance.

Once you’ve got a picture of the property you’d like, you can compare that with the price of such properties in your preferred suburbs. This is where you may need to make a trade-off. What’s more important to you — the property or its location?

If your budget is limited, are you prepared to live in a tiny two-bedroom unit if it means you could ride to work? Or would you rather have the big house on the big block even if it means moving a few more suburbs out?

Mal James, of James Property Advocates, says that many buyers are too restrictive in their criteria. “Many people aren’t clear on what they want, and they’re not clear on what their options are. They rely on what comes to them rather than going out to fi nd a property that suits them.”

If you decide you would like a four-bedroom house on a big block near the water and near good schools you might fi nd something that fi ts the bill perfectly in Mentone, rather than more pricey Sandringham, for instance.

When you’ve narrowed down your criteria and opened up your choice of locations, use the Domain property section, local property lift-outs and property websites such as domain.com.au to put together a selection of places to visit. Get a folder and fi le your list of criteria, property listings, plus photocopied maps that you can mark with properties to visit.

Some properties can be eliminated just by driving past — often you’ll get a sense from the outside whether the property deserves a close look. Most properties for sale have two open-for-inspection times each week — one on the weekend and one mid-week evening.

Make notes against your list of criteria as you work your way through the house. You may at this point want to quiz the real estate agent as to the price the vendors are looking for. Take what you’re told with a grain of salt, and never, ever give out your own budget. You might also ask why the vendors are selling, and whether there are any issues with the property you ought to know about. Take the contract and vendor’s statement (the Section 32) with you. Before you make an offer on the property have the contract looked over by a solicitor.

Karin Derkley

NAA 015

THE performance of Melbourne’s southern suburbs refl ects the truism that the rich are getting richer.

Nine of the 10 best-performing suburbs had annual median house growth of more than 10 per cent, with the best performer, Toorak, increasing by an astounding 33.6 per cent. If you’re aspiring to get into Toorak, you’d better have found an extra $560,000 since last year — with the median house price now $2.23 million, almost double that of Melbourne’s second most expensive suburb, Brighton.

Big business is said to be driving the blue ribbon blow-out — a thriving economy seeing higher salaries and pay bonuses, and strong share market returns for the navy-blue-suit brigade that proudly populate the suburb.

“With record profi ts and a booming stock market, (residents’ returns from shares) could be even more than their base salary,” says Angie Zigomanis, of researcher and forecaster BIS Shrapnel, who is not surprised by the REIV fi ndings of best performing suburbs in the south.

Buyers at the top end of the market are also more confi dent about their continued employment prospects, and are not as concerned about the price they pay for their dwelling, says Mr Zigomanis.

Prahran and South Yarra were the best performing inner-city suburbs, popular with high income earning singles and couples. A strong rental market, led by the same group, keeps the inner south-east popular with investors, too.

For others, wealth refuses to be caged into traditional suburbs — evident by the other strongly performing suburbs, which strings a line between Nepean Highway and Port Phillip Bay all the way down to Parkdale.

“Parkdale is like a Glen Waverley by the sea,” says Bernard Salt, consultant with KPMG and author of the book The Big Shift, which examines demographic and social change in Melbourne. “It may have been ho-hum 30 years ago, but the suburb has been waiting for a surge in middle class wealth to spill over from wealthy enclaves such as Black Rock and Sandringham.”

In fact, overspilling wealth from Brighton has seen both Hampton and Beaumaris make the grade as the best improving southern suburbs this year. “As prices in suburbs closer to town become increasingly unaffordable, purchasers move out to the next affordable suburbs,” says Mr Zigomanis.

“We’ve actually had a revaluing of seaside property since the last cycle,” adds Mr Salt.

“The worst is over,” says John Edwards, founder and CEO of Residex and host of the Find me a Home radio program, who says the southern suburb’s real estate market has adjusted since the last boom, and is moving into a new growth cycle.

“And the ones (suburbs) that have long-term rates of growth are the ones that move forward in the cycle fi rst, as they have the most prolonged period of growth over the whole housing cycle,” says Mr Edwards.

In Melbourne’s southern suburbs, it is the upper market and bayside segment leading this charge.

Agents continue to cite the bayside suburb of Hampton and St Kilda East — which connects Prahran to the middle south-east suburbs of Caulfi eld North and Caulfi eld South (all of which made the top ten list) — as suburbs with

Too right Toorak’s boomingPrices in the affl uent suburb grew by more than 33 per cent in the past year but other southern areas are alsothriving, writes Marc Pallisco.

‘‘Parkdale is like a Glen Waverley by the sea.’’Bernard Salt

bright futures . “Both properties have increased in value more than 11 per cent each year, for the last ten years,” says Mr Edwards.

St Kilda East this year reported its fi rst $1 million sale, while Elsternwick, which was not included in the REIV table as it reported less than thirty sales for the quarter, is expected to continue it’s upward spiral.

Bernard Salt points to the bayside suburbs as being the areas to watch in coming years.

“Investors look for a place that has capacity for transition,” he says. “Suburbs viewed as daggy 10 years ago but which nevertheless have the right attributes of a beach, straightforward proximity to the CBD and a relatively low starting price point fi t that bill.

“What you want is an ugly duckling suburb with beauty being close to beach.”

As the baby boomer population that fi lled these suburbs move on, suburbs such as Chelsea, Aspendale and Mordialloc become re-valued by a new generation, says Mr Salt. “I also feel Hampton Park and Dandenong’s role has changed. Whereas Dandenong was once the home to factory workers from Holden, by the early part of this century the impact of manufacturing had diminished and what moved in was upper end workers coming off high-tech distribution facilities around the area.”

Mr Zigomanis adds that the outer south east has also seen a growth in executive managers from offi ce parks dotted in the precinct buying up properties.

“In addition, you could mount an argument that suburbs such as Beaconsfi eld and Skye may also be benefi ting from the development of the Scoresby Freeway, and the time-saving it is likely to offer when completed,” he says.


THE SOUTH

Q&ABEFOREYOU SIGN

What should I do before I put an offer in or make a bid on a home that I’ve fallen in love with?You may have fallen for a property, but before you make a long-term commitment do some research to test whether it’s really right for you.

You also need to get a clear sense of how much the property is worth and how much you can afford to pay for it.

Take along a hard-headed friend — preferably one with some expertise in the building industry — to an inspection and ask them to point out possible problems. Before you sign a contract have a building inspection carried out, and probably a pest inspection.

Even if it reveals problems and you decide to go ahead on the purchase of the property anyway, at least you know what you’re up for when you buy.

Visit the neighbourhood at various times of the day and the week to get a sense of the streetlife, the traffi c at peak times and any problems, such as nearby factories or a convenience store that attracts all-night customers. If you can, talk to the neighbours. You may get a sense of why the owner is selling as well as whether the neighbours are the kind you could share the time of day with.

Research the prices that have been paid for similar properties in the area by keeping track of published auction results or using services such as Home Price Guide (www.homepriceguide.com.au) that provide data on recent sales in your area for a small fee. Having a clear sense of the value of the property will guide you when you come to making an offer or putting in a bid if the property is going to auction.

Before making an offer it is essential to have the contract looked over by a lawyer to ensure that the property you want to buy corresponds with the one on the title and to uncover any latent problems, says Peter Merricka, director of Lawyers Conveyancing. For instance, if you’re buying a unit make sure the car park space advertised with the property is actually on the title, he says.

A lawyer will also ensure you are not unknowingly inheriting any problems from the previous owners. “Too many people don’t even bother to read the contract and end up fi nding themselves part of an expensive legal action initiated by the previous owners, for instance,” says Mr Merricka.

Check also under what conditions you can pull out of a contract if you buy at private sale subject to a building inspection. Many contracts state that you can only pull out of a sale if there is a major structural defect. The presence of asbestos on the premises, for instance, may not give you the chance to pull out. A good lawyer will help you write conditions into the contract to cover such contingencies.

Karin Derkley

At $20 millilon, this St Georges Road property can claim the mantle of Melbourne’s most expensive residential real estate.

NAA 016


HOME prices in the inner and outer east areas of Melbourne have remained reasonably stable, despite the advent of higher petrol prices and the recent

interest rate hike.But in the fan-shaped wedge that defi nes the

inner and outer eastern districts of metropolitan Melbourne — from Kew out to Healesville, and broadly from Greensborough to Ferntree Gully — the spinal line running along the Whitehorse Road and Maroondah Highway corridor is where the current action is in real estate terms.

While quality property at the top end of the market is doing well in most of these suburbs, the rest is reported to be “steady” with no real growth but no real backward movement either.

Indeed, the further out you go, the more the situation becomes static, which begs the question of just how much impact 12 months of petrol price rises is having on property prices?

Trevor Bell, director of the nine Bell Real Estate offi ces that cover the Dandenong Ranges and foothills, says that petrol price hikes have, at least, a measurable short-term effect.

“Each time petrol goes up by 10-12 cents a litre, we experience a quiet time for two to three weeks,” Mr Bell says.

Otherwise, his area has been stable since the peak in late 2003. As an example he cites a property he sold on Mount Dandenong at the end of the boom for $490,000 which recently resold “for exactly the same price”.

The only real action in the hills is in the fi rst-home buyer precincts of Montrose, Upwey and Ferntree Gully “which have been good movers”.

For low to mid-$200,000 in this zone, it is still possible to secure a two-bedroom, unrenovated brick or weatherboard house of 30-year vintage. “Anything renovated moves into the higher $200,000s,” he says.

Ian Reid, of Ian Reid and Staff, Eltham, factors in three successive interest rate rises to explain a similar quietude in his area which he says “is evenly balanced. It’s not a buyer’s market, nor is it a seller’s market. The market is fairly neutral.”

Because of this stasis, Mr Reid is adamant that his vendors set a realistic price and back it up with a solid marketing campaign.

“Results are now dependent on marketing,” he says fi rmly. By doubling the size of display ads, he is fi nding “that we get 50 per cent more people through a property (to view it)”.

“Vendors who put money into marketing and set realistic prices are getting multiple offers and good results,” Mr Reid says. “Greedy sellers get the worst results so overpriced properties that stay on the market for longer than 30 days are struggling.”

Steady as she goesThe ‘seepage effect’ is lifting prices in some areas of the largely static eastern suburbs, writes Jenny Brown.

‘‘Results are now dependent on marketing.’’Ian Reid

Greensborough “where there is not much below $300,000, is doing OK”. The rest of the Diamond Valley corridor, now spawning large new estate developments, is “quiet”. Lower Plenty, Eltham and Kangaroo Ground, which have a smattering of $1-$2 million properties, “were doing better 18 months ago.”

The inner eastern belts of Kew, Camberwell, Balwyn and Mont Albert have a more routine representation of multi-million dollar properties and, as always, says Fletcher’s director Jeremy Desmier, there is a “very strong demand” for the top properties.

Short supply and the perennial appeal of being in “the school belt” with strong commuter links to top private schools and tertiary institutes, keeps the inner-east market in peak performance mode.

Transport links to the city and to these educational facilities seems to be the key factor responsible for some well-above average returns for suburbs nudging the traditional blue-chip school belt.

Mr Desmier reports “exceptional results” from good properties in Mont Albert North, Box Hill, Box Hill North and, by a process of seepage, now in parts of Blackburn. “In Blackburn North, a runaway auction saw a modern four-bedroom home sell for $815,000,” Mr Desmier says.

In mid-year, a Thames Street, Box Hill North, residence set a record price for the area when it sold for $952,000. “We had expected $800,000,” says the realtor.

Another Box Hill North three-bedroom timber house was expected to sell for $530,000 but achieved $620,000. “Again,” says Mr Desmier, “it seems to go back to the transport links.”

He says while the inner east is generally “continuing to perform,” capital growth is not the same as it was and there are certainly fewer investors than there were a few years ago.

The seepage effect should prevail for some time in these suburbs to further close the price gap between Balwyn, Kew and Canterbury and their neighbouring districts. What were “second-rung suburbs” will be more routinely absorbed into fi rst-class pricing parameters.

Crystal ball gazing, Mr Desmier says that although Doncaster and Templestowe are moving steadily, the age of the housing stock there, which dates from the 70s and 80s , makes these suburbs ripe for renovation or renewal. This may result in some greater movement in those corridors in the next few years.

The imminent completion of the Scoresby Ringwood freeway might also bring Mitcham into greater contention in the foreseeable future.

Q&ATHE PROCESS

I’ve bought my home. What happens next?You’ve made the winning bid at an auction or your offer has been accepted in a private treaty sale. The fi rst thing to do now is exchange signed contracts with the owner (the vendor). This isn’t too tricky in an auction where the vendor is usually waiting inside, pen poised ready to sign the documents. In that case it’s just a matter of handing over your 10 per cent deposit and making sure you both take a signed contract home. If you buy at an auction, or three days before or after, you don’t get the benefi t of a three-day cooling-off period, so make sure you’ve had the contract checked, and done your research to ensure you’re not paying more than comparable properties in the area.

If you are buying via a private treaty sale (private sale) don’t rely on the vendor’s verbal acceptance of your offer to secure the sale. As Peter Merricka, director of Lawyers Conveyancing, points out: “There is no deal until both parties have signed the offer.”

Until the vendor signs the contract and you exchange contracts you leave yourself open to another buyer coming in and making a more attractive offer.

You may be able to write a condition into the private sale contract making the sale subject to a building inspection or to getting fi nance. But make sure you start both these processes straight away. Many contracts have a requirement that fi nance must be applied for as soon as you enter into the contract.

It can take some days before your lender can organise a valuer to confi rm the price you paid for the property, and you may well invalidate the condition if you leave it too late.

You may not be able to back out of the sale on the basis of a building inspection if you’ve bought at auction but it’s worth knowing at the outset what problems you’re letting yourself in for. It’s a lot easier to hire the termite exterminators before you move in, rather than after.

If you haven’t already had a lawyer look over the contract, you defi nitely need one to oversee the transfer of the property into your name.

On settlement day your solicitor or conveyancer, that of the vendors plus representatives of both your lenders, will gather to hand over payment for the property in exchange for the title documents. Your lender will hold the title until you have paid off the mortgage. You get tthe keys and move into your new home. Time to celebrate!

Karin Derkley

THE EAST

NAA 017

Williamstown,” says Mr Zigomanis. Melton, considered the entry-level for many

buyers, was the sixth best performing suburb in the west, with median values increasing 8.3 per cent to $195,000 for the year. With buyers in the outer west more sensitive to interest rate rises, however, agents do not anticipate a signifi cant increase on this median value.

“Over the last decade the west has been the benefi ciary of signifi cant improvements in infrastructure such as the Western Ring Road and improved schools and shopping, which has made it more accessible and attractive to the rest of Melbourne,” says Mr Raimondo.

“There are also further development plans which will add value to the area, such as proposed lifestyle developments at Sanctuary Lakes at Point Cook.

“All of these factors have been refl ected in the increasing property values over the last couple of years and further room for growth.”

Agents expect the bayside areas to continue to tow the overall western market. Altona, in particular, has experienced a high rate of growth since the last boom and appears again in the rankings, with an annual median price increase of 14.8 per cent.

Keilor — which agents reiterate is about the same distance to the north-west of the CBD as Brighton is on the south east — is also tagged for a bright future as locals abandon the more congested middle western suburbs and sprinkle themselves around the elevated Brimbank Park and the Maribyrnong River.

“Many new Keilor residents relocate from the more expensive suburbs of Strathmore, Essendon and Moonee Ponds,” says Boran Rusinovic, an agent with Ray White Taylors Lakes. This is translating to high sale prices.

“Earlier this year a property in Keilor sold for $2.25 million, and I have another on the market expected to fetch around $1.5 million,” he said.

Closer to town, Ascot Vale, North Melbourne and Maribyrnong are the pick of the bunch.

“Maribyrnong is one of the few places which offers new dwellings that isn’t on the suburban fringes,” says Mr Zigomanis.

Kensington is one of the west’s sought-after suburbs.PICTURE: JAMES DAVIES

THE WESTSeptember 10, 2006 DOMAIN PROPERTY REVIEW 17

THE market-leading pace with which some western suburbs started the year seems to have hit a snag, with the top-10 areas in the west recording relatively lower levels

of growth than other Melbourne regions.Only nine of 22 eligible western suburbs

recorded median house price increases over the metropolitan average of 4.2 per cent.

The recipe for success this year, however, appears simple — live on the bay, or near a train line — and you’re safe as houses.

Areas around Port Phillip Bay featured most prominently in the analysis of annual median sale price growth in Melbourne’s ever-sprouting western suburbs. Live in a 10 kilometre ring of the CBD and you’ve done well. If you chose to build in an estate at Melton or Hillside, you can pat yourself on the back, too.

Keilor, which was not included in the Real Estate Institute of Victoria rankings as it had fewer than 30 sales for this quarter, also performed strongly and now has a median house price of more than $500,000.

“The west has a good combination of affordable properties and diversity of stock, all of which has shown steady capital growth,” says Enzo Raimondo, chief executive of REIV, which compiles these fi gures.

Kensington was the only inner suburb represented in the western suburbs, reporting an annual median house increase of 5.7 per cent and a median house value of $436,000. Agents say that inquiry is getting stronger for Kensington Banks — a “gated community” that more than doubled the inner western suburb’s size 10 years ago — but that the big money still chases the established Kensington “village”.

“Kensington Banks is the entry-level for buyers looking at getting into the inner-city market, with one-bedroom townhouses selling in the range of $270,000 — $320,000,” says Tony Downward, director of Biggin & Scott in Kensington. “The age of the average buyer is much younger than it was 10 years ago and is dominated by singles and couples.”

A shortage of double-fronted houses is setting new records for larger properties in the developing suburb. “The problem is that of the 3000 houses in Kensington, only about 300 are double-fronted, so locals contest hotly when a larger property comes up,” Mr Downward says.

The growing family is one reason he cites Ascot Vale as performing strongest of all western suburb this year, recording a median house value increase of 15.7 per cent this year. “People who can’t get the property they want in Kensington, but want to stay in the inner north-west, are pushed out to Ascot Vale where larger period properties are more common.”

Kensington, Ascot Vale and Essendon — which all make the top-10 list, coincidentally follow each other on the train line.

Angie Zigomanis, of researcher and forecaster BIS Shrapnel says there are few places to upgrade to in the west. The sustained period of economic growth means there are more higher income earners in the west too, he adds.

Williamstown, home to Premier Steve Bracks, is fast becoming “the place to be” in the west, with median house values increasing 8.9 per cent to $675,000 for the year. “You could argue that Newport and Altona are also benefi ting from those who can’t afford

Train line properties safe as housesImproved infrastructure, additional amentities and location defi ne values in the west, writes Marc Pallisco.

‘‘The west has a good combination of affordable properties and diversity of stock …’’Enzo Raimondo

Q&ANEGATIVE GEARING

How do I make my investment property work through negative gearing? Will I lose the lot in capital gains tax?People talk about negative gearing as if it is a magic get-rich-quick scheme. It’s not. Negative gearing is simply a vehicle for allowing you to buy investment property and use it to lower your taxable income.

When you buy an investment property there is always a trade-off between rental yield (the annual rent you receive on a property divided by the purchase price and represented as a percentage) and potential capital growth. A property that offers a high rental yield may cover your borrowing costs (and may thus be neutrally or even positively geared if you end up with a profi t each year). But the value may not increase much over the years.

On the other hand, properties that are likely to grow strongly in value over the years may be pricey to buy into at fi rst and the rent may not cover the costs on your loan. For instance, a property in the inner city may cost $450,000 and earn $300 a week in rent, giving you a yield of less than 3.5 per cent. Meanwhile, you’re paying back a mortgage at 7 per cent. The tax offi ce allows investors to claim a tax deduction on this shortfall between their income and their expenses. This tax benefi t can make a property investment more affordable.

Only consider negative gearing a property that is likely to grow strongly in value over the years, says Monique Wakelin, of Wakelin Property Advisory.

“It’s got to outperform infl ation and the wider market. The price should double in value every 7-10 years, otherwise all you’re doing is funding losses,” she says.

Properties likely to outperform the wider market are generally to be found in the sought-after inner suburbs. Over time the value will almost certainly grow faster than the rest of the market. That means you increase your equity (your ownership) of the property.

When you sell, capital gains tax kicks in allowing the Government to get its payback for its generosity in giving you negative gearing tax benefi ts over the years. As long as you’ve held the property for more than 12 months you only pay capital gains tax on half your profi ts, at your marginal tax rate.

Reduce your capital gains tax bill by selling in a year when your income and thus your tax rate is low, say when you’ve retired. Or continue to hold on to the property, perhaps borrowing against it to buy another at which time your expenses may again exceed your income and the tax offi ce once again sweetens the shortfall with a tax deduction.

Karin Derkley

NAA 018

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ONES TO WATCH

SHREWD investors no longer settle for “location, location, location”. They look for additional must-haves: growing amenities; proximity to freeways and improved

public transport; new and better schools; parks and gardens; expanding shopping centres; chic restaurants and hotels; golf clubs; a rise in home renovations; and so on.

Buying into the inner eastern suburbs has always carried a blue-chip guarantee. Accordingly, it comes with a high price tag. Take Toorak, where vendors are guaranteed to come out ahead. According to property valuers Charter Keck Cramer, there are 300 buyers vying for 100 homes every year. How can you lose?

But for those priced out of the recognised performers, there are alternatives — and not where you might have expected.

Who would have predicted modest Hoppers Crossing as an investment opportunity. Yet the western suburb has out-classed Toorak over the past fi ve years, recording Melbourne’s highest median increase — 116.8 per cent* — with Toorak second at 112.4* per cent.

Where would one pick the next growth spurt?

Gary LaPersonne

fi nds areas where new

criteria make for healthy profi ts.

Melbourne’s growing love affair with a seachange pinpoints the bayside suburbs, although sleepers exist across Melbourne, inner suburbs included.

THE SOUTH Neglected for decades, the narrow strip

between the beach and Nepean Highway from Mordialloc to Carrum has soared in the past fi ve years, regularly recording well in excess of $1 million for beachside land.

Last November 20 Camp Street, Chelsea sold for $1.865 million. In September, 1998 the same property changed hands for $360,000.

The ripple effect hasn’t fl owed on to Frankston. The gateway to the Mornington Peninsula has had a rollercoaster ride, nobbled as it has in the past by a poor public image. Its highest monthly median of almost $340,000* was achieved in December 2002. By June 2005 it had slumped to $260,000* and dropped to $240,000* last June, according to the REIV’s trend chart (reiv.com.au).

Expect a turnaround. New business initiatives will see a growth in jobs and retail. The State Government — a heavy investor

in Frankston’s infrastructure — last month fl agged its continuing confi dence in the region. It stepped in to over-rule council and approve a $100 million-plus bulky goods development for a consortium led by Spotlight’s property arm SPG Developments.

That comes on the back of the Gandel group pouring $300 million into its imposing new CBD development that houses retail, entertainment and a cinema complex. Street cameras provide additional security. Then there are the plans for a 300-berth marina that could be worth more than $35 million.

It’s the push the suburb needs to complement its other attributes, namely its panoramic water views; big, well-maintained and rebuilt beach facilities; a major railway terminus; pubs and restaurants on the Nepean Highway; and a light-industrial hub.

But the biggest boost will be the completion of the Mitcham-Frankston EastLink in 2008, slashing drive time to eastern Melbourne from one hour and 20 minutes to just 20 minutes.

CONTINUED PAGE 20

Sleeper suburbs

‘‘Half our buyers are coming from the city.“Andrew Gillespie

Frankston’s new waterfront area.PICTURE: WAYNE TAYLOR

NAA 020


ONES TO WATCH

FROM PAGE 18

Hocking Stuart Frankston director Andrew Gillespie expects a 20 per cent residential price hike then. “And that’s conservative,” he says.

The buyer demographic is also shifting. “Half our buyers are coming from the city to invest and are looking for a seachange. They know they’re getting value for money — $250,000 can get a very nice home on your own land.”

A refl ection of the city infl uence is the jump in auctions in a traditionally private sale stronghold. “City people are comfortable with auctions,” says Mr Gillespie. “It’s running at 25 per cent of our sales. We auctioned a home in Kitara Court, 110 people turned up and we got $241,000 ($41,000 above the reserve).”

Mr Gillespie tips central Frankston as being hugely undervalued. Within walking distance of the CBD, it has predominantly older-style homes on larger blocks. Considerable variation in prices, too — from $200,000-$300,000.

“Five years ago, a $200,000 block would have been worth $80,000,” he says. And it’s only going one way — upwards.”

THE NORTHWith interest rates and petrol prices on the rise, the popularity of inner city suburbs is increasing. Tightly held North Melbourne still presents growth opportunities, helped along by major developments coming up and new projects on the drawing board.

“Severely undervalued, they will become blue-chip pockets in the next two to fi ve years,” says Rendina Real Estate principal Lou Rendina.

Mr Rendina says apartments in areas such as

Leveson Street and nearby Errol Street are now catering for owner-occupiers and units in new developments are double the size offered in the past.

“My prediction is that they would be anything from $500,000-$600,000 for double the fl oor plans of the past. Those just weren’t selling. They were for investors who have gone out of the market,” he says.

He also predicts a rise in warehouse conversions. “They will come back in. Now they’re between $500,000-$600,000. You can expect to pay up to $800,000 in the future.

“I expect big growth in North Melbourne. The median price is running at $405,000 (in July-August) and the maximum is $1.4 million. It’s priced very well for a suburb that has plenty of character with so many sought-after old buildings. I’d go for growth in the next fi ve years of 30 per cent.”

Proper amenities also make Maribyrnong a future winner, particularly next to the big shopping centre expansion just off Wests Road, Mr Rendina adds.

“It’s an entry point, where you could expect to pay from $280,000-$320,000 for a townhouse at the Waterford Green Estate. It’s great value … a glut from the old Henry Kaye investment consortiums. Those property prices will be catching up,” he says.

THE EASTMount Waverley is primed to move ahead, as is Vermont South, says Barry Plant, of Barry Plant Doherty. “There are some lovely properties in Mount Waverley from $400,000, although the top-end is slim at $2 million and more.”

He listed its appeal as a choice of railway stations, an effective bus network and

MEDIAN RESIDENTIAL CHART Financial year 05-06 04-05 03-04 02-03 01-02

Frankston $235,000 $238,000 $234,000 $191,500 $165,000

Frankston Sth $370,000 $346,000 $415,000 $386,500 $300,000

Footscray $317,000 $300,000 $318,500 $280,000 $262,00

Maribyrnong $465,000 $380,000 $390,000 $375,000 $390,750

Mount Waverley $440,000 $426,000 $415,000 $370,000 $332,000

North Melbourne $470,000 $451,250 $455,550 $403,000 $376,000

Vermont South $415,000 $447,500 $400,000 $383,750 $345,000

Docklands Unit/Apt $450,000 $515,500 $506,125 $563,500 n/a

Full fi nancial year fi gures. Data supplied by REIV

NAA 021

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prominent schools “Wesley’s just up the road and Presbyterian Ladies’ College isn’t far along Burwood Highway.”

Properties in the area are post-war, 1970s and there’s obvious redevelopment going on “with lovely gardens and treed streets, and good solid houses”.

Again, the suburb is well serviced with retail and entertainment. “There’s Mount Waverley shopping centre and Chadstone is 10 minutes away. It’s got everything one would want,” Mr Plant says.

“(Look at) what you would pay for that extra 3-5 kilometres, if you were on the city side of Warrigal Road. What’s $450,000 in Mount Waverley would be $600,000 there.

“There’s an identical story in Doncaster where we have a property coming up for auction. It’s a true North Balwyn home — built with terracotta tiles, etc. around 1965 and an original owner. It’s a solid home. All that’s needed is a cosmetic makeover.

“We’re quoting $350,000-plus. If you bounced it to the other side of the freeway into North Balwyn, I’d say the price would be about $580,000.”

Houses beyond the barrier of the inner circle that stops at Warrigal Road are undervalued, he adds.

“Another sleeper is South Vermont, with wonderful infrastructure. You’ve got Vermont Shopping Centre, there’s a Bunnings and Forest Hill Chase shopping centre. There’s The Glen in Glen Waverley, Kmart in East Burwood, and you’ve got the new tramway extension that’s a huge boost.”

Mr Plant says residential prices with a median of $375,000 put it well within reach of the fi rst-home buyer.

THE WESTFootscray, on the periphery of Yarraville, to the west of the city has long been the poor cousin. All that is about to change, says Craig Stephens, of Jas Stephens Real Estate.

“We see good value in Footcray’s period-style homes that are 20-25 per cent cheaper than anything in Yarraville.

“The starting point for a single-fronted Victorian with two bedrooms is $260,000. One would like to think that the prices would double in fi ve years.

“Footscray is only 10 minutes from the CBD, and if you want value for money there are streets that are favourable to good capital growth.”

Yarraville has drawn the crowds for the past few years with its cafes and restaurants, “but in the last two to three years we’ve seen people dine in Footscray and feel quite secure from a safety aspect”, says Mr Stephens.

Development in Docklands will really help lift Footscray’s appeal, he adds. “For instance, people working in the National Bank complex in Docklands realise they can buy a house in Footscray for $290,000 — instead of $390,000 in Yarraville — and have the choice of cycling to work. It stacks up pretty well. Footscray is the closest suburb to Docklands.”

Docklands will be an eventual winner, Mr Stephens says. “There’s the lot there … it’s about lifestyle, and it’s going to take another four or so years to come together. Although (prices have) come back, if you take a 10-year view, it’s probably not a bad investment.

“But we always see houses as a better bet than apartments. For fi rst-home investors, your own piece of land is always the better option.”

*Source REIV Trend Chart

Gary LaPersonne is the Sunday Age Domain editor.

‘‘We always see houses as a better bet than apartments’’Craig Stephens

Warehouse conversions are popular in North Melbourne, left, and Footscray, above, has streets of Victorian cottages. PICTURE: MELANIE FAITH DOVE

NAA 022

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REGIONS

Choose either buoyancy or tranquility in rural Victoria, writes Paul Edwards.

REGIONAL Victoria’s property values have had a bumpy ride in the past year, ranging from a downturn in some Ballarat suburbs to a 17.4 per cent leap in

Sale.The slump that gripped the metropolitan

property market about two years ago arrived late in rural areas, but most regional observers say it hit hard in early 2006.

Sales activity is still low key, with properties attracting owner-occupiers rather than investors, and the projected happier days of spring and summer may be responses to local economic factors rather than an overall healthy market.

Shepparton, the sometime boom town of the Goulburn Valley, is feeling a pinch in some property sectors.

Local agent Michael Blake says properties listed at more than $300,000 are slow to move — taking perhaps eight weeks to fi nd a buyer.

“For that you’d get a large block, four bedrooms, two living areas and all in generally good, presentable condition,” Mr Blake says.

“There are quite a number around, generally belonging to younger people who have had a change in job or lifestyle.

“Under $300,000, we’re moving properties more quickly: there’s a big demand for this kind of home. There are a number of new subdivisions in and around town and these are being taken up quite well.

“Shepparton is the retail and social centre for a huge region and there’s a very diverse and multicultural population. There’s plenty of old money around but it seems that right now there’s a reluctance to spend at the top end of the market.”

Wodonga is still recovering from the slump that followed the 2003 peak with $300,000 seen as a sticking point for many buyers.

Amanda Melemma, of Wodonga Real Estate, says the border town’s strategic location is attracting industry, jobs and newcomers, and recently she has sold properties to buyers from Darwin, Brisbane, Melbourne and NSW.

Her company has not noticed a downturn since the interest rate increase, and feels Wodonga has a broad range of house prices so buyers can adjust accordingly.

“Vacant blocks bring high prices in the town — maybe $150,000 — but just 10 minutes away there are nice subdivisions such as Baranduda, where you’ll fi nd lovely big home sites for $93,000 to $140,000,” she says.

“There are lots of fi rst-home buyers up here, and I don’t think the recent interest rate rise has bitten too hard. Another one might, though.

“Wodonga is well protected from a slump by the good work prospects — places like Uncle Ben’s and the big Woolworths distribution centre are solid employers.”

The 90,000 inhabitants of Ballarat will testify

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NAA 023

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Lake Wendouree, left, is one of Ballarat’s beauty spots. Horsham Art Gallery, above.

that the area’s icy winter winds have done little for real estate values, but local analysts say the year ahead looks promising.

Real Estate Institute of Victoria median prices show a drop in values for Sebastopol, which is down 4 per cent since June 2005 and 6.7 per cent for Wendouree, although, overall, Ballarat has shown an increase of 11.1 per cent in the past year.

“Prices have come back in some pockets, gone up in others,” says Phillip Lee, principal of Booth and Lee.

“There’s a lot of appeal about Ballarat, particularly to people who have good jobs or perhaps run their own business in Melbourne.

“They can be here in little more than an hour in their executive four-bedroom brick home with ensuite and double garage, which would set them back maybe $325,000. That couldn’t be done in Melbourne.”

Entry level for a weatherboard three-bedroom house in Ballarat is about $150,000, and this sector is not performing well. On the other hand, lifestyle properties on small acreages are in strong demand.

Gold is once again driving the fortunes of Bendigo as, for the fi rst time in decades, the precious metal is being mined by the Bendigo Mining Company. Another spearhead in the city’s economic growth is the expanding Bendigo Bank.

Damien O’Shannassy, of Bendigo Real Estate, points to a value increase of 17.5 per cent for suburban Kangaroo Flat, the closest point to the Calder Freeway.

“The Flat has a lot going for it: quality homes, excellent infrastructure, good shopping. But even with the value growth of the past year or so it is still cheap buying compared with Melbourne.

You’d get something very desirable there for $400,000,” Mr O’Shannassy says.

“At the other end of the scale, Bendigo has a good stock of entry-level homes, perhaps three-bedroom weatherboards in average condition for around $170,000.

“As to the future, we’re reasonably optimistic, although we’d be a bit nervous if there were more interest rate rises. Unlike Melbourne with its distant suburbs, the petrol price is not a major factor — Bendigo is only 20 minutes from one side to the other.”

What Horsham needs right now is about 200mm of rain, says Rob Phillips of Horsham Real Estate. “We have been going through a tough time for nearly 10 years now with virtual drought conditions. The market slumped a little

while back, but now it’s looking quite solid,” he says.

Mr Phillips points to an annual population growth of 1.6 per cent — higher than most Victorian regional cities — and the prospect of new jobs in sand mining and government agencies.

“Spring and summer should be good, particularly if we get even one really good rain. There’s a lot of sales activity in residential and commercial sectors, and quite a bit of new building,” he says.

Entry level price for a modest family home is $150,000; top of the market houses fetch about $440,000; good quality executive homes around $350,000.

Sale property has experienced one of Victoria’s better growth rates, with median prices rising by 17.4 per cent in the past year, tempered by a drop of 3.3 per cent in the last quarter.

The buoyant town, with a population of 15,000, is buttressed by high paying jobs in oil and a substantial defence industry payroll — both of which are refl ected in the property market.

John Elliman, owner of a local real estate agency, says there was a levelling off in prices early in 2006 but now they are on the march again.

“I’m optimistic about spring and summer. We need more listings but isn’t that the eternal story? Homes under $250,000 move very quickly; above that there’s often a time lag. But in recent weeks I have sold quite a few in the $350,000 bracket,” Mr Elliman says.

“The RAAF base is very important to the town and district, and soon there will be even more jobs there. That’s a good pointer to a stable property market.”

NAA 024


MARKET TALK

If you own a house within 10 kilometres of the city the odds are that it will continue to appreciate steadily in value over the next fi ve years. The same can be said if you are on the

Port Phillip side of the Nepean Highway. These are the stable growth areas of the Melbourne property market.

The common theme of these areas is their proximity to the city, the bay and the fact they are in established suburbs. Research tells us that these fundamental elements of the Melbourne property market will ensure solid growth through out a range of economic conditions.

The most signifi cant impact for the residential property market for the next year is likely to be from further interest rate rises and increasing petrol prices. The impact from these variables will be predominately concentrated on the median and below-median segments of the market.

Stamp duty is another factor that has a strong impact on the cost of property and acts as a disincentive to ownership. Accordingly, governments at all levels need to look at how to ensure that young Australians can afford their fi rst home. The State Government has targeted assistance for fi rst-home buyers by way of a $10,000 grant. This will be reduced to $7000 from July 1, 2007. The stamp duty applicable on a median-priced property of $375,000 is

The 10-kilometre safety zoneThe future is still bright for suburbs near the city and bay.

currently $18,160. Therefore the gap will be more than $11,000. The REIV urges the State Government to maintain the current level of assistance beyond the July 1, 2007.

When looking at the overall market it is clear that transaction activity is higher than it was a year ago. Clearance rates at auctions are generally 5 per cent higher than in 2005 and the median price has also increased. The primary factor for the increase in prices and clearance rates has been due to supply and demand within the market.

The unit and apartment market in Melbourne is growing strongly. Many Melburnians are changing their lifestyle by moving into medium or high-density dwellings or choosing to invest in this segment of the market. The demand for this style of housing has seen it appreciate more strongly than stand-alone housing. Over the past fi ve years the median unit and apartment price has grown by 40.9 per cent from $220,000 to $310,000, while the median house price has grown by 33.5 per cent from $275,000 to $367,000. There is no doubt that this style of housing is now an accepted and popular part of Victoria’s housing fabric.

Enzo Raimondo, chief executive offi cerThe Real Estate Institute of Victoria

NAA 025

Median 2005 2006 Change Trend

A-Z MELBOURNE METROPOLITAN AREA

The listings here include Melbourne metropolitan area only. For Mornington Peninsula and Bass Coast go to page 59. Geelong region starts on page 62.

Altona NorthHouses $278 $287 +3.2% +9.1%

Units $198 $330 +66.7% +15.4%

Highest Price $495

Total sales & auction results

Clearance rate 67.8% Total value $30.108

Prediction

Houses n/a Units n/a

AbbotsfordHouses $429 $443 +3.3% +7.0%

Units $408 $414 +1.5% +6.6%

Highest Price $751



Prediction

Houses ★★★★★ Units ★★★★

AberfeldieHouses n/a $633 n/a n/a

Units n/a $283 n/a n/a

Highest Price $776



Prediction


Airport WestHouses $319 $315 -1.3% +8.4%

Units $290 $305 +5.2% +11.9%

Highest Price $600



Prediction


AlbanvaleHouses $203 n/a n/a n/a

Units n/a n/a n/a n/a

Highest Price $232



Prediction


Albert ParkHouses $673 $681 +1.2% +6.6%

Units $520 $505 -2.9% +2.6%

Highest Price $3000



Prediction

Houses ★★★★★ Units ★★★★★

AlbionHouses $205 $242 +18.0% +7.1%

Units $155 $133 -14.2% n/a

Highest Price $360



Prediction

Houses ★★★★ Units ★

AlphingtonHouses $561 $625 +11.4% +11.7%

Units $358 $251 -29.8% +7.9%

Highest Price $900



Prediction


AltonaHouses $341 $360 +5.7% +9.3%

Units $283 $272 -3.9% +6.3%

Highest Price $1800



Prediction

Houses ★★★★ Units ★★★

Altona EastHouses n/a $314 n/a n/a


Highest Price $388



Prediction


Altona MeadowsHouses $255 $260 +2.0% +8.9%

Units $220 $221 +0.5% +8.3%

Highest Price $460



Prediction

Houses ★★★ Units ★★★


Abbotsford to Altona North

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NAA 026

Median 2005 2006 Change Trend Median 2005 2006 Change Trend


ArdeerHouses $205 $212 +3.4% +8.2%


Highest Price $310



Prediction

Houses ★★ Units n/a

ArmadaleHouses $754 $770 +2.1% +7.7%

Units $311 $329 +5.6% +5.4%

Highest Price $4445



Prediction


Ascot ValeHouses $425 $450 +5.9% +7.1%

Units $270 $255 -5.6% +6.4%

Highest Price $1080



Prediction


AshburtonHouses $503 $563 +11.9% +8.7%

Units $450 $525 +16.7% +10.3%

Highest Price $950



Prediction


AshwoodHouses $380 $421 +10.7% +9.1%

Units $387 $332 -14.1% +10.6%

Highest Price $610



Prediction

Houses ★★★ Units ★★★★

AspendaleHouses $353 $361 +2.5% +9.0%

Units $340 $330 -2.9% +8.4%

Highest Price $1855



Prediction


Aspendale GardensHouses $372 $390 +4.8% +9.3%


Highest Price $682



Prediction

Houses ★★★★ Units n/a

AttwoodHouses $393 $426 +8.4% +9.1%


Highest Price $490



Prediction

Houses ★★★ Units n/a

Avondale HeightsHouses $315 $315 +0.0% +8.1%

Units $290 $283 -2.4% +10.4%

Highest Price $756



Prediction


AvonsleighHouses $269 $313 +16.5% n/a


Highest Price $750


Clearance rate n/a Total value $5.972

Prediction


Bacchus MarshHouses $250 $305 +22.0% +13.3%


Highest Price $1665



Prediction

Houses ★★★ Units ★★

Badger CreekHouses n/a n/a n/a n/a


Highest Price n/a


Clearance rate n/a Total value n/a

Prediction


Ardeer to Badger Creek

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26 DOMAIN PROPERTY

NAA 027



BalaclavaHouses n/a $610 n/a n/a

Units $197 $367 +86.6% n/a

Highest Price $885



Prediction


Bellfi eldHouses $310 $303 -2.4% n/a


Highest Price $435



Prediction

Houses ★ Units n/a

BalwynHouses $690 $810 +17.4% +12.0%

Units $406 $417 +2.8% +5.5%

Highest Price $2306



Prediction


Balwyn NorthHouses $575 $678 +17.9% +11.0%

Units $470 $515 +9.6% +8.0%

Highest Price $1640



Prediction

Houses ★★★★ Units ★★★★

BayswaterHouses $260 $285 +9.6% +14.1%

Units $232 $227 -2.2% +12.7%

Highest Price $450



Prediction

Houses ★★ Units ★★

Bayswater NorthHouses $270 $290 +7.4% +10.6%

Units $220 $197 -10.5% +7.1%

Highest Price $398



Prediction


Beaconsfi eldHouses $290 $399 +37.4% n/a

Units $212 n/a n/a n/a

Highest Price $760



Prediction


Beaconsfi eld UpperHouses $421 $487 +15.8% n/a


Highest Price $1150



Prediction


BeaumarisHouses $660 $715 +8.3% +8.2%

Units $534 $447 -16.3% +5.8%

Highest Price $2600



Prediction

Houses ★★★★★ Units ★★★

BelgraveHouses $250 $276 +10.2% +14.5%


Highest Price $491



Prediction


Belgrave HeightsHouses $273 n/a n/a n/a


Highest Price $540



Prediction


Belgrave SouthHouses $355 $315 -11.3% +7.7%


Highest Price $1450



Prediction


Balaclava to Bellfi eldMedian 2005 2006 Change Trend

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DOMAIN PROPERTY 27

NAA 028



BentleighHouses $480 $520 +8.3% +9.9%

Units $350 $372 +6.3% +8.3%

Highest Price $1000



Prediction


Bentleigh EastHouses $397 $426 +7.2% +8.4%

Units $361 $385 +6.6% +9.3%

Highest Price $805



Prediction


BerwickHouses $300 $320 +6.7% +12.8%

Units $305 $256 -16.1% n/a

Highest Price $1603



Prediction


Black RockHouses $814 $865 +6.3% +9.6%

Units $510 $490 -3.9% +9.9%

Highest Price $2220



Prediction


BlackburnHouses $402 $441 +9.8% +8.5%

Units $345 $328 -4.9% +8.2%

Highest Price $2135



Prediction


Blackburn NorthHouses $366 $360 -1.7% +8.7%

Units $301 $317 +5.6% +13.2%

Highest Price $815



Prediction


Blackburn SouthHouses $375 $395 +5.3% +10.5%

Units $350 $377 +7.6% +8.6%

Highest Price $700



Prediction


Blind BightHouses $225 $247 +9.8% n/a


Highest Price $370



Prediction


BonbeachHouses $330 $349 +5.6% n/a

Units $258 $262 +1.7% n/a

Highest Price $900



Prediction


BoroniaHouses $268 $280 +4.5% +13.3%

Units $248 $251 +1.3% +10.1%

Highest Price $575



Prediction


Box HillHouses $481 $480 -0.1% +10.1%

Units $267 $279 +4.5% +8.0%

Highest Price $945



Prediction


Box Hill NorthHouses $406 $411 +1.2% +9.9%

Units $292 $350 +19.9% +9.2%

Highest Price $952



Prediction


Bentleigh to Box Hill North

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28 DOMAIN PROPERTY

NAA 029



Box Hill SouthHouses $400 $425 +6.3% +9.9%

Units $320 $354 +10.5% +10.4%

Highest Price $860



Prediction


BraesideHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


BraybrookHouses $220 $228 +3.6% +11.5%

Units $239 $220 -7.8% +9.1%

Highest Price $452



Prediction


Briar HillHouses $325 $379 +16.6% +14.7%

Units $280 $270 -3.7% n/a

Highest Price $582



Prediction


BrightonHouses $1025 $1183 +15.4% +12.8%

Units $508 $586 +15.5% +10.1%

Highest Price $11200



Prediction


Brighton EastHouses $700 $733 +4.6% +10.1%

Units $525 $508 -3.3% +9.0%

Highest Price $1801



Prediction


BroadmeadowsHouses $200 $195 -2.8% +12.2%

Units $215 $173 -19.8% n/a

Highest Price $370



Prediction


Brookfi eldHouses $245 $238 -3.1% n/a


Highest Price $300



Prediction


BrooklynHouses $264 $249 -5.5% n/a


Highest Price $290



Prediction


BrunswickHouses $400 $411 +2.6% +8.7%

Units $267 $256 -3.9% +6.4%

Highest Price $850



Prediction


Brunswick EastHouses $420 $424 +0.9% +8.0%

Units $353 $305 -13.7% +7.7%

Highest Price $707



Prediction


Brunswick WestHouses $403 $422 +4.8% +8.0%

Units $225 $217 -3.6% +5.9%

Highest Price $730



Prediction


Box Hill South to Brunswick West

DOMAIN PROPERTY 29

NAA 030



BullaHouses n/a n/a n/a n/a


Highest Price $830



Prediction


CanterburyHouses $985 $1121 +13.8% +11.7%

Units $360 $468 +29.9% +11.8%

Highest Price $4325



Prediction


BulleenHouses $422 $443 +4.9% +10.2%

Units $318 $358 +12.5% +3.6%

Highest Price $739



Prediction


BundooraHouses $303 $315 +3.8% +11.8%

Units $235 $260 +10.6% n/a

Highest Price $770



Prediction


BurnleyHouses n/a n/a n/a n/a


Highest Price $488



Prediction


BurnsideHouses $277 $280 +1.3% +11.6%


Highest Price $360



Prediction


BurwoodHouses $424 $460 +8.5% +9.0%

Units $378 $369 -2.4% +7.9%

Highest Price $1050



Prediction


Burwood EastHouses $355 $390 +9.9% +9.5%

Units $306 $324 +6.0% n/a

Highest Price $582



Prediction


CairnleaHouses $340 $345 +1.5% n/a


Highest Price $500



Prediction


CamberwellHouses $715 $825 +15.4% +9.8%

Units $375 $371 -0.9% +8.2%

Highest Price $3075



Prediction


Campbellfi eldHouses $233 $245 +5.2% +8.0%


Highest Price $405



Prediction


Cannons CreekHouses n/a $234 n/a n/a


Highest Price $300



Prediction


Bulla to Canterbury

• ARMADALE • BALWYN • CLIFTON HILL

• GLEN IRIS • HAWTHORN • RICHMOND

9818 2222jelliscraig.com.au

Buying or sellingthis Spring?

ChooseBoroondara’s Most

Popular Agency* REIV reported Sales 05/06

With the highest market share in Boroondara*, Jellis Craig delivers more options for buyers and sellers.

818 Glenferrie Road Hawthorn

30 DOMAIN PROPERTY

NAA 031



CarltonHouses $575 $534 -7.1% +7.8%

Units $315 $315 +0.0% +6.1%

Highest Price $2250



Prediction


ChelseaHouses $315 $349 +10.8% +8.0%

Units $251 $255 +1.5% +11.6%

Highest Price $1865



Prediction

Houses ★★★★ Units ★★

Carlton NorthHouses $580 $568 -2.1% +6.0%

Units $345 $330 -4.3% +9.5%

Highest Price $1275



Prediction


CarnegieHouses $524 $508 -3.1% +8.2%

Units $270 $305 +13.0% +13.8%

Highest Price $990



Prediction


Caroline SpringsHouses $295 $282 -4.3% +0.0%


Highest Price $530



Prediction


CarrumHouses $276 $330 +19.6% +0.3%

Units $291 $345 +18.5% +12.7%

Highest Price $1710



Prediction


Carrum DownsHouses $227 $236 +4.3% +16.0%

Units $209 $223 +6.7% n/a

Highest Price $900



Prediction

Houses ★★ Units ★

Caulfi eldHouses $690 $695 +0.7% +6.0%

Units $366 $370 +1.1% +9.2%

Highest Price $1500



Prediction


Caulfi eld EastHouses $473 $498 +5.3% n/a


Highest Price $893



Prediction


Caulfi eld NorthHouses $735 $837 +13.9% +12.4%

Units $350 $384 +9.6% +9.7%

Highest Price $2000



Prediction


Caulfi eld SouthHouses $573 $605 +5.7% +9.7%

Units $377 $450 +19.4% +9.3%

Highest Price $1500



Prediction


ChadstoneHouses $348 $385 +10.8% +9.1%

Units $320 $355 +10.9% +10.0%

Highest Price $691



Prediction


Carlton to Chelsea

100%Success at auction this year in Hawthorn & Hawthorn East

Call Geoff Hall Director/Auctioneer0419 006 488 / 9809 2000

you come fi rst.

noeljones.com.au883 TOORAK ROAD CAMBERWELL 9809 2000

Photo ID required at all open for inspectionsYou fi rst

For that special edge contact Selwyn Meltzer 0419 866 008191 Balaclava Road, Caulfield North 9525 9222

IN TODAY’S MARKET YOU NEED EXPERIENCE EXPERTISE AND

POWERFUL NEGOTIATING SKILLS. NO COMPANY IS BETTER QUALIFIED

Those who know, know TBM

DOMAIN PROPERTY 31

NAA 032



Chelsea HeightsHouses $309 $326 +5.5% n/a

Units $270 $260 -3.7% n/a

Highest Price $430



Prediction


Coburg NorthHouses $295 $305 +3.4% +8.6%

Units $308 $298 -3.3% n/a

Highest Price $510



Prediction


CheltenhamHouses $373 $400 +7.4% +8.8%

Units $280 $275 -1.8% +8.3%

Highest Price $728



Prediction


Chirnside ParkHouses $302 $316 +4.5% +11.6%


Highest Price $1200



Prediction


Chum CreekHouses n/a n/a n/a n/a


Highest Price n/a


Clearance rate n/a Total value $.51

Prediction


ClarindaHouses $326 $338 +3.5% +7.4%


Highest Price $550



Prediction


ClaytonHouses $320 $350 +9.4% +11.9%

Units $266 $290 +8.9% +9.6%

Highest Price $530



Prediction


Clayton SouthHouses $301 $310 +2.9% +9.1%

Units $289 $232 -19.7% +6.7%

Highest Price $550



Prediction

Houses ★★ Units ★★★

ClematisHouses $269 $257 -4.5% n/a


Highest Price $540



Prediction


Clifton HillHouses $498 $509 +2.2% +8.1%

Units $436 $339 -22.2% +1.4%

Highest Price $1170



Prediction


CoburgHouses $350 $374 +6.7% +6.3%

Units $270 $322 +19.3% +13.0%

Highest Price $763



Prediction


Coburg EastHouses n/a n/a n/a n/a


Highest Price $520


Clearance rate 50.0% Total value $2

Prediction


Chelsea Heights to Coburg North

Our new siteis now open

for inspection.

220 Charman Rd, Cheltenham 9584 1355 www.rmalcolm.com.au

“NOT TOO BIG”“NOT TOO SMALL”... BUT JUST RIGHT FOR YOU?

LOOK NO FURTHER THAN R.MALCOLM

OUR 4 OFFICE NETWORK OFFERS A WEALTH OF

REAL EXPERIENCE, REAL SERVICEAND REAL COMMITMENT

TO CLIENT SUCCESS.

CALL ANY OF OUR OFFICES AND SEE THE

DIFFERENCE THAT REAL SERVICE CAN PROVIDE.

Contact: Frank Hellier 0418 556 145

32 DOMAIN PROPERTY

NAA 033



CockatooHouses $231 $245 +6.3% n/a


Highest Price $530



Prediction


DandenongHouses $239 $231 -3.3% +10.0%

Units $169 $165 -2.4% +7.8%

Highest Price $430



Prediction


CoimadaiHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


ColdstreamHouses n/a $262 n/a +10.5%


Highest Price $302



Prediction


CollingwoodHouses $382 $390 +2.1% +5.6%

Units $340 $425 +25.0% +7.6%

Highest Price $630



Prediction


CoolarooHouses $186 $195 +4.8% +10.2%


Highest Price $318



Prediction


Cottles BridgeHouses $517 $545 +5.4% n/a


Highest Price $580



Prediction


CraigieburnHouses $244 $250 +2.7% +12.3%


Highest Price $540



Prediction


CranbourneHouses $203 $216 +6.5% +12.9%

Units $160 $168 +5.0% n/a

Highest Price $830



Prediction


Cranbourne EastHouses $248 $233 -6.0% n/a


Highest Price $340



Prediction


Cranbourne NorthHouses $220 $227 +3.0% n/a


Highest Price $402



Prediction


Cranbourne SouthHouses $501 $563 +12.4% n/a


Highest Price $600



Prediction


Cranbourne WestHouses $216 $219 +1.4% n/a


Highest Price $290



Prediction


CroydonHouses $285 $295 +3.6% +11.3%

Units $230 $250 +8.7% +9.5%

Highest Price $1033



Prediction


Croydon HillsHouses $352 $375 +6.7% +9.0%


Highest Price $612



Prediction


Croydon NorthHouses $378 $355 -6.0% +6.5%

Units $297 $253 -15.0% n/a

Highest Price $660



Prediction


Croydon SouthHouses $291 $281 -3.6% +9.8%


Highest Price $413



Prediction


DallasHouses $202 $185 -8.2% n/a


Highest Price $269



Prediction

Houses Units n/a

Cockatoo to Dandenong

0

DOMAIN PROPERTY 33

NAA 036



Dandenong NorthHouses $240 $248 +3.1% +12.1%

Units $183 $226 +23.1% +19.4%

Highest Price $450



Prediction


Dandenong SouthHouses n/a n/a n/a n/a


Highest Price $258


Clearance rate 100.0% Total value $.894

Prediction


DarleyHouses n/a n/a n/a n/a


Highest Price n/a


Clearance rate 0.0% Total value n/a

Prediction


DeepdeneHouses n/a n/a n/a n/a


Highest Price $1115



Prediction


Deer ParkHouses $212 $215 +1.4% +10.2%

Units $214 $206 -4.0% n/a

Highest Price $368



Prediction


DelaheyHouses $248 $245 -1.1% +7.4%

Units $207 $235 +13.5% +10.1%

Highest Price $330



Prediction


DerrimutHouses $334 $318 -4.9% n/a


Highest Price $370



Prediction


Devon MeadowsHouses n/a $421 n/a n/a


Highest Price $550



Prediction


Diamond CreekHouses $343 $355 +3.6% +8.6%

Units $269 $260 -3.5% +8.2%

Highest Price $1650



Prediction


Diggers RestHouses $191 $206 +7.9% +12.4%


Highest Price $490



Prediction


Dingley VillageHouses $340 $358 +5.4% +6.6%

Units $278 $293 +5.4% n/a

Highest Price $630



Prediction


DocklandsHouses n/a n/a n/a n/a

Units $460 $460 +0.0% n/a

Highest Price n/a



Prediction


Don ValleyHouses n/a n/a n/a n/a


Highest Price $355



Prediction


DoncasterHouses $425 $450 +5.9% +9.2%

Units $343 $390 +13.9% +7.0%

Highest Price $960



Prediction


Doncaster EastHouses $410 $450 +9.9% +10.0%

Units $340 $363 +6.6% +9.3%

Highest Price $1270



Prediction


DonnybrookHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


DonvaleHouses $512 $468 -8.6% +4.9%

Units $330 $320 -3.0% +8.5%

Highest Price $1380



Prediction


DoreenHouses $466 $420 -9.8% n/a


Highest Price $800



Prediction


DovetonHouses $175 $188 +7.4% +15.6%


Highest Price $350



Prediction


EaglemontHouses $809 $761 -5.9% +6.9%

Units $305 $425 +39.5% n/a

Highest Price $1400



Prediction


East MelbourneHouses $1250 $1380 +10.4% +16.2%

Units $362 $408 +12.7% +5.9%

Highest Price $7150



Prediction


Eden ParkHouses n/a n/a n/a n/a


Highest Price $495



Prediction


EdithvaleHouses $356 $390 +9.6% +11.7%

Units $320 $315 -1.6% +7.5%

Highest Price $1900



Prediction


ElsternwickHouses $695 $733 +5.4% +10.2%

Units $281 $358 +27.5% +7.7%

Highest Price $1485



Prediction


Dandenong North to Elsternwick

Homes designed specifi callyfor narrower blocks.boutiquehomes.com.au

36 DOMAIN PROPERTY

NAA 037



ElthamHouses $390 $421 +7.9% +8.0%

Units $316 $318 +0.5% +12.0%

Highest Price $1775



Prediction


FlemingtonHouses $390 $416 +6.7% +8.8%

Units $197 $205 +4.1% +8.2%

Highest Price $680



Prediction


Eltham NorthHouses $386 $398 +3.0% +5.0%


Highest Price $720



Prediction


ElwoodHouses $698 $788 +12.8% +9.3%

Units $345 $380 +10.1% +8.5%

Highest Price $2950



Prediction


EmeraldHouses $305 $328 +7.7% n/a


Highest Price $800



Prediction


Endeavour HillsHouses $252 $260 +3.2% +9.6%

Units $227 $221 -2.4% n/a

Highest Price $510



Prediction


EppingHouses $260 $265 +1.8% +10.8%

Units $235 $238 +1.1% n/a

Highest Price $1500



Prediction


EssendonHouses $535 $551 +3.0% +9.3%

Units $280 $286 +2.1% +8.2%

Highest Price $2200



Prediction


Essendon NorthHouses $411 $425 +3.5% +10.2%

Units $277 $235 -15.0% +6.3%

Highest Price $750



Prediction


Essendon WestHouses $410 $424 +3.3% n/a


Highest Price $694



Prediction


EumemmerringHouses $205 $212 +3.5% n/a


Highest Price $328



Prediction


Fairfi eldHouses $452 $485 +7.4% +10.0%

Units $215 $295 +37.3% +11.5%

Highest Price $1325



Prediction


FawknerHouses $268 $256 -4.3% +8.3%

Units $245 $255 +4.1% +16.9%

Highest Price $496



Prediction


Ferntree GullyHouses $279 $290 +3.9% +8.8%

Units $228 $217 -4.8% +5.1%

Highest Price $490



Prediction


Ferntree Gully UpperHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Ferny CreekHouses $385 $410 +6.5% +4.4%


Highest Price $980



Prediction


FitzroyHouses $510 $527 +3.3% +6.4%

Units $385 $400 +3.9% +8.8%

Highest Price $1650



Prediction


Fitzroy NorthHouses $510 $520 +2.0% +8.2%

Units $312 $362 +16.0% +7.7%

Highest Price $1680



Prediction


Eltham to Flemington

Just 15 minutes...That’s all it takes for Buxton to inspect your property, and within48 hours provide you with a professional, obligation-free report, detailing:• the likely sale price of your property• comparable sales evidence, to support the price• suggested improvements to maximise your property’s value.

To arrange your FREE, 15-minute market appraisal,call Buxton Elsternwick now!

271 Glenhuntly Road ELSTERNWICK 9528 6555

DOMAIN PROPERTY 37

NAA 038



FootscrayHouses $300 $320 +6.7% +9.1%

Units $181 $165 -8.7% +7.7%

Highest Price $737



Prediction

Houses ★★★★★ Units ★

Glen IrisHouses $690 $755 +9.4% +11.3%

Units $322 $338 +5.0% +7.8%

Highest Price $2730



Prediction


Footscray WestHouses $306 $305 -0.3% +7.7%

Units $164 $190 +16.5% +11.6%

Highest Price $498



Prediction


Forest HillHouses $341 $356 +4.5% +9.9%

Units $308 $317 +2.9% +11.7%

Highest Price $650



Prediction


FrankstonHouses $240 $236 -1.8% +12.1%

Units $186 $196 +5.4% +19.0%

Highest Price $865



Prediction

Houses ★ Units ★

Frankston NorthHouses $171 $175 +2.6% +16.1%


Highest Price $345



Prediction

Houses Units n/a

Frankston SouthHouses $345 $370 +7.2% +11.7%

Units $240 $276 +15.1% n/a

Highest Price $1450



Prediction


GardenvaleHouses n/a n/a n/a n/a


Highest Price $672



Prediction


GembrookHouses $365 $344 -5.8% n/a


Highest Price $850



Prediction


GisborneHouses $297 $360 +21.4% +10.9%

Units $212 $242 +14.0% +11.4%

Highest Price $840



Prediction

Houses ★★★ Units ★

Gisborne SouthHouses $585 $529 -9.6% n/a


Highest Price $655



Prediction


Gladstone ParkHouses $271 $271 +0.0% +9.4%


Highest Price $390



Prediction


Footscray to Glen Iris

0

jelliscraig.com.au

97 SUMMERHILL RD, GLEN IRIS

$695,0005 CLITHEROE CRT, GLEN IRIS

$807,500

16 BATH RD, GLEN IRIS

$867,50032 QUEENS PDE, GLEN IRIS

$640,000

29 QUEENS PDE, GLEN IRIS

$1,060,00010 WALERNA RD, GLEN IRIS

$1,265,000

Leading The Way In Glen Iris & Ashburton45 High Street, Glen Iris. Tel. 9809 8999

38 DOMAIN PROPERTY

NAA 039



Glen WaverleyHouses $420 $458 +8.9% +11.1%

Units $350 $380 +8.6% +8.2%

Highest Price $1150



Prediction


Hampton EastHouses $450 $463 +2.9% n/a

Units $329 $394 +20.0% n/a

Highest Price $715



Prediction


GlenhuntlyHouses $558 $480 -13.9% +4.6%

Units $290 $333 +14.8% +10.9%

Highest Price $935



Prediction


GlenroyHouses $279 $290 +3.8% +10.0%

Units $234 $243 +4.1% +8.8%

Highest Price $515



Prediction


GowanbraeHouses $340 $335 -1.5% n/a


Highest Price $590



Prediction


GreensboroughHouses $325 $348 +7.2% +9.4%

Units $265 $277 +4.3% +9.0%

Highest Price $678



Prediction


GreenvaleHouses $425 $415 -2.4% +6.8%


Highest Price $956



Prediction


GruyereHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Guys HillHouses n/a n/a n/a n/a


Highest Price $630



Prediction


Hadfi eldHouses $279 $285 +2.2% n/a

Units $214 $290 +35.3% n/a

Highest Price $367



Prediction


HallamHouses $240 $241 +0.4% n/a


Highest Price $392



Prediction


HamptonHouses $698 $770 +10.4% +11.6%

Units $435 $421 -3.2% +5.0%

Highest Price $4500



Prediction


Glen Waverley to Hampton East

Over 15 years of superlative service and results have made Morrison Kleeman the area’s most

sought after real estate agency. Led by Directors Graham Morrison, Peter Kleeman &Associate Rocco Montanaro, this professional yet friendly team achieves brilliant results for

our clients.

With a combined period of 64 years servicing the area, Graham, Peter, Rocco and their team

have an enormous bank of experience and local knowledge on which to draw. So, if it’s a great

result you’re after... call us today on 9431 2444, or log on to www.morrisonkleeman.com.au

A great reputation earned everyday

DOMAIN PROPERTY 39

NAA 040



Hampton ParkHouses $213 $220 +3.5% n/a

Units $182 $190 +4.3% n/a

Highest Price $528



Prediction


HighettHouses $420 $443 +5.5% +9.1%

Units $330 $360 +9.1% +7.9%

Highest Price $712



Prediction


HarkawayHouses n/a n/a n/a n/a


Highest Price $2250



Prediction


Harrisfi eldHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


HawthornHouses $739 $810 +9.6% +12.5%

Units $295 $325 +10.2% +8.8%

Highest Price $3150



Prediction


Hawthorn EastHouses $685 $807 +17.8% +10.7%

Units $316 $351 +10.9% +7.0%

Highest Price $4840



Prediction


HealesvilleHouses $258 $272 +5.6% +16.2%


Highest Price $655



Prediction

Houses ★★ Units

HeathertonHouses $440 $440 +0.0% n/a


Highest Price $660



Prediction


HeathmontHouses $304 $321 +5.3% +7.2%

Units $267 $270 +1.4% +7.3%

Highest Price $1025



Prediction


HeidelbergHouses $406 $482 +18.7% +11.4%

Units $292 $319 +9.1% +11.3%

Highest Price $1075



Prediction


Heidelberg HeightsHouses $315 $330 +4.8% +8.6%

Units $295 $287 -2.7% +5.0%

Highest Price $700



Prediction


Heidelberg WestHouses $250 $253 +1.2% +9.6%

Units $225 $265 +17.8% n/a

Highest Price $700



Prediction


Hampton Park to Highett

0

With a 100 year reputation for outstanding results, nobody understands

your local property market like Haughton Stotts…

9497 1990 www.HauS.com.au

Residential Sales Commercial Sales Body Corporate Management

Residential Leasing Commercial Leasing Auctioneers

Business Sales Valuations Real Estate

• ARMADALE • BALWYN • CLIFTON HILL

• GLEN IRIS • HAWTHORN • RICHMOND

9818 2222jelliscraig.com.au

Buying or sellingthis Spring?

ChooseBoroondara’s Most

Popular Agency* REIV reported Sales 05/06

With the highest market share in Boroondara*, Jellis Craig delivers more options for buyers and sellers.

818 Glenferrie Road Hawthorn

40 DOMAIN PROPERTY

NAA 041



HillsideHouses $290 $290 +0.0% +4.9%

Units $237 $235 -0.6% n/a

Highest Price $650



Prediction


Junction VillageHouses n/a n/a n/a n/a


Highest Price $220



Prediction


Hoddles CreekHouses $398 n/a n/a n/a


Highest Price $480



Prediction


Hopetoun ParkHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Hoppers CrossingHouses $228 $235 +3.1% +12.6%

Units $195 $183 -6.2% n/a

Highest Price $590



Prediction


HughesdaleHouses $412 $464 +12.6% +8.0%

Units $312 $291 -6.7% +3.3%

Highest Price $660



Prediction


HuntingdaleHouses $314 $340 +8.4% +12.2%


Highest Price $501



Prediction


HurstbridgeHouses $321 $331 +3.0% +10.9%


Highest Price $755



Prediction


IvanhoeHouses $565 $588 +4.0% +6.0%

Units $305 $305 +0.2% +6.9%

Highest Price $1401



Prediction


Ivanhoe EastHouses $740 $785 +6.1% +11.3%

Units $275 $380 +38.2% n/a

Highest Price $1600



Prediction


JacanaHouses $205 $205 +0.0% n/a


Highest Price $343



Prediction


JolimontHouses n/a n/a n/a n/a


Highest Price n/a


Clearance rate n/a Total value $0

Prediction


Hillside to Junction Village

Glen Coutinho’s quality time.

As a dedicated family man, Glen spends a lot of time with his kids at Anderson Park. Glen knows every inch of Hawthorn, which is good to know if you’re thinking of selling your Hawthorn home. Glen Coutinho: 0409 779 399.

Hawthorn 617-623 Glenferrie Road, VIC 3122Tel 03 9818 3988 [email protected]

DOMAIN PROPERTY 41

NAA 042



KalkalloHouses n/a n/a n/a n/a


Highest Price n/a


Clearance rate 0.0% Total value n/a

Prediction


KewHouses $819 $910 +11.1% +12.5%

Units $357 $390 +9.2% +7.6%

Highest Price $5500



Prediction


KallistaHouses $265 $283 +6.6% +2.1%


Highest Price $582



Prediction


KaloramaHouses $287 $325 +13.3% +7.2%


Highest Price $750



Prediction


Kangaroo GroundHouses $650 $1080 +66.2% n/a


Highest Price $2500



Prediction


KealbaHouses $243 $237 -2.8% +9.9%


Highest Price $371



Prediction


KeilorHouses $350 $400 +14.3% +8.3%


Highest Price $1463



Prediction


Keilor DownsHouses $263 $275 +4.8% +7.7%

Units $234 $233 -0.4% +7.6%

Highest Price $470



Prediction


Keilor EastHouses $338 $335 -0.9% +9.0%

Units $288 $310 +7.6% +9.4%

Highest Price $755



Prediction


Keilor LodgeHouses n/a $409 n/a n/a


Highest Price $460



Prediction


Keilor ParkHouses $321 $306 -4.5% +8.1%


Highest Price $460



Prediction


KensingtonHouses $415 $430 +3.6% +8.0%

Units $328 $320 -2.5% +6.0%

Highest Price $950



Prediction


Kalkallo to Kew

Whether Private Sale or Auction

call in the Record Breakers

9817 0188

raywhite.com

raywhite.com

raywhite.com

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raywhite.comraywhite.com

36 Elm Gve, Kew East Private Sale $610,000

168 Mont Albert Rd, CanterburyPrivate Sale $ 2,450,000 22 Westbrook Street, Kew EastAuction $756,000 ($56,000 over reserve)

60 Radnor St, CamberwellAuction $997,000 ($187,000 over reserve)

raywhite.com

1 Lady Lochs Dve, KewAuction $982,000 ($232,000 over reserve)

29 Princess St, Kew Private Sale $1,300,000

10 West Rd, Surr ey HillsAuction $861,000 ($61,000 over reserve)

raywhite.com

16-20 Balwyn Rd, CanterburyPrivate Sale $5,600,000

Searching For A Home? Then Visit Ours...

www.rendina.com.au

519 Macaulay Rd, Kensington

9381 6500

anything with our name on it sells.®

anything with our name on it rents.®

42 DOMAIN PROPERTY

NAA 043


Macclesfi eldHouses n/a $580 n/a n/a


Highest Price $853



Prediction


Kew EastHouses $630 $670 +6.3% +10.4%

Units $353 $376 +6.6% +4.8%

Highest Price $1300



Prediction


KeysboroughHouses $266 $262 -1.5% +10.4%


Highest Price $730



Prediction


KilsythHouses $263 $279 +6.1% +11.0%

Units $252 $245 -2.6% +11.8%

Highest Price $465



Prediction


Kilsyth SouthHouses $353 $338 -4.2% +12.8%


Highest Price $752



Prediction


KinglakeHouses $196 n/a n/a n/a


Highest Price $356



Prediction


Kinglake CentralHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Kings ParkHouses $215 $213 -0.9% n/a


Highest Price $250



Prediction


KingsburyHouses $295 $300 +1.7% +11.1%

Units $197 $253 +28.2% n/a

Highest Price $505



Prediction


KingsvilleHouses $358 $380 +6.3% +8.6%

Units $185 $188 +1.4% +8.9%

Highest Price $638



Prediction


Knoxfi eldHouses $281 $290 +3.1% +10.4%

Units $283 $280 -0.9% n/a

Highest Price $445



Prediction


KooyongHouses $1340 $1440 +7.5% +25.9%


Highest Price $2350



Prediction


KurunjangHouses $220 $209 -5.1% n/a


Highest Price $270



Prediction


LalorHouses $247 $250 +1.2% +9.8%

Units $206 $231 +12.5% +9.8%

Highest Price $375



Prediction


LangwarrinHouses $255 $265 +3.9% +9.1%

Units $194 $198 +1.8% n/a

Highest Price $770



Prediction


Launching PlaceHouses $270 $238 -11.9% n/a


Highest Price $493



Prediction


LavertonHouses $190 $186 -2.4% +1.8%


Highest Price $237



Prediction


Laverton NorthHouses n/a n/a n/a n/a


Highest Price n/a


Clearance rate n/a Total value $0

Prediction


LilydaleHouses $303 $306 +1.1% +11.2%

Units $210 $190 -9.5% +14.9%

Highest Price $795



Prediction


Lower PlentyHouses $410 $450 +9.8% +5.2%

Units $255 $330 +29.2% +12.7%

Highest Price $2100



Prediction


LynbrookHouses $269 $305 +13.6% n/a


Highest Price $455



Prediction


LyndhurstHouses n/a $335 n/a n/a


Highest Price $443



Prediction


Lysterfi eldHouses $440 $512 +16.4% +9.5%


Highest Price $1735



Prediction


Lysterfi eld SouthHouses n/a $630 n/a n/a


Highest Price $761



Prediction


Kew East to Macclesfi eldA-Z MELBOURNE METROPOLITAN AREA

Last chance to live Big in Springthorpe.See centre spread for further details on award winning big blocks.

Award-winning communities Telephone 03 9459 6352 or email [email protected] PROPERTY 43

NAA 044



MacleodHouses $344 $353 +2.6% +8.9%

Units $278 $304 +9.4% +11.2%

Highest Price $787



Prediction


Melton SouthHouses $170 $170 +0.0% +9.1%

Units $140 $147 +5.0% n/a

Highest Price $613



Prediction


MaddingleyHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


MaidstoneHouses $293 $301 +2.6% +8.6%

Units $249 $268 +7.6% +7.7%

Highest Price $500



Prediction


MalvernHouses $920 $931 +1.1% +9.7%

Units $331 $451 +36.3% +13.4%

Highest Price $2550



Prediction


Malvern EastHouses $610 $700 +14.8% +11.0%

Units $335 $362 +8.1% +8.0%

Highest Price $3300



Prediction


MaribyrnongHouses $389 $493 +26.6% +9.0%

Units $283 $281 -0.7% +8.4%

Highest Price $1300



Prediction


McKinnonHouses $520 $596 +14.6% +11.6%

Units $388 $405 +4.5% +6.6%

Highest Price $1207



Prediction


McMahons CreekHouses n/a n/a n/a n/a


Highest Price $450



Prediction


Meadow HeightsHouses $233 $230 -1.3% +9.2%

Units $204 $210 +3.1% +9.3%

Highest Price $415



Prediction


MelbourneHouses $489 n/a n/a n/a

Units $313 $300 -4.1% +0.1%

Highest Price $388



Prediction

Houses ★★ Units ★★★★

MeltonHouses $181 $190 +5.0% +9.4%

Units $162 $148 -8.6% n/a

Highest Price $670



Prediction


Macleod to Melton South

We need more penthousesfor local

and overseas buyersIcon Property, Level 3/1 Queens Rd, Melbourne

Call Robert I. Mitchelson 0408 81 82 83Email: [email protected]

Eureka!SOLD:Apartments3001 and4405/6

We sell roof-toppenthouses!

Log into: www.iconproperty.com.au

Premium Prices andPersonalised Service

....we’re the team that works for you.

Specialising in apartment sales and leasing.

122 Hardware St, Melbournewww.raywhite.com

CITY RESIDENTIAL

9670 333044 DOMAIN PROPERTY

NAA 045



Melton WestHouses $204 $230 +13.0% n/a


Highest Price $360



Prediction


Mont Albert NorthHouses $493 $510 +3.4% +7.6%

Units $390 $437 +12.0% +10.2%

Highest Price $1390



Prediction


MentoneHouses $440 $490 +11.4% +9.0%

Units $287 $268 -6.5% +7.5%

Highest Price $1100



Prediction


Menzies CreekHouses $275 $340 +23.6% n/a


Highest Price $530



Prediction


MerndaHouses n/a n/a n/a n/a


Highest Price $260



Prediction


MicklehamHouses n/a n/a n/a n/a


Highest Price $725



Prediction


Middle ParkHouses $900 $910 +1.1% +8.9%

Units $360 $513 +42.4% +10.9%

Highest Price $2950



Prediction


Mill ParkHouses $272 $280 +2.9% +7.9%

Units $240 $245 +2.3% n/a

Highest Price $588



Prediction


MillgroveHouses $165 $182 +10.3% n/a


Highest Price $265



Prediction


MitchamHouses $350 $353 +0.9% +9.9%

Units $290 $310 +6.9% +10.8%

Highest Price $806



Prediction


MonbulkHouses $270 $245 -9.3% +9.2%


Highest Price $950



Prediction


Mont AlbertHouses $642 $619 -3.6% +9.4%

Units $368 $379 +3.1% +10.9%

Highest Price $1547



Prediction


Melton West to Mont Albert North

Three offices.One approach.Countless Advantages

Albert Park9694 5000Armadale9864 5000Mt Macedon5427 8888

www.benmac.com.auOur new siteis now open

for inspection.

DOMAIN PROPERTY 45

NAA 046



MontmorencyHouses $325 $358 +10.0% +9.6%

Units $284 $296 +4.2% +8.9%

Highest Price $721



Prediction


Noble Park NorthHouses $240 $255 +6.3% +9.8%


Highest Price $370



Prediction


MontroseHouses $303 $298 -1.5% +11.4%


Highest Price $770



Prediction


Moonee PondsHouses $490 $488 -0.5% +9.2%

Units $300 $310 +3.3% +7.6%

Highest Price $1584



Prediction


MoorabbinHouses $362 $400 +10.4% +7.3%

Units $338 $343 +1.6% +7.4%

Highest Price $555



Prediction


MooroolbarkHouses $275 $285 +3.6% +11.3%

Units $240 $239 -0.5% +11.0%

Highest Price $756



Prediction


MordiallocHouses $400 $405 +1.3% +13.0%

Units $293 $285 -2.6% +11.9%

Highest Price $775



Prediction


Mt BurnettHouses n/a n/a n/a n/a


Highest Price $590



Prediction


Mt DandenongHouses $303 $353 +16.5% n/a


Highest Price $710



Prediction


Mt EvelynHouses $264 $280 +6.1% +11.1%


Highest Price $935



Prediction


Mt WaverleyHouses $426 $442 +3.9% +9.6%

Units $370 $401 +8.2% +11.2%

Highest Price $1011



Prediction


MulgraveHouses $318 $316 -0.6% +8.0%

Units $246 $285 +16.1% n/a

Highest Price $620



Prediction


MurrumbeenaHouses $473 $532 +12.5% +10.7%

Units $220 $243 +10.2% +10.5%

Highest Price $1055



Prediction


NanganaHouses n/a n/a n/a n/a


Highest Price $430



Prediction


Nar Nar GoonHouses n/a $410 n/a n/a


Highest Price $438



Prediction


Nar Nar Goon NorthHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Narre WarrenHouses $243 $256 +5.1% +9.8%

Units $185 $214 +15.4% n/a

Highest Price $810



Prediction


Narre Warren EastHouses n/a n/a n/a n/a


Highest Price $1150



Prediction


Narre Warren NorthHouses $485 $525 +8.2% n/a


Highest Price $940



Prediction


Narre Warren SouthHouses $292 $305 +4.6% n/a


Highest Price $695



Prediction


New GisborneHouses $338 $390 +15.6% +10.3%


Highest Price $545



Prediction


NewportHouses $375 $400 +6.7% +7.8%

Units $360 $346 -3.9% +18.2%

Highest Price $865



Prediction

Houses ★★★★★ Units ★★

NiddrieHouses $393 $400 +1.8% +9.0%

Units $330 $354 +7.3% +7.1%

Highest Price $761



Prediction


Noble ParkHouses $240 $244 +1.5% +12.5%

Units $200 $185 -7.5% +9.7%

Highest Price $425



Prediction


Montmorency to Noble Park North

D E N T O N M I L L Swww.dentonmills.com.auP: 0437 759 038

■ APARTMENTS ■ LOFTS Nicholson Street, Abbotsford

46 DOMAIN PROPERTY

NAA 047



North MelbourneHouses $459 $470 +2.4% +6.8%

Units $275 $342 +24.2% +8.7%

Highest Price $1021



Prediction


ParkdaleHouses $435 $485 +11.5% +10.9%

Units $343 $290 -15.6% +5.6%

Highest Price $1820



Prediction


NorthcoteHouses $440 $470 +6.8% +9.4%

Units $275 $265 -3.6% +10.0%

Highest Price $1153



Prediction


Notting HillHouses $312 $345 +10.7% +12.1%


Highest Price $446



Prediction


NunawadingHouses $340 $350 +2.9% +10.3%

Units $261 $281 +7.9% +11.6%

Highest Price $1015



Prediction


Nutfi eldHouses n/a n/a n/a n/a


Highest Price $2550



Prediction


Oak ParkHouses $350 $350 +0.0% +7.3%

Units $260 $284 +9.1% +6.8%

Highest Price $735



Prediction


Oaklands JunctionHouses n/a n/a n/a n/a


Highest Price $573



Prediction


OakleighHouses $372 $401 +7.9% +8.4%

Units $282 $286 +1.2% +6.3%

Highest Price $1200



Prediction


Oakleigh EastHouses $348 $405 +16.5% +10.6%

Units $365 $351 -3.8% +17.0%

Highest Price $720



Prediction


Oakleigh SouthHouses $343 $355 +3.6% +8.2%

Units $305 $318 +4.2% +14.0%

Highest Price $650



Prediction


Offi cerHouses n/a $374 n/a n/a


Highest Price $620



Prediction


OlindaHouses $320 $361 +12.7% +13.1%


Highest Price $750



Prediction


OrmondHouses $530 $610 +15.1% +10.0%

Units $281 $337 +19.8% +15.3%

Highest Price $975



Prediction


PakenhamHouses $226 $238 +5.1% +7.8%

Units $229 $199 -13.1% n/a

Highest Price $690



Prediction


Pakenham UpperHouses n/a $539 n/a n/a


Highest Price $625



Prediction


Panton HillHouses $781 n/a n/a n/a


Highest Price $845



Prediction


Park OrchardsHouses $700 $640 -8.6% +8.0%


Highest Price $1305



Prediction


North Melbourne to Parkdale

CONGRATULATIONS!Award Winning AgentsAward Winning Results!

460 High St Northcote 9481 0633

DOMAIN PROPERTY 47

NAA 048



ParkvilleHouses $820 $950 +15.9% +11.8%

Units $298 $310 +4.3% +4.1%

Highest Price $1380



Prediction


Preston WestHouses $371 $385 +3.8% +8.8%

Units $259 $326 +25.7% +10.7%

Highest Price $718



Prediction


Pascoe ValeHouses $341 $356 +4.3% +9.1%

Units $275 $277 +0.8% +8.9%

Highest Price $785



Prediction


Pascoe Vale SouthHouses $385 $381 -1.1% +7.5%

Units $323 $255 -20.9% +1.2%

Highest Price $636



Prediction


Patterson LakesHouses $440 $440 +0.0% +5.4%

Units $374 $288 -22.9% n/a

Highest Price $1250



Prediction


Pheasant CreekHouses n/a n/a n/a n/a


Highest Price $405



Prediction


PlentyHouses $660 $614 -7.0% n/a


Highest Price $811



Prediction


PlumptonHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Point CookHouses $320 $329 +2.8% n/a


Highest Price $840



Prediction


Port MelbourneHouses $546 $600 +9.9% +7.2%

Units $483 $500 +3.6% -1.9%

Highest Price $1565



Prediction


PrahranHouses $540 $580 +7.4% +8.4%

Units $316 $330 +4.6% +6.4%

Highest Price $1550



Prediction


PrestonHouses $328 $355 +8.2% +9.5%

Units $252 $273 +8.1% +9.6%

Highest Price $650



Prediction


Parkville to Preston West

Marketing Award Winner - Best Display & Best Line Ad 2005

For all your Bayside needs, call or visit us today

90 Ormond Rd, Elwood 9531 1245 - 325 Bay St, Port Melbourne 9646 4444

A Sign Of The Times

Catering to the current property market,

Chisholm & Gamon offer a personal, professional

and committed approach to real estate.

When it comes to inner bayside property,

you can rely on our local knowledge, our dedicated

team and our unmatched history of success

to deliver an optimum sales result.

Elwood Office Port Melbourne Office

bigginscott .com.au

Biggin & Scott256 Chapel Street, Prahran

Ph: 9828 4500Tom McCarthy 0418 326 897

48 DOMAIN PROPERTY

NAA 049



Princes HillHouses n/a n/a n/a n/a


Highest Price $701



Prediction


Rosanna EastHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


ResearchHouses $500 $525 +5.0% +11.0%


Highest Price $787



Prediction


ReservoirHouses $303 $297 -1.8% +9.5%

Units $234 $259 +10.4% +10.6%

Highest Price $1120



Prediction


RichmondHouses $484 $495 +2.3% +7.5%

Units $310 $356 +14.8% +9.2%

Highest Price $1765



Prediction


Riddells CreekHouses $360 $318 -11.8% +6.7%


Highest Price $765



Prediction


RingwoodHouses $305 $320 +4.9% +11.3%

Units $240 $248 +3.3% +12.4%

Highest Price $635



Prediction


Ringwood EastHouses $311 $320 +3.1% +11.3%

Units $231 $245 +6.1% +12.5%

Highest Price $695



Prediction


Ringwood NorthHouses $390 $391 +0.1% +6.5%

Units $325 $280 -13.9% n/a

Highest Price $1125



Prediction


RipponleaHouses n/a n/a n/a n/a


Highest Price $815



Prediction


RockbankHouses n/a n/a n/a n/a


Highest Price $235



Prediction


RosannaHouses $386 $426 +10.3% +11.1%

Units $320 $305 -4.7% +9.9%

Highest Price $890



Prediction


Princes Hill to Rosanna East

DOMAIN PROPERTY 49

NAA 050



RowvilleHouses $334 $355 +6.4% +9.5%

Units $296 $300 +1.3% +8.6%

Highest Price $930



Prediction


SevilleHouses $257 $252 -2.1% +9.5%


Highest Price $745



Prediction


Roxburgh ParkHouses $270 $270 +0.0% +8.2%

Units $215 $233 +8.4% n/a

Highest Price $730



Prediction

Houses ★★★★★ Units n/a

Sanctuary LakesHouses $410 $387 -5.6% n/a


Highest Price $830



Prediction


SandringhamHouses $720 $754 +4.8% +9.0%

Units $463 $430 -7.0% +7.4%

Highest Price $2180



Prediction


SassafrasHouses $395 $350 -11.4% n/a


Highest Price $585



Prediction


ScoresbyHouses $283 $290 +2.7% n/a


Highest Price $345



Prediction


SeabrookHouses $255 $281 +10.3% +7.6%


Highest Price $480



Prediction


SeafordHouses $254 $261 +3.0% +11.1%

Units $216 $235 +8.8% n/a

Highest Price $700



Prediction


SeaholmeHouses $347 $355 +2.4% n/a


Highest Price $603



Prediction


SeddonHouses $342 $380 +11.1% +8.4%

Units $360 $375 +4.2% +14.7%

Highest Price $1160



Prediction

Houses ★★★★ Units ★

SelbyHouses $273 n/a n/a n/a


Highest Price $400



Prediction


Rowville to Seville

Take advantage of the current shortage of properties andmake the most of our massive buyer demand to achieve

a top price for your property this spring.

Call Sandringham's most experienced teamof sales negotiators today!

Spring into action!

Scott Hamilton0414 705 486

Christian Hegarty0409 449 948

Chris Mack0419 597 092

Mark Earle0419 310 707

Bill Jowett0421 052 150

Paul Bond0419 519 311

Buxton Sandringham 9598 82227 Bay Road, SANDRINGHAM

50 DOMAIN PROPERTY

NAA 052



Seville EastHouses n/a n/a n/a n/a


Highest Price $515



Prediction


Springvale SouthHouses $305 $282 -7.5% n/a

Units $300 $270 -10.0% n/a

Highest Price $575



Prediction


SherbrookeHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


SilvanHouses n/a n/a n/a n/a


Highest Price $688



Prediction


SkyeHouses $265 $283 +6.8% n/a


Highest Price $4200



Prediction


Smiths GullyHouses n/a n/a n/a n/a


Highest Price $720



Prediction


South MelbourneHouses $640 $619 -3.3% +6.9%

Units $343 $390 +13.9% -5.8%

Highest Price $4905



Prediction


South MorangHouses $308 $315 +2.4% n/a

Units $258 $274 +6.3% n/a

Highest Price $470



Prediction


South YarraHouses $700 $911 +30.2% +11.3%

Units $354 $363 +2.7% +5.0%

Highest Price $6250



Prediction


SouthbankHouses n/a n/a n/a n/a

Units $342 $360 +5.4% -0.7%

Highest Price $485



Prediction

Houses n/a Units ★★★★

SpotswoodHouses $369 $392 +6.2% +11.0%

Units $284 $330 +16.2% +9.5%

Highest Price $582



Prediction


SpringvaleHouses $255 $266 +4.6% +14.5%

Units $225 $213 -5.6% n/a

Highest Price $605



Prediction


Seville East to Springvale South

13-15 Grey St, St Kildawww.whiting.com.au

OTHER AGENTS KEEPSELLING THEIR BUSINESSES,

WE PREFER TO SELLYOUR PROPERTY

9534 8014114 Somerville Road, Yarraville 9314 1188

century21.com.au 241 Union Road, Ascot Vale 9370 1111

EXPRESS SALEAUCTION - PRIVATE SALE

ASK ABOUT YOUR OPTIONS

SILVER SERVICE PROPERTY MANAGEMENTYOUR CHOICE OF MENU

Call 9370 1111

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52 DOMAIN PROPERTY

NAA 053



St AlbansHouses $220 $213 -3.4% +9.7%

Units $197 $194 -1.5% +11.5%

Highest Price $420



Prediction


SunburyHouses $240 $240 +0.0% +9.9%

Units $225 $220 -2.2% +6.4%

Highest Price $1360



Prediction


St Albans EastHouses $255 n/a n/a n/a


Highest Price $228



Prediction


St AndrewsHouses n/a $361 n/a +8.5%


Highest Price $645



Prediction


St HelenaHouses $394 $448 +13.6% n/a


Highest Price $515



Prediction


St KildaHouses $588 $583 -0.9% +7.8%

Units $293 $306 +4.4% +6.3%

Highest Price $3070



Prediction


St Kilda EastHouses $522 $550 +5.5% +7.0%

Units $285 $295 +3.5% +6.5%

Highest Price $1475



Prediction


St Kilda WestHouses $780 $1022 +31.0% +15.4%

Units $303 $308 +1.5% +5.1%

Highest Price $2550



Prediction


StrathewenHouses n/a n/a n/a n/a


Highest Price $525



Prediction


StrathmoreHouses $498 $513 +2.9% +11.2%

Units $335 $375 +11.9% +10.3%

Highest Price $1000



Prediction


Strathmore HeightsHouses n/a $356 n/a +8.8%


Highest Price $423



Prediction


Studfi eldHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


St Albans to Sunbury

We helpedmake

most of youSt Kildayuppies!

St Kilda 9525 4166 4-7 Shakespeare Grove 3182www.century21.com.au

&104 837401

DOMAIN PROPERTY 53

NAA 054



SunshineHouses $245 $238 -3.1% +8.7%

Units $160 $202 +25.9% +21.9%

Highest Price $431



Prediction


Sunshine NorthHouses $242 $235 -3.1% +8.8%

Units $206 $205 -0.6% n/a

Highest Price $600



Prediction


Sunshine WestHouses $232 $238 +2.6% +12.1%

Units $206 $195 -5.3% +6.5%

Highest Price $450



Prediction


Surrey HillsHouses $670 $686 +2.3% +8.8%

Units $379 $377 -0.5% +10.5%

Highest Price $2210



Prediction


SydenhamHouses $270 $270 +0.0% +7.1%

Units $232 $216 -6.9% +8.9%

Highest Price $420



Prediction


TarneitHouses $293 $280 -4.4% n/a


Highest Price $450



Prediction


Taylors HillHouses $313 $311 -0.6% n/a


Highest Price $512



Prediction


Taylors LakesHouses $340 $349 +2.6% +7.8%

Units $245 $229 -6.7% n/a

Highest Price $1160



Prediction


TecomaHouses $262 $270 +3.1% +12.5%


Highest Price $462



Prediction


TemplestoweHouses $560 $590 +5.4% +8.1%

Units $350 $399 +14.1% +7.3%

Highest Price $1700



Prediction


Templestowe LowerHouses $425 $436 +2.7% +7.9%

Units $368 $392 +6.7% +6.7%

Highest Price $678



Prediction


The BasinHouses $258 $280 +8.6% +8.7%


Highest Price $676



Prediction


The PatchHouses $354 n/a n/a n/a


Highest Price $395



Prediction


ThomastownHouses $258 $260 +0.8% +8.3%

Units $219 $197 -10.1% n/a

Highest Price $468



Prediction


Sunshine to Thomastown

Templestowe is a suburb with strong family values.

54 DOMAIN PROPERTY

NAA 055



ThornburyHouses $398 $429 +7.7% +9.7%

Units $230 $247 +7.5% +10.6%

Highest Price $871



Prediction


Vermont SouthHouses $441 $421 -4.5% +8.1%

Units $340 $339 -0.3% n/a

Highest Price $2238



Prediction


Toolern ValeHouses n/a n/a n/a n/a


Highest Price $370



Prediction


TooradinHouses n/a n/a n/a n/a


Highest Price $500



Prediction


ToorakHouses $1700 $2020 +18.8% +16.4%

Units $491 $490 -0.3% +8.0%

Highest Price $7851



Prediction


TottenhamHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


TravancoreHouses n/a n/a n/a n/a


Highest Price $700



Prediction


TremontHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


TruganinaHouses $255 $280 +9.8% n/a


Highest Price $330



Prediction


TullamarineHouses $255 $260 +2.0% +8.6%

Units $218 $230 +5.5% +6.7%

Highest Price $352



Prediction


UpweyHouses $260 $299 +14.7% +14.1%


Highest Price $430



Prediction


VermontHouses $335 $365 +9.0% +10.7%

Units $285 $315 +10.5% +11.8%

Highest Price $590



Prediction


Thornbury to Vermont South

A Reputation Built On Results

www.kayburton.com.au 9820 1111

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SOLDSOLD

SOLD

For that special edge contact Rodney Morley 0418 321 222428 Toorak Road, Toorak 9826 0000

Those who know, know TBM

IN TODAY’S MARKET YOU NEED EXPERIENCE EXPERTISE AND

POWERFUL NEGOTIATING SKILLS. NO COMPANY IS BETTER QUALIFIED

DOMAIN PROPERTY 55

NAA 056



View ankHouses $376 $400 +6.4% +9.8%

Units $286 $307 +7.4% +12.4%

Highest Price $635



Prediction


WesburnHouses $235 n/a n/a n/a


Highest Price $443



Prediction


WallanHouses n/a $253 n/a n/a


Highest Price $385



Prediction


WandinHouses $255 $262 +2.7% +13.8%


Highest Price $450



Prediction


Wandin NorthHouses $263 $232 -11.6% n/a


Highest Price $468



Prediction


WantirnaHouses $314 $335 +6.8% +9.5%

Units $248 $267 +7.6% n/a

Highest Price $480



Prediction


Wantirna SouthHouses $371 $365 -1.6% +8.7%

Units $310 $313 +0.8% n/a

Highest Price $753



Prediction


WarburtonHouses $215 $241 +12.2% n/a


Highest Price $360



Prediction


WarneetHouses n/a n/a n/a n/a


Highest Price $345



Prediction


WarrandyteHouses $541 $631 +16.7% +10.0%


Highest Price $1780



Prediction


Warrandyte NorthHouses $460 $532 +15.6% n/a


Highest Price $750



Prediction


Warrandyte SouthHouses $580 n/a n/a n/a


Highest Price $1102



Prediction


WarranwoodHouses $426 $467 +9.6% +12.2%


Highest Price $790



Prediction


WatsoniaHouses $290 $290 +0.0% +9.0%

Units $236 $258 +9.3% n/a

Highest Price $489



Prediction


Watsonia NorthHouses $330 $333 +0.8% n/a


Highest Price $456



Prediction


Wattle GlenHouses $401 $354 -11.8% +6.0%


Highest Price $571



Prediction


WerribeeHouses $217 $218 +0.6% +14.7%

Units $182 $210 +15.4% n/a

Highest Price $730



Prediction


Werribee SouthHouses n/a n/a n/a n/a


Highest Price $554



Prediction


Viewbank to Wesburnb

56 DOMAIN PROPERTY

NAA 057



West MelbourneHouses $474 $495 +4.4% +7.3%

Units $385 $400 +3.9% +5.0%

Highest Price $800



Prediction


YarravilleHouses $353 $385 +9.2% +9.1%

Units $298 $293 -1.7% +14.1%

Highest Price $674



Prediction


WestgarthHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


WestmeadowsHouses $276 $278 +0.5% +8.7%

Units $313 $266 -15.0% n/a

Highest Price $870



Prediction


Wheelers HillHouses $415 $420 +1.2% +5.6%

Units $304 $373 +22.9% n/a

Highest Price $1750



Prediction


WhittleseaHouses $305 $306 +0.3% n/a


Highest Price $340



Prediction


WilliamstownHouses $580 $590 +1.7% +8.6%

Units $320 $312 -2.6% +5.6%

Highest Price $3910



Prediction


Williamstown NorthHouses n/a n/a n/a n/a


Highest Price $700



Prediction


WindsorHouses $471 $511 +8.5% +2.2%

Units $302 $336 +11.1% +9.8%

Highest Price $635



Prediction


Wonga ParkHouses $627 $635 +1.4% +12.3%


Highest Price $1800



Prediction


WoodstockHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Woori YallockHouses $219 $210 -3.9% +13.2%


Highest Price $515



Prediction


Wyndham ValeHouses $210 $228 +8.5% n/a


Highest Price $445



Prediction


YallambieHouses $326 $353 +8.3% +9.9%


Highest Price $516



Prediction


Yan YeanHouses n/a n/a n/a n/a


Highest Price $895



Prediction


Yarra GlenHouses $290 $286 -1.4% +11.7%


Highest Price $1220



Prediction


Yarra JunctionHouses $235 $308 +31.1% n/a


Highest Price $700



Prediction


YarrambatHouses $825 $660 -20.0% +5.5%


Highest Price $911



Prediction


West Melbourne to Yarraville

DOMAIN PROPERTY 57

NAA 058

BEACH LIFE

VICTORIA’S coastal resorts, like metropolitan and regional centres, are sitting back and waiting for the next property wave — but so far there’s only a

ripple on the horizon.The combination of real and anticipated

interest rate rises and similar fuel hikes has caused a marked downturn in the number of properties on offer, but eternally optimistic real estate agents are tipping a sunny outlook.

In Warrnambool, with a population now more than 31,000, Mark Primmer, of Primmer Real Estate, predicts a buoyant market through to the end of June 2007.

“That’s the way it is down here. There’s a mid-year lay off, then in mid-September the market changes gear. There’s no reason to have any drop in confi dence this time,” he says.

“Having said that, the crazy days are gone. The next fi ve years won’t be like the last fi ve. I’d say values have levelled off and have been running fl at for almost two years.”

Holiday homes, while a signifi cant part of the market, are not the mainstay of the city’s residential real estate.

Entry-level for an older style house is about $180,000; mid-range homes in good condition about $250,000 and executive homes with ocean views are nudging the million dollar mark. Off the plan sales in new estates are healthy, with some fetching $800,000.

Mr Primmer says the city’s economy is healthy, commercial property is in very strong demand, and big-name national tenants have moved in.

Bill Rush, of Geelong’s Cuthbertson agency, has fond memories of the market of two years ago. “We were selling everything that came on the books almost instantly,” he recalls.

“We were just order takers — now we have to use all our skills and wits and, even then, three months is about average for a listing.”

Greater Geelong, with a population of about 210,000, has exhibited a healthy appetite for top-end apartments, with several in the CBD changing hands for more than $1.3 million. Properties on Eastern Beach — the city’s prime pocket — are worth $1.5 million.

“We also have a number of new subdivisions with Templestowe-style houses where homes are worth $600,000,” Mr Rush says. “A few of them have distant water views. The same home on Eastern Beach would be worth three times as much.”

Real Estate Institute of Victoria statistics show an annual value growth of 6 per cent for Greater Geelong, although individual pockets have declined, including a downturn of 3 per cent for Highton and a drop of 9.8 per cent for Geelong itself.

Mr Rush says entry-level prices for former Housing Commission homes in suburbs including Norlane and Corio are about $130,000, with mid-range homes valued at around $330,000.

The Surf Coast market is fl at, perhaps refl ecting overcooked prices in some areas, for instance, the virtual $500,000 entry-level ticket on the most basic Lorne holiday home.

Grant Powell, principal of Smyth Real Estate, says while the spring season is looking reasonably healthy, petrol prices and the threat of further interest rate increases have affected the bottom end of the market.

“Most buyers in the higher price brackets are looking for a second home and are generally not

Plain sailing for coastal marketPaul Edwards fi nds there’s fewer properties for sale, but beach-side areas have a sunny outlook.

‘‘The crazy days are gone. The next fi ve years won’t be like the last fi ve.’’Mark Primmer

too concerned about petrol and interest rates. But at the bottom end — those looking for something around $300,000 — I can see problems,” Mr Powell says. “I think a lot of people have decided not to sell, believing they could do better by hanging on. I’m not sure about their wisdom, since we’re noticing consistent buyer interest.

“The top end seems strong, but I think it’s a while since there were many sales topping $1.5 million. And, as always, the homes with views and beach location will sell quicker than a better house elsewhere.”

The Mornington Peninsula has two elite areas — Mount Martha in the north, Portsea and parts of Sorrento at the tip of land. Prices drop as you move away from these hotspots and hit their lowest level around Rosebud West, where it is possible to fi nd a small house for less than $180,000.

Entry-level for a small, back-street house around Rye is $200,000; water views start at $300,000; larger blocks and more exciting views along Rye back beach and St Andrews attract buyers with more than $600,000 to spend.

“We’re quietly optimistic about the spring selling season,” says Michael Christodoulou, of L.J. Hooker Rye. “Since the interest rate rise I think we’ve had a 20 per cent increase in inquiries. At the high end, cashed-up buyers are not really affected by any further rate rises.

“Prices have defi nitely stabilised since around Christmas 2004. Sales have been steady but nowhere near as good as they were then. I don’t think there have been many areas where values have fallen, but there haven’t been any rises, either. “Still, we’ve had some good results. For instance, a two-bedroom unit without a view in Rosebud went for $352,000.

“From what I can see, the whole peninsula has levelled off from

the boom of a couple of years ago, but I still think it’s very secure real estate.”


Phillip Island and satellite town San Remo are looking to a repeat of last spring’s steady but unspectacular sales period, according to Peter Insall of Hermans and Thorne.

“Petrol prices might have a small effect, but when you think that the average car would use about $45 for a return trip from Melbourne that’s not very much per person,” he says.

“More interest rises would spoil things for the entry-level buyers who are looking for something around $200,000, but there are very few of those anyway. Cashed-up buyers are seeking homes worth $300,000 or more in the knowledge that they’re buying today’s home at a price that has been constant for a couple of years.

“There’s no doubt the market is fairly fl at and I don’t see any spectacular movement for another couple of years. The exception might be the top end — there are sales up to $1.5 million close to the water at Cowes and Smiths Beach.”

In distant Lakes Entrance, where the 600 kilometres round trip means a serious fuel investment, the property scene is relatively calm, with local analysts pointing to homes that are cheap when compared with coastal resorts closer to Melbourne.

Chris Howlett, of King and Heath, says the far east coast has scarcely been affected by the recent interest rate rise. “Metung and Paynesville are as healthy as ever and Lakes Entrance has such a varied bank of properties that there’s something for every budget,” he says.

Mr Howlett points to entry-level units on the market for $125,000 and million-dollar penthouses in the town’s new high-rise blocks.

And — a sure sign that economic rationalism is playing its part — there are early signs of a trend to demolition, with little old fi bro houses being pushed over to make way for more permanent properties.

“From my discussions with other real estate people it seems everyone is pretty confi dent about the next six months,” Mr Howlett says. “We’re not expecting rising prices, but we’re confi dent of steady sales.”

NAA 059

A-Z MORNINGTON PENINSULA AND BASS COAST

Arthurs SeatHouses n/a n/a n/a n/a


Highest Price $455



Prediction


BalnarringHouses $295 n/a n/a n/a


Highest Price $1300



Prediction


Balnarring BeachHouses n/a $660 n/a n/a


Highest Price $1493



Prediction


BaxterHouses $218 $220 +1.0% n/a


Highest Price $502



Prediction


BitternHouses $270 $470 +74.1% n/a


Highest Price $1150



Prediction


BlairgowrieHouses $390 $394 +0.9% +7.4%


Highest Price $1500



Prediction


BoneoHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Cape SchanckHouses $565 $600 +6.2% n/a


Highest Price $3200



Prediction


Cape WoolamaiHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


CowesHouses $231 n/a n/a n/a


Highest Price $1025



Prediction


Crib PointHouses n/a $193 n/a +12.5%


Highest Price $255



Prediction


DromanaHouses $370 $353 -4.7% n/a


Highest Price $1000



Prediction


FingalHouses n/a n/a n/a n/a


Highest Price $970



Prediction


FlindersHouses $545 $930 +70.6% n/a


Highest Price $2180



Prediction


HastingsHouses $221 $259 +17.5% +18.3%


Highest Price $600



Prediction

Houses Units



Arthurs Seat to Hastings

Blairgowrie is one of the bay’s charming retreats.

0 0

DOMAIN PROPERTY 59

NAA 060



Rosebud WestHouses $258 $230 -10.9% +10.8%

Units $259 $197 -23.9% n/a

Highest Price $795



Prediction

Houses ★ Units ★★

Langwarrin SouthHouses n/a n/a n/a n/a


Highest Price $710



Prediction


Main RidgeHouses n/a $970 n/a n/a


Highest Price $1700



Prediction


McCraeHouses $300 $392 +30.7% n/a


Highest Price $800



Prediction


Merricks BeachHouses n/a n/a n/a n/a


Highest Price $595



Prediction


Merricks NorthHouses n/a n/a n/a n/a


Highest Price $2500



Prediction


MoorooducHouses n/a $753 n/a n/a


Highest Price $1225



Prediction


MorningtonHouses $317 $340 +7.3% +3.6%

Units $242 $325 +34.2% n/a

Highest Price $1860



Prediction


Mt ElizaHouses $505 $510 +1.0% +8.0%

Units $285 $345 +21.1% n/a

Highest Price $2355



Prediction


Mt MarthaHouses $388 $419 +8.0% -3.7%

Units $355 $330 -7.0% n/a

Highest Price $1700



Prediction


NewhavenHouses n/a n/a n/a n/a


Highest Price $1310



Prediction


OsborneHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


PearcedaleHouses $275 $411 +49.3% n/a


Highest Price $1420



Prediction


PortseaHouses $1050 $1000 -4.8% +11.5%


Highest Price $6000



Prediction


Red HillHouses $850 n/a n/a n/a


Highest Price $3000



Prediction


Red Hill SouthHouses n/a n/a n/a n/a


Highest Price $2210



Prediction


RhyllHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


RosebudHouses $250 $240 -4.0% +8.8%

Units $248 $239 -3.7% n/a

Highest Price $650



Prediction


Langwarrin South to Rosebud West

5931 4333 LIFESTYLEPROPERTY 5931 4333

WE ARE PASSIONATE ABOUT WESTERNPORT & PENINSULA REAL ESTATE.

NO ONE HAS BEEN SELLING WESTERNPORT LIFESTYLE RURAL AND BEACH PROPERTIES LONGER THAN THE PATON FAMILY. The Directors and staff have worked, lived and farmed Western Port for almost 50 years.

F/Flinders Road, Balnarring 5931 4333www.patonestate.com.au

“Change The Way You Live”

60 DOMAIN PROPERTY

NAA 061



RyeHouses $309 $305 -1.4% +19.5%


Highest Price $1325



Prediction


Safety BeachHouses $357 $333 -6.9% n/a


Highest Price $780



Prediction


San RemoHouses n/a n/a n/a n/a


Highest Price $475



Prediction


ShorehamHouses $760 $975 +28.3% n/a


Highest Price $2075



Prediction


SilverleavesHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Smiths BeachHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


SomersHouses $540 n/a n/a n/a


Highest Price $2000



Prediction


SomervilleHouses $260 $260 +0.0% n/a

Units $220 $234 +6.4% n/a

Highest Price $705



Prediction


SorrentoHouses $598 $568 -4.9% +6.0%


Highest Price $3250



Prediction


St Andrews BeachHouses $420 $392 -6.6% n/a


Highest Price $1091



Prediction

Houses Units n/a

Sunderland BayHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Sunset StripHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Surf BeachHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


TootgarookHouses $230 $273 +18.5% n/a


Highest Price $503



Prediction

Houses Units n/a

TuerongHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


TyabbHouses $498 $250 -49.7% +13.4%


Highest Price $740



Prediction


VentnorHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Wimbledon HeightsHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Rye to Wimbledon Heights

0

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A Reputation Built On Results

9820 1111 www.kayburton.com.au

SOLDSOLD

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DOMAIN PROPERTY 61

NAA 062

A-Z GEELONG REGIONS

Aireys InletHouses n/a $468 n/a n/a


Highest Price $950



Prediction


AnakieHouses n/a n/a n/a n/a


Highest Price $325



Prediction


AngleseaHouses n/a $372 n/a n/a


Highest Price $725



Prediction


AvalonHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Barwon HeadsHouses $447 $468 +4.6% n/a


Highest Price $1350



Prediction


BatesfordHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Bell ParkHouses $221 $225 +2.0% n/a


Highest Price $410



Prediction


Bell Post HillHouses $247 $225 -8.8% n/a


Highest Price $310



Prediction


BellbraeHouses n/a n/a n/a n/a


Highest Price $670



Prediction




Aireys Inlet to Bellbrae

The serenity of Airey’s Inlet is an ongoing attraction.

AGNEWS FIREPLACES... always the centre of attention

®

SHOWROOM376 Swan Street, Richmond VIC 3121P 9426-2900 E [email protected]

W www.agnews.com.au

62 DOMAIN PROPERTY

NAA 063


A-Z GEELONG REGIONS

Belmont to GrovedaleBelmontHouses $241 $240 -0.6% n/a

Units $185 $215 +16.2% n/a

Highest Price $530



Prediction


BreakwaterHouses $174 n/a n/a n/a


Highest Price $202



Prediction


BreamleaHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


CeresHouses n/a n/a n/a n/a


Highest Price $795



Prediction


Clifton SpringsHouses $246 $249 +1.3% n/a


Highest Price $425



Prediction


ConnewarreHouses n/a n/a n/a n/a


Highest Price $570



Prediction


CorioHouses $165 $177 +7.3% n/a


Highest Price $305



Prediction


CurlewisHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


DrumcondraHouses n/a n/a n/a n/a


Highest Price $625



Prediction


DrysdaleHouses n/a $376 n/a n/a


Highest Price $552



Prediction


FyansfordHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


GeelongHouses $348 $330 -5.2% n/a

Units $300 $315 +5.0% n/a

Highest Price $1440



Prediction


Geelong EastHouses $260 $251 -3.3% n/a

Units $179 $185 +3.2% n/a

Highest Price $590



Prediction


Geelong NorthHouses $220 $195 -11.4% n/a


Highest Price $300



Prediction


Geelong SouthHouses $255 $278 +8.6% n/a


Highest Price $508



Prediction


Geelong WestHouses $263 $270 +2.7% n/a

Units $175 $235 +34.0% n/a

Highest Price $649



Prediction


GnarwarreHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


GrovedaleHouses $255 $252 -1.2% n/a

Units $237 $222 -6.1% n/a

Highest Price $520



Prediction


DOMAIN PROPERTY 63

NAA 064


A-Z GEELONG REGIONS

Hamlyn Heights to NewcombHamlyn HeightsHouses $270 $229 -15.2% n/a

Units $190 $210 +10.5% n/a

Highest Price $408



Prediction


NewcombHouses $210 $186 -11.5% n/a


Highest Price $435



Prediction


Herne HillHouses $236 $225 -4.5% n/a

Units $129 $144 +12.1% n/a

Highest Price $500



Prediction


HightonHouses $328 $339 +3.2% n/a

Units $249 $235 -5.6% n/a

Highest Price $1000



Prediction


Indented HeadHouses n/a n/a n/a n/a


Highest Price $520



Prediction


Jan JucHouses $374 $365 -2.3% n/a


Highest Price $395



Prediction


Kennett RiverHouses n/a n/a n/a n/a


Highest Price $1100



Prediction


LaraHouses n/a $303 n/a n/a


Highest Price $578



Prediction


LeopoldHouses $275 $261 -5.1% n/a

Units $177 $207 +16.5% n/a

Highest Price $1440



Prediction


Little RiverHouses n/a $408 n/a n/a


Highest Price $470



Prediction


LorneHouses $760 $680 -10.5% n/a


Highest Price $1750



Prediction


Lovely BanksHouses n/a n/a n/a n/a


Highest Price $473



Prediction


Manifold HeightsHouses $285 $315 +10.5% n/a


Highest Price $509



Prediction


MarshallHouses $250 n/a n/a n/a


Highest Price $255



Prediction


MoolapHouses n/a n/a n/a n/a


Highest Price $232



Prediction


MooraboolHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


Mt DuneedHouses n/a n/a n/a n/a


Highest Price $660



Prediction


MurghebolucHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


64 DOMAIN PROPERTY

NAA 065


A-Z GEELONG REGIONS

Newton to Wye RiverNewtownHouses $347 $385 +10.9% n/a

Units $185 $187 +1.1% n/a

Highest Price $1085



Prediction


NorlaneHouses $137 $137 +0.0% n/a


Highest Price $200



Prediction


North ShoreHouses n/a n/a n/a n/a


Highest Price $267



Prediction


Ocean GroveHouses $321 $325 +1.4% n/a

Units $270 $292 +8.1% n/a

Highest Price $1800



Prediction

Houses ★ Units 0

Point LonsdaleHouses $540 $556 +2.9% +11.8%

Units $423 $350 -17.1% n/a

Highest Price $2240



Prediction


PortarlingtonHouses $274 $310 +13.1% n/a


Highest Price $735



Prediction

Houses 0 Units n/a

QueenscliffHouses $504 $591 +17.4% n/a


Highest Price $3465



Prediction


RipplesideHouses n/a n/a n/a n/a


Highest Price $467



Prediction


Separation CreekHouses n/a n/a n/a n/a


Highest Price $720



Prediction


St Albans ParkHouses $220 $226 +2.7% n/a


Highest Price $410



Prediction


St LeonardsHouses n/a n/a n/a n/a


Highest Price $345



Prediction

Houses 0 Units n/a

ThomsonHouses n/a n/a n/a n/a


Highest Price n/a



Prediction


TorquayHouses $380 $485 +27.6% n/a

Units $400 $385 -3.8% n/a

Highest Price $1200



Prediction


WallingtonHouses n/a n/a n/a n/a


Highest Price $560



Prediction


Wandana HeightsHouses $462 $378 -18.3% n/a


Highest Price $480



Prediction


Waurn PondsHouses $340 $320 -5.9% n/a


Highest Price $490



Prediction


WhittingtonHouses $200 $205 +2.8% n/a

Units $143 $165 +15.4% n/a

Highest Price $303



Prediction


Wye RiverHouses n/a $420 n/a n/a


Highest Price $720



Prediction


The Real Estate Institute of Victoria (REIV) is recognised

for its research, and is acknowledged as the major source

of authoritative research data and statistical analysis on

Victoria’s residential property market.

The REIV has collected sales data from member agents

for over three decades, and as a result have been able

to produce statistics such as median prices. Today

many agents submit results electronically to the REIV

several times per week. Most estate agents also ring the

Industry Call Centre, which is dedicated to the collection

of property sales results. The REIV collects more than

2,000 residential, commercial, and industrial results

throughout Victoria per week.

The statistics in the suburb by suburb profiles are drawn

from the REIV’s historical sales database – Property Data

on Line (PDOL) which includes over three million sales

records including data sourced from industry-owned

portal.

The median price is the middle price in a series of sales.

For example, if fifteen sales are recorded in a suburb and

arranged in order from lowest to highest value, the eighth

sale price is the median price. In the case where there

are an even number of sales in a series, the median is the

average of the middle two prices.

Median prices are used rather than average prices

because median prices are unaffected by a few unusually

high or low prices, making them a more accurate

indicator of true market activity. The lower quartile is the

point where one quarter of the sales are of lesser value

and the upper quartile is the point where one quarter of

the sales are of a higher value.

Median prices are a guide to market activity, and the

REIV does not intend for median prices measures to

be regarded as a valuation tool. The assessment of

an individual property’s value is a job for a qualified

professional, who possesses the knowledge, experience,

and comparable sales information required to do so.

ForecastingForecasts have been developed in partnership between

REIV and respected property market research organisation

Residex. The star ratings are indicative of the annual

growth expected for houses and units in each area.

REIV Copyright Statement & Disclaimer

© 2006 Real Estate Institute of Victoria Ltd. (REIV). All rights reserved. No

reproduction, distribution, or transmission is permitted without the prior

written permission of the REIV.

In compiling information, the REIV has relied upon data supplied by third

parties. The REIV uses recognised statistical techniques in compiling its

data, and this data is checked for accuracy and questionable sales results

are either verified with the selling agent or discarded.

Because the REIV has relied upon data supplied by third parties, the REIV

does not warrant the information’s accuracy or completeness. Subscribers

specifically accept the information on an “as is” basis. To the full extent

allowed by law the REIV excludes liability in contract, tort or otherwise, for

any loss or damage sustained by subscribers, or by any other person or body

corporate arising from or in connection with the supply or use of the whole or

any part of the information in this publication through any cause whatsoever

and limits any liability it may have to the amount paid to REIV for the supply

of such information.

www.realestateview.com.au

How the data in Domain Property Review was compiled

0 <1★ 1-3★★ 3-5★★★ 5-7★★★★ 7-10★★★★★ 10+n/a No forecast available

FORECASTS % growth p/a, next 3-5 years

DOMAIN PROPERTY 65

NAA 066

WAYS TO BUY

YOU’VE found the home of your dreams, had the building inspection carried out and worked out how much you can borrow from your bank. Now, how do

you go about actually buying the property?If it’s for sale by auction, it’s relatively

straightforward. Turn up on the day and bid as high as you can afford to — and want to — go. If you’re the last bidder left standing, you go in and sign the contract with the owner (the vendor). State regulations banning dummy bidding and regulating vendor bidding — introduced in early 2004 — have made auctions very uncomplicated. “During the 15 minutes of the actual auction it’s a very open, transparent marketplace,” says buyer’s advocate Mal James, of James Buyer Advocates.

If you make an offer prior to auction or after a property has been passed in, or if you buy a private listed for private treaty sale (often known as private sale), it is a very different story.

“If you go into a private sale unprepared you can be more at risk than at an auction where you can at least see whether others share your opinion of the property,” Mr James says.

Buyer’s agent Bruce Renowden has been in the industry for about 30 years and has observed with interest the changes in the way private sales are being conducted. “A few years ago, you’d know to offer say 10 per cent less than the asking price and you might negotiate to within 5 per cent of the asking price,” he says. “You also knew that you’d probably get the property if you were prepared to make an unconditional offer at the asking price.”

There’s no such certainty today. Look through any property listing and you’ll be confronted with a range of price listing methods. The single listing price is becoming a rarity. Private sales are marketed using a “price plus” system at, say, $500,000-plus or with no price at all. There are properties advertised as sealed bid sales, sales by set date, price on application, sales by negotiation and expressions of interest.

Even if there is a single asking price quoted you may well be drawn into a bidding war that involves all the stress of an auction, but with little of its transparency.

Buyers are being asked to put in their best offer in the form of a sealed bid, or to increase their offers verbally. Sales by expression of interest and by set date formalise this kind of “blind auction”. Properties are advertised inviting buyers to send in their best offer for a property by a certain time and date, sometimes giving a starting price.

The uncertainty these selling methods pose to buyers and the lack of consistency with which they are conducted within the industry has prompted an inquiry by the Estate Agents Council, a department of Consumer Affairs Victoria.

The Real Estate Institute of Victoria welcomes the inquiry. “We’re concerned that these methods of selling need to be conducted appropriately,” says REIV chief Enzo Raimondo.

Marketing private sales with a bottom price or with no listing price at all is creating confusion for buyers, says Mr Raimondo. “In a private sale, there needs to be a clear indication of what price the vendor is expecting the

Is buying in a private sale better than buying at auction? Karin Derkley looks at the various ways to purchase a property.

‘‘Quote’’Quote attribution


someone else makes a higher acceptable offer,” Mr Fletcher adds.

In the case of a contest between buyers over a private sale, or offers prior to auction or after a property is passed in, the agent may ring each buyer to give them the opportunity to come back with a verbal higher offer.

Offers can either have a deadline or go on indefi nitely until all but one buyer drops out. Alternatively, the agent can suggest buyers send in their best offer in writing by a certain time, enclosing a cheque for 10 per cent of the purchase price. Finally, there is the private, or boardroom, auction where buyers who have made acceptable offers are invited to attend the agent’s offi ce and bid on the property.

“The business of putting in your best offer is horrible,” says Mr Renowden. “If you win you don’t know whether you’ve cleared the pack by $500 or $5000. Everyone is confounded by that kind of situation.”

The transparency of this option can be improved by having buyers assemble at the agent’s offi ce to observe the opening of the envelopes. The vendor arrives shortly after to sign the contract with the winning buyer.

Mr Renowden says the private auction is probably the fairest way to compete for a property in demand. “It’s open and transparent. It starts at a price already acceptable to the owner, and each buyer can to see what others are bidding and outbid each other if they wish.”

But Mr Fletcher says it can often be diffi cult to get buyers to compete over a boardroom table. “People can feel uncomfortable doing that at such close confi nes. They don’t like confl ict.”

In any case, the fi nal decision is up to the seller rather than the agent to make the call on how they want to end a sale.

Mr Raimondo says that in a dynamic market, it may not be possible to have a “one size fi ts all” system, but the REIV and the Estate Agents Board is concerned about the frequency with which private sales are resorting to methods such as private auctions to fi nalise a sale.

“If they’re going to have a private auction, I’d much prefer that was spelt out by the agent from the start and buyers given all the conditions and information they require,” Mr Raimondo says. “You can’t just start with a private sale and then, if you’ve got enough interest, turn it into a private auction.”

According to Mr Raimondo, private auctions must be run along the same lines as a public auction. Paperwork such as the Section 32 and the contract as well as the rules of the auction need to be made available half an hour before the auction commences. As with a public auction, dummy bidding is not allowed.

TO BUY A PROPERTYDo your research so you know how much the property is worth and how much you are prepared to pay.

Be prepared to walk away if the price goes over what you think is fair.

If you buy at an auction, the key is to take other buyers out of their comfort zone.

In a private sale, or sale prior to auction, fi nd a temptation zone for the sellers with an offer they fear may not be repeated. Put a deadline on the offer after which the offer price lapses.

Sellers may be more open to a lower offer after an unsuccessful auction than before.

In a private sale, ask the agent how it will be fi nalised if there are more than one acceptable offers.

Karin Derkley is the author of Buying and Selling a Home for Dummies, published by John Wiley & Sons.

Method in the madness

property to sell for. It’s not an auction where people are bidding against each other in the public sphere,” he says.

Fletchers Real Estate, which operates mainly in the upmarket eastern suburbs, uses the price plus system for many of its private sales. Executive chairman Tim Fletcher says that in a volatile market, putting a single list price for a private sale creates an artifi cial cut-off point. “It would be commercial suicide at the moment to put an upper limit on the price quote,” he says.

Mr Fletcher says that listings with no advertised price are often used for specialised properties that are diffi cult to price. “They’re trying to fl ush out the interest in the market and see what people are prepared to pay.”

What can buyers do in such a situation? Mr Renowden says the fi rst thing to do is to elicit from the agent what kind of price the vendor is seeking. “If it says $300,000-plus, ask: ‘what does this mean? How much does the vendor expect?’ ”

Buyers also need to establish at the outset what will happen if there is more than one acceptable offer. “Ask how the agent will handle the situation if you make an acceptable offer and

‘‘If you go into a private sale unprepared you can be more at risk than at an auction …’’Mal James

real estate & properties for sale & rent - 10sep06 naa 001 · 2015. 6. 2. · naa 006 6...

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