The Camberwell and Canterbury property market this month is stable, and well worth looking into. This area belongs to the Booroonda Council, on the eastern side of Melbourne, close to the city, with a great range of schools to choose from. Buyers looking in the Camberwell area are generally looking here because they want to be in some of these school zones. (Camberwell High School is one example)
In fact, there are several suburbs that creep into the catchment area for Camberwell High, namely, Camberwell, Canterbury, Deepdene, Hawthorn East, Glen Iris, Surrey Hills. Suburbs around this area, can also make application to the school for special inclusions. Check on this with the school you plan attending before you purchase a property out of the catchment zone.
At present (August 2017) there are fewer properties on the market in this area. This is highly likely due to winter being here. No need to worry, Spring is coming, and with it always come a fresh list of property for sale in the Camberwell area. The Median property price in this area is around $1.86M for a 3 bedroom home and this allows families with a healthy $2M budget to find a great family home that can afford some improvements, or with an increased budget, a house that has been renovated, smartened up with no work to be done, move right in!
Off market property in the Camberwell area.
This is great time for off market property as owners have been sitting tight over winter, with the intention of selling in spring. They have relationships with their agents, who know that they are waiting for buyers to come home to them. Get to talk to any agents about off market property, they will have 1 or 2 up their sleeves. Some agencies are selling up to 20% off their properties through this method. It’s OK if you are in the game, but if you are not, you will miss out. It’s great for the seller, as they often save on advertising fees, which can be very expensive at times, especially for the up market areas such as Canterbury.
This weekend we looked at an auction on Beaumont Street Canturbury, Sold by Auction by Jellis Craig.
A great community turn out, with at least 60 people spectating, and 5-6 bidders. The bidding opened at 1.6M and closed at $1.935M – it was on the market at $1.8M – Given the location of this property, I would say this was a fair price, I would at a guess, say the agent had hoped for it to creep over $2M, but the underbidder thought the property was too dark.
This activity shows that this area is stable on price, but I would expect it to catch up on the momentum Melbourne has currently and start to push the 2.2M as a median price range.
Auctions are are easy to bid at, if you have experience.
I advise people to spend time at several auctions before attempting to buy, make sure you write down every bid, so you know what is happening, they move very quickly at times.
The City of Boroondara is in Melbourne’s inner and middle-eastern suburbs, five kilometres east of the central business district. This council contains Ashburton, Balwyn, Balwyn North, Burwood, Camberwell, Canterbury, Deepdeene,Glen Iris, Glenferrie South, Greythorn, Hawthorn, Hawthorn East, Kew, Kew East, Mont Albert and Surrey Hills.
If you have a $2M plus budget, you would do better in this area with a buyers agent.