just some notes for the sceptics...foreign ownership has been eased...so you have a bit more competition than you realised, and cashed up buyers paying multi millions for the houses...they are not on a low wage, but may give the fhb some competition as well.....
couple of points to note those auctions at the w/e at 80% clearance...you will find they are selling a higher number by private treaty rather than auctions..
and its now easier for foreigners to buy,and thats what they are doing....if you want to know whats really going on check out this site...loads more million dollar homes changing hands...these are buyers advocates...looking for the best lowest prices for the dream home buyers
http://www.morrellandkoren.com.au/topend/
Bayside: Invasion of the property snatchers.
Last December, while the rest of us were breaking up for Christmas, our Assistant Treasurer quietly announced proposed changes to the Foreign Investment Review Board regulations governing the purchase of residential property by foreign nationals. The changes were implemented in March and have greatly relaxed the restrictions and reporting requirements on non-Australian citizens buying a home or land.
For the observant, evidence of these changes has become apparent over the past three months; with a marked increase in the numbers of overseas buyers attending open houses and auctions.
Agents seem to have been caught flat-footed and are largely unaware of the amendments - but are obviously grateful for the increased traffic. No doubt some are even taking credit for attracting this new class of buyers claiming it is the result of their fabulous marketing or incredible web presence. Or charisma.
Whatever.
In reality, it’s the buyers who are a step ahead and are taking advantage of the changes to buy into the weakened top end of the Bayside market; Brighton in particular.
Last week we reported the sale of 49 South Road, Brighton for $4.25 million to a Chinese buyer. It seems this is only the beginning.
This week 15 Kent Avenue, Brighton has finally been sold after languishing on the market for almost 12 months. Originally being touted at over $5.25 million, agent number three has found a buyer at last. It sold before last Saturday’s scheduled auction for the sobering price of $4.225 million to another overseas buyer.
The same vendor has also offloaded a vacant allotment at 4 Miller Street, Brighton for $3.85 million. Originally marketed as the site of two luxury new homes with sweeping bay views, development plans were shelved recently due to lack of interest. This buyer is a local, having just sold a landmark residence at 32 Middle Crescent (see our report of the 30th March), for a price now believed to be much closer to $10 million, and intends to build a new family residence on the site.
Over in East Brighton, the agent has done the almost impossible by finally selling 13 Lysander Street. The newish house was not blessed with universally appealing looks, but was spotted on the internet by another overseas buyer and it was love at first sight. The keys changed hands for $1.85 million.
Last week we reported a passed-in result at 328 St Kilda Street, Brighton with a post auction price of $2 million+. The property has now been sold to another overseas buyer for $2.3 million. It’s 1500sq m and a potential development site, we will keep a keen eye out for a planning application sign to appear on the front fence.
Over the road in The Golden Mile, 4 St Ninians Court has been sold for $3.025 million. It’s 690 sq m (7425 sq ft), a level and vacant site carved from a neighbouring property.
The standout sale for the week is the relatively efficient sale of 19 North Road, Brighton. Designed by Charles Webb, the 1886 property sits on 2440 sq m (26,300 sq ft) and has not been touched in many many years. A local admirer has paid a price believed to be in the vicinity of $6.75 million against a private sale offering price of $7.3 million.
Bayside auctions (with the exception of Bentleigh) took a back seat to the number and scope of private sales negotiated throughout the week.
Following the disgraceful performance at 3 Butler Street, Brighton last Sunday, auctioneers and agents were largely on their best behaviour with most properties selling within an acceptable margin of the quote.
couple of points to note those auctions at the w/e at 80% clearance...you will find they are selling a higher number by private treaty rather than auctions..
and its now easier for foreigners to buy,and thats what they are doing....if you want to know whats really going on check out this site...loads more million dollar homes changing hands...these are buyers advocates...looking for the best lowest prices for the dream home buyers
http://www.morrellandkoren.com.au/topend/
Bayside: Invasion of the property snatchers.
Last December, while the rest of us were breaking up for Christmas, our Assistant Treasurer quietly announced proposed changes to the Foreign Investment Review Board regulations governing the purchase of residential property by foreign nationals. The changes were implemented in March and have greatly relaxed the restrictions and reporting requirements on non-Australian citizens buying a home or land.
For the observant, evidence of these changes has become apparent over the past three months; with a marked increase in the numbers of overseas buyers attending open houses and auctions.
Agents seem to have been caught flat-footed and are largely unaware of the amendments - but are obviously grateful for the increased traffic. No doubt some are even taking credit for attracting this new class of buyers claiming it is the result of their fabulous marketing or incredible web presence. Or charisma.
Whatever.
In reality, it’s the buyers who are a step ahead and are taking advantage of the changes to buy into the weakened top end of the Bayside market; Brighton in particular.
Last week we reported the sale of 49 South Road, Brighton for $4.25 million to a Chinese buyer. It seems this is only the beginning.
This week 15 Kent Avenue, Brighton has finally been sold after languishing on the market for almost 12 months. Originally being touted at over $5.25 million, agent number three has found a buyer at last. It sold before last Saturday’s scheduled auction for the sobering price of $4.225 million to another overseas buyer.
The same vendor has also offloaded a vacant allotment at 4 Miller Street, Brighton for $3.85 million. Originally marketed as the site of two luxury new homes with sweeping bay views, development plans were shelved recently due to lack of interest. This buyer is a local, having just sold a landmark residence at 32 Middle Crescent (see our report of the 30th March), for a price now believed to be much closer to $10 million, and intends to build a new family residence on the site.
Over in East Brighton, the agent has done the almost impossible by finally selling 13 Lysander Street. The newish house was not blessed with universally appealing looks, but was spotted on the internet by another overseas buyer and it was love at first sight. The keys changed hands for $1.85 million.
Last week we reported a passed-in result at 328 St Kilda Street, Brighton with a post auction price of $2 million+. The property has now been sold to another overseas buyer for $2.3 million. It’s 1500sq m and a potential development site, we will keep a keen eye out for a planning application sign to appear on the front fence.
Over the road in The Golden Mile, 4 St Ninians Court has been sold for $3.025 million. It’s 690 sq m (7425 sq ft), a level and vacant site carved from a neighbouring property.
The standout sale for the week is the relatively efficient sale of 19 North Road, Brighton. Designed by Charles Webb, the 1886 property sits on 2440 sq m (26,300 sq ft) and has not been touched in many many years. A local admirer has paid a price believed to be in the vicinity of $6.75 million against a private sale offering price of $7.3 million.
Bayside auctions (with the exception of Bentleigh) took a back seat to the number and scope of private sales negotiated throughout the week.
Following the disgraceful performance at 3 Butler Street, Brighton last Sunday, auctioneers and agents were largely on their best behaviour with most properties selling within an acceptable margin of the quote.
