McCrae property: ‘realistic sellers’ still rewarded with solid results
McCrae sellers braving softer market conditions are being rewarded for their efforts.
Despite steep price falls, by as much as 15 per cent since the market downturn more than a year ago, recent results may offer comfort to sellers heading to the market.
The coastal suburb’s house prices have fallen sharply over the past year after a decade of strong growth.
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There were just 68 house sales in the 12 months to this March, with a median price of $767,500. Over the same period to March 2018, there were 89 sales, CoreLogic data shows.
The median price also fell 6.6 per cent in the three-month period to March, the sharpest decline among Mornington Peninsula suburbs. Over 12 months, the median price dropped 4.4 per cent.
This was in sharp contrast to the 31.8 per cent and 44.3 per cent rises in median price over a three-year and 10-year period.
While weaker results have led to lower listings numbers, there has been greater buyer interest and demand, according to Hocking Stuart Rosebud/Dromana director Grant McConnell.
“While prices have fallen, by as much as 15 per cent, realistic sellers are still getting good prices and we are finding the market quite buoyant,” he said.
The agency has sold more than 20 homes in McCrae and surrounding areas since May.
Mr McConnell estimated that some McCrae sellers were getting as much as 10 per cent above expectations or selling within their price hopes.
The auction of 4 Murray St saw the six-bedroom home with bay views sold $85,000 above reserve for $1.265 million.
“Six-bedroom listings are rare and the buyer is an investor from the city who intends to lease it as a holiday home and move down eventually,” Mr McConnell said.
There were three bidders for the home that had a $1.1-$1.2 million price guide and a reserve of $1.18 million. The agency also sold 2 Murray St for $1.203 million in April.
Such properties could have sold for more than $1.4 million in the past when the market was stronger, one local agent said.
Mr McConnell also recently sold a two-bedroom beach house at 7 Prospect Hill Rd for $1.07 million at a premium of more than 10 per cent.
The agency also recently listed 701 Point Nepean Rd, McCrae with price hopes of $2.5 million. If it sells around this range, the new home will be the second highest sale in the area.
Mr McConnell sold the most expensive house in the suburb at 5-7 Coburn Ave for $2.9 million in 2015.
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