Mt Eliza market: buyers in spring-buying mode but scarce winter listings
The spring buying season has crept up early in one Mornington Peninsula suburb.
Strong sales in July, following a steady June market, has seen agents in beachside Mt Eliza scrambling for more listings.
“We are seeing spring buyer demand with winter stock levels in Mt Eliza,” agency director Nicholas Lynch said.
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“Stocks are drying up and there are multiple buyers for each property.”
The number of properties listed for sale is currently tracking at the lowest level since 2010 nationwide, according to latest CoreLogic research.
The number of newly advertised properties for sale in Melbourne is the lowest on record for this time of year, although there has been a slight increase in new stock in recent weeks.
Fresh listings are currently 29.3 per cent lower than a year ago, the data showed.
Mr Lynch said prices in Mt Eliza dropped a little at the start of the year but have picked up again with the winter selling season.
“Prices are back to where they were before the market slowed,” Mr Lynch said.
Mt Eliza’s median house price has remained steady at $1.195 million over the 12 months to April, CoreLogic data show.
This was a modest 1.3 per cent growth over a year but a small 0.4 per cent decline over the quarter to April.
Among the six peninsula suburbs with million-dollar median house prices, Mt Eliza’s median price recorded the smallest decline over the quarter.
The more expensive suburbs of Flinders and Portsea had price falls of more than 5 per cent over the same period.
Sales volumes continued to be steady in Mt Eliza, with 272 house sales over the 12 months to April.
For RT Edgar Mt Eliza, the winter months often chalk up the most sales.
“We have had a very strong month in July, with several large sales and an off-market deal of $3.5 million at 41 Rosserdale Crescent in Mt Eliza,” director Vicki Sayers said.
She said lower stock levels compared to 2018 had helped prices remain steady.
“Mt Eliza is a stable market and prices have not softened too much,” Ms Sayers added.
“Buyers are cautious but we are seeing them enter the market and buying before the end of the year.”
Ms Sayers also noted more “spirited bidding” at auctions in Mt Eliza and private sale results well above the price expectations of vendors.
With strong buyer demand, agents are hoping vendor sentiment will also improve and see more listings come spring time.
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