Posted via email from Marshall White

Posted via email from Marshall White

Auction activity has begun to wind down in preparation for the Christmas break however buyer confidence continues to improve buoyed by the second interest rate cut in as many months.

Marshall White sold 18 properties on the weekend including 3 that were sold prior to auction. Competition was robust at many of the auctions as multiple bidders vied for a pre-Christmas purchase.

A stylishly renovated period residence at 5 Albion Rd, Glen Iris sold very well after 6 separate parties competed at the auction, while also on Saturday, 5 prospective buyers bid for a family residence at 10 Bruce St, Malvern East.

Although only a handful of homes will be auctioned next weekend there are still some excellent properties available for private sale in the lead up to Christmas.

Posted via email from Marshall White

Strong Sales Results

The first Summer auctions of the year attracted a noticeable increase in buyer interest. Strong bidding from multiple buyers at Marshall White auctions produced a very pleasing success rate of 74 per cent for our vendors. Amongst the 25 properties that were sold either at or before auction by Marshall White were the week’s highest reported house and apartment sales according to The Age. The auction of an original Victorian residence at 31 Adelaide St, Armadale produced a result that was a staggering $825,000 above the reserve when it sold for $2.425 million. In another auction an exclusive sub-penthouse apartment at 17.3/193 Doma in Rd, South Yarra also sold well for a price of $2.25 million.

Interest Rates Cut Again

For the second consecutive month the Reserve Bank Board has decided to cut interest rates by 0.25 per cent. This is good news for mortgage holders over the Christmas break. The RBA will not meet again until February when there is already speculation of a further rate reduction if the current European economic turmoil is not resolved.

Posted via email from Marshall White

Good Auction Results

In the final few weeks of 2011 auction numbers are strong and bidding continues to be competitive for many properties. Marshall White sold 21 properties at or before auction on the weekend including 5 that achieved prices above the $2 million mark. In the Sunday Age, Marshall White Director, John Bongiorno described the state of the property market: ”We sold just over $32 million worth of real estate (on Saturday). There is good activity out there- at a price. I think the greatest deterrent to this market is negative commentary. There has never been a better time to buy an investment property.” There are now only 3 weekends of auctions remaining in which to secure a property before Christmas.

Consumers in a Good Position to Buy

“The latest home-finance index confirms that property consumers collectively have everything in their favour but are disinclined to take action. They await some magical signal that it’s OK to buy something. There’s a paucity of confidence, certainly, but the biggest problem is the inability of the average punter to think and act independently.

According to the Commonwealth Bank/Mortgage & Finance Association of Australia Home Finance Index for September, Australians are well-positioned financially but are reluctant to act. Consumers’ savings are healthy and their mortgage stress is low…Reticence about buying property seems linked to the perceived state of the economy, not the personal financial state of consumers.”

(Source: Terry Ryder, The Weekend Australian, 26-27 Nov, 11)

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Posted via email from Marshall White

The interest rate cut at the beginning of the month appears to have boosted confidence amongst property buyers.

Marshall White sold 11 properties at auction on the weekend, one more prior to auction and also achieved the weekend’s highest reported price in The Age for 6 Scott Grove, Glen Iris.

Several auctions attracted strong bidding from multiple buyers including 18 Silver St, Malvern where bids from 5 separate parties resulted in a price of $1.62 million for a comfortable timber period residence.

The auction of a stately Victorian residence at 150 Williams Road, Prahran also attracted 5 bidders who drove the price to a pleasing $1.635 million.

Posted via email from Marshall White

Stanford Weill, the former chairman and CEO of Citigroup, just listed his lavish Manhattan penthouse for…drumroll please…$88 million. According to the Wall Street Journal, Weill and his wife Joan are hoping to downsize their digs and acknowledged that in this economy it’s "a pretty good time" for wealthy Americans "to be quiet."

The Weills bought the full-floor penthouse at 15 Central Park West for $43.7 million in August 2007, which was the highest paid price per square foot at the time. The penthouse boasts ceilings as high as 12.5 feet, 19 glass doors, four bedrooms, 6.5 bathrooms, and a 33-foot-wide living room. Needless to say, the impeccable spread typifies luxury living at its finest.

View the full article at NBC.com ->

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They must have taken out a mortgage at Barklays. How else could a pair of Great Danes get their paws on this £250,000 kennel? The bespoke doghouse is being built on an exclusive estate near Cirencester in Gloucestershire.

Inside, the dogs will sleep on sheepskin-lined, temperature-controlled beds, soothe their aches in an 18in-deep spa, howl along to a £150,000 sound system and watch dog-friendly programmes on a 52-inch plasma TV.

Automatic dispensers will ensure that chilled, filtered water and deluxe dry food are always available.

The two dogs will each have a bedroom with large windows which overlook their own private playground. ‘Dog-vision’ webcams allow their owner to monitor their activity 24 hours a day, while climate control ensures they are kept warm. There will be a sophisticated retina scanner installed at the front door to stop any other dogs getting in – something the Great Danes may view as a bit of a party pooper.

View the full article at The Daily Mail ->

Posted via email from Marshall White