Buyers finally emerge for Mt Eliza homes after months unsold
Listing their Mt Eliza homes when the market started softening in the middle of 2018 proved to be the start of a long waiting game for two vendors.
It was the time when hordes of sellers rushed to market in an effort to sell before prices fell sharply, local agents say.
But the two Mt Eliza properties have only just sold, finally, after being listed for more than eight months and nine months respectively.
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It took a price adjustment and change of agent for 5 Richard Court to land a buyer. It had been listed since last July with $1.49 million being the top of its price guide.
RT Edgar Mt Eliza took over the listing in March and relisted the property with a more realistic price guide and a buyer was found within a week.
It fetched $1.2 million, which was within the vendor’s revised price hopes of $1.2-$1.3 million, agency director Vicki Sayers said.
The median time on market for Mt Eliza, a popular coastal suburb, was 38 days in the year to last December, according to CoreLogic figures.
At 11 Arundel Court, the owners found a young family to take over their long-held property after a 280-day listing.
“The owners were relocating and held on to find the right buyer when many other sellers were reducing their prices by huge amounts,” Eview Group agent Derek Lea said.
“In the end, they did not have a fire sale where some sellers were taking 20-30 per cent price reductions in order to sell.”
The Arundel Court property had revised price hopes of $1.25-$1.295 million from $1.3-$1.4 million and sold for just under $1.25 million.
The elegant single-level home with landscaped gardens and a pool is on a large 2659sq m block. It was bought for just $210,000 in 1988, sales records show.
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