In This Week’s How’s The Market | Edition 166
Now Is The Best Time To Upsize In Melbourne
A Gem On Domain Hill
Now Is The Best Time To Upsize In Melbourne
Right now is one of the best markets you could wish for as an upsizer and here are 3 reasons why.
Great Homes Are Passing In & Dropping In Price.
The upper end of the Melbourne market is very turbulent, and many beautiful high-end homes are currently struggling to sell.
A lot of buyers are looking for perfect 10 out of 10 properties or otherwise they are not making offers.
Those 10 out of 10 homes are still transacting – and often transacting well.
But the 7 or 8 out of 10 homes are passing in and struggling to sell, and then dropping in price.
4 Greendale Road, Glen Iris was the wow factor of the week last week and passed in at auction over the weekend. It has now been listed with a single sale price of $2,995,000.
This is a beautiful home on a great street on a great-sized block that is well renovated. But it doesn’t have a garage.
To see a property like this not sell and then list with a single ask below the top of the advertised range is surprising.
The Lower End Of The Market Is Performing Better Than The Top
If you’re selling a home below $1.5m and buying above $1.5m, the chances are you are selling in a hotter market and buying in a weaker market giving you all the leverage.
We are seeing properties transact with competition in the first home buyer market, particularly from the added interest of investors looking for stronger yields in the post-negative gearing landscape.
If you can sell for a premium and buy at a discount, you can dramatically increase your wealth position and living standards.
The Disparity Between What You Sell For And What You Buy For Favours You
Let’s say you were selling for $1m and buying for $1.5m and let’s assume that the market you sell in has come back by roughly the same percentage as what the home is you’re trying to buy (even though I just said why that is unlikely).
10% on $1m is a $100k discount on your sale price.
10% on $1.5m is a $150k discount on your buy price.
This market will make you materially better off.
The caveat is that you need to be able to coordinate the buy and sell at the same time.
Now, if you are able to sell well and then buy aggressively, you can set yourself up to massively benefit from the current market.
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The Wow Factor!
268 Domain Road, South Yarra, Vic 3141
An incredible home on Domain Hill.
A 1930s, renovated Spanish Mission design.
Why it WOWs:
- Iconic Domain Road address in prestigious South Yarra
- Timeless elegance meets contemporary luxury
- Light-filled, beautifully designed family interiors
- Premium kitchen made for effortless entertaining
- Private outdoor spaces for relaxed alfresco living
- Moments from the Yarra, gardens, cafés & city
$16,000,000 – $17,000,000
Final Thoughts
We have helped multiple clients this year to upsize into incredible properties.
If you would like to see if the numbers could work for you, feel free to book a call and we can discuss if we can help.
Thanks for reading this far!
We value feedback and if you have any suggestions on what you would like covered in the future please email me at [email protected]
Happy Buying!
Note: This is general advice and does not take into consideration your objectives, situations or needs. Please consider if this advice is suitable for you and your circumstances and speak to a professional before making any financial decisions.
