Buxton Property Values Report Spring Albert Park Middle Park Port Melbourne South Melbourne Southbank St Kilda West

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1 Albert Park Middle Park Port Melbourne South Melbourne St Kilda West Property Values Report Spring 2016

2 Changing buyer mix set to shape Spring property market Welcome to the Spring edition of our Property Values Report, a summary of property sales and related information, delivered to you exclusively by Buxton. We are committed to providing our clients with accurate, credible, relevant market information and have worked in partnership with independent real estate data specialists Property Analytics* to develop this report. The statistics within are designed to give you a deeper understanding of how the residential real estate market is performing across Melbourne, in this region and within your specific neighbourhood. At the beginning of 2015, interest rates were at a record low, and in the 18 months since, the Reserve Bank of Australia (RBA) decided to drop the cash rate a further 1.0%. The impact on the Melbourne property market has been significant. Historically, low and falling interest rates have contributed to increased house prices. With cheaper loan finance homebuyers tend to spend more on properties, demand from investors increases, more property developments go ahead and interest from foreign investors rises. We ve seen all of this play out in Melbourne over the last 24 months. Despite global economic headwinds, instability in domestic politics, and a national economy in transition, the average Melbourne dwelling has increased by more than 11% in the 12 months to June 2016 (CoreLogic). And, competition between buyers persisted in the first half of 2016 with auction percentage clearance rates averaging 73% according to the Real Estate Institute of Victoria. The most recent interest rate drops, on 4 May and 3 August, will likely contribute to sustained buyer demand and further price increases. But the RBA has been mindful of stimulatory affect for more than a year and together with governments and banking institutions, they ve implemented a variety of measures designed to keep a lid on investor activity (particularly from overseas buyers): Higher lending rates and stricter criteria for investor loans Non-lending to non-residents (even Australian citizens) Increased stamp duty and land taxes for foreign purchasers Tightened requirements for, and increased scrutiny of, overseas property investors from the Foreign Investment Review Board These initiatives have impacted lending activity in recent times. In a good sign for the overall health of the market, total new lending (owner occupier and investor) has been stable, but investor lending has been shrinking as a proportion since the middle of last year, and has been falling year-onyear in real terms since September. * Property Analytics ( provides independent statistical information to real estate professionals throughout Victoria and New South Wales. The buyer mix has been changing: investors and foreign buyers have retreated from the market a bit and home buyers are playing an increasingly important role in the market. Moving into Spring we expect strong demand from home buyers, fuelled by record low interest rates and heightened competition for quality homes. In this fast-changing market, it s important to seek professional advice from local market experts. Contact Buxton Albert Park (see back page for details) for an obligation free property appraisal or further information on property market conditions in your area. % owner occupier versus investor lending commitments Lending Commitments data sourced from the Reserve Bank of Australia 60% 50% 40% 30% 20% 10% 0 Owner Occupied 29% 37% 33% 27% Investor Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Oct 15 Mar 16 Jun 16 Population predictions 2026 population predictions are million for Greater Melbourne and million for Regional Victoria. 25 people per square kilometre is the population 2026 density of Victoria and the state continues to have 2021 the fastest population growth rate in Australia Greater Melbourne Regional Victoria 0 2 Million 4 Million 6 Million Property ownership in Victoria Greater Melbourne 34% 40% Regional Victoria Owned Outright Mortgaged Rented Property ownership data sourced from the Australian Bureau of Statistics (Census 2011) 35 is the average days on the market for metropolitan Melbourne properties and 68 days for regional Victoria (June Source: REIV). 71% $401 Is the median weekly rent for houses in metropolitan Melbourne and $295 for regional Victoria (Source: REIV). $395 Is the median weekly rent for units or townhouses in metropolitan Melbourne and $250 for regional Victoria (Source: REIV). June vacancy rates for metropolitan Melbourne were 2.7% and regional Victoria were 2.9% (Source: REIV) Melbourne average gross rental yield Houses = 2.9% and Units = 4.0% (Source: CoreLogic RP Data Professional) of metropolitan Melbourne households and 73% of regional Victoria homes are owned or mortgaged (Source: ABS Census 2011)

3 Property values in your neighbourhood Houses: Units / Townhouses: Area Bedroom 4+ Bedroom All Houses Area Bedroom 3+ Bedroom All Units Number Sold Median $1,550,000 $2,850,000 $2,282,500 Highest $4,000,000 $5,200,000 $5,200,000 Median 3 yr % change 19 1* 70* Number Sold Median $541,250 $1,170,000 $550,500 Highest $1,150,000 $2,320,000 $2,320,000 Median 3 yr % change 14 16* 13 Area Bedroom 4+ Bedroom All Houses Area Bedroom 3+ Bedroom All Units 11 City Rd 10 St Kilda Road Number Sold Median $1,727,500 $3,850,000 $2,005,000 Highest $4,050,000 $3,200,000 $6,565,000 Median 3 yr % change 15 38* 10 Area Bedroom 4+ Bedroom All Houses Number Sold Median $1,570,000 $2,300,000 $1,650,000 Highest $2,800,000 $4,050,000 $4,050,000 Median 3 yr % change Number Sold Median $706,000 $600,000 $704,000 Highest $1,300,000 $2,750,000 $2,750,000 Median 3 yr % change 17-43* -1 Area Bedroom 3+ Bedroom All Units Number Sold Median $688,500 $1,607,500 $902,500 Highest $1,565,000 $1,855,000 $1,855,000 Median 3 yr % change 26* -19* 13 Williamstown Road Boundary St Clarendon St 6 Princes St 5 Pickles St 3 4 Albert Rd Queens Rd 12 St Kilda Road Area Bedroom 4+ Bedroom All Houses Number Sold Median $1,550,000 $2,820,000 $1,745,000 Highest $3,160,000 $7,805,000 $7,805,000 Median 3 yr % change Area Bedroom 4+ Bedroom All Houses Area Bedroom 3+ Bedroom All Units Number Sold Median $730,000 $1,707,500 $932,500 Highest $1,190,000 $1,745,000 $1,745,000 Median 3 yr % change 23* -28* -60* Area Bedroom 3+ Bedroom All Units Number Sold Median $1,100,000 $2,160,000 $1,110,000 Highest $2,250,000 $2,160,000 $2,250,000 Median 3 yr % change 20 71* 21 Area Bedroom 4+ Bedroom All Houses Number Sold Median $1,545,000 $1,960,000 $1,640,000 Highest $2,270,000 $2,900,000 $2,900,000 Median 3 yr % change Area Bedroom 4+ Bedroom All Houses Number Sold Median $1,080,500 $2,205,000 $1,170,000 Highest $2,800,000 $2,950,000 $2,950,000 Median 3 yr % change 15 36* 23 Number Sold Median $620,000 $1,400,000 $650,000 Highest $2,000,000 $2,782,000 $2,782,000 Median 3 yr % change Area Bedroom 3+ Bedroom All Units Number Sold Median $1,100,000 $1,612,500 $1,150,000 Highest $1,405,000 $2,525,000 $2,525,000 Median 3 yr % change 5 14* -14* Area Bedroom 3+ Bedroom All Units Number Sold Median $945,000 $1,250,000 $982,500 Highest $1,410,000 $1,565,000 $1,565,000 Median 3 yr % change 30 31* 27 Beaconsfield Parade 2 Canterbury Rd Area Bedroom 4+ Bedroom All Houses Number Sold Median $1,285,000 $2,020,000 $1,397,500 Highest $2,900,000 $3,970,000 $3,970,000 Median 3 yr % change 7 6* 6 Area Bedroom 3+ Bedroom All Units Number Sold Median $812,250 $1,505,000 $1,009,286 Highest $1,250,000 $2,200,000 $2,200,000 Median 3 yr % change Buxton has divided the map on this page into 12 different property value areas. To find out the median house value in your neighbourhood, simply locate your street on this map to discover which area your property is in, then look up the relevant chart. Data shown is for the financial year ending 30 June, Area Bedroom 4+ Bedroom All Houses Number Sold Median $1,100,000 $1,715,000 $1,200,000 Highest $1,825,000 $1,715,000 $2,200,000 Median 3 yr % change 41 32* 55 Area 10** 1-3 Bedroom 4+ Bedroom All Houses Area 11** 1-3 Bedroom 4+ Bedroom All Houses Area 12** 1-3 Bedroom 4+ Bedroom All Houses Area Bedroom 3+ Bedroom All Units Number Sold Median $573,000 $811,800 $608,000 Highest $1,500,000 $2,280,000 $2,280,000 Median 3 yr % change Area Bedroom 3+ Bedroom All Units Number Sold Median $540,000 $755,000 $553,500 Highest $3,027,500 $2,680,000 $3,027,500 Median 3 yr % change Area Bedroom 3+ Bedroom All Units Number Sold Median $560,000 $1,007,500 $610,000 Highest $1,700,000 $2,700,000 $5,050,400 Median 3 yr % change Area Bedroom 3+ Bedroom All Units Number Sold Median $525,000 $950,000 $550,000 Highest $1,400,000 $2,720,000 $2,720,000 Median 3 yr % change *Median Value Increase in 3 years % figure is statistically unreliable due to insufficient sales volumes. **No house sales recorded during this period.

4 Median sale prices by suburb in the last 3 years Recent local area sales successes Median Value 3 Year % Change Houses Albert Park 18 Middle Park 14 Port Melbourne 31 South Melbourne 26 N/A* St Kilda West 23** St Kilda 14 Units / Townhouses Albert Park 2 Middle Park -1 Port Melbourne 2 South Melbourne 15 2 St Kilda West 13 St Kilda Albert Park sold Albert Park - 29 sold $1,710,000 $937,000 $1,480,000 $1,040,000 $1,450,000 $920,000 $1,200,000 $1,600,000 $2,000,000 $600,000 $800,000 $1,000,000 Middle Park - 50 sold Middle Park - 33 sold $2,000,000 $704,000 $2,275,000 $712,500 $1,750,000 $710,000 $1,500,000 $1,900,000 $2,300,000 $600,000 $800,000 $1,000,000 Port Melbourne sold Port Melbourne sold $1,305,000 $720,000 $1,120,000 $707,500 $995,000 $703,750 $800,000 $1,150,000 $1,500,000 $600,000 $800,000 $1,000,000 South Melbourne - 73 sold South Melbourne sold $1,325,000 $640,000 $1,205,000 $632,500 $1,050,000 $555,000 $800,000 $1,150,000 $1,500,000 Rouse Street, Port Melbourne - Sold for $1,200,000. Sold by Robert Broardhurst. Moray Street, South Melbourne - Undisclosed. Sold by Arthur Apostoleros. Park Street, South Melbourne - Sold for $1,207,000. Sold by Arthur Apostoleros. Cowderoy Street, St Kilda - Sold for $1,271,000. Sold by David Seeber. Maximise your sale price with Buxton Albert Park With sales results like these, it s easy to see why Buxton is a leading agent in your neighbourhood. Our experienced professionals are local area experts and have the proven strategies to market your property to the right buyers. When you appoint Buxton to sell your home, we use advanced buyer profiling and property matching strategies to identify and locate the best buyers those who will pay the most for your property. We then develop a targeted and fully integrated advertising campaign to reach them with outstanding impact and frequency. It all adds up to more of the right buyers and the best possible result. Current buyer enquiry to our office is strong, and if you are considering selling, the time is right. Contact us now and find out how our highly skilled auctioneers and negotiators can maximise your sale price. See the back page of this booklet for contact details. *No house sales recorded during this period. **Median Value Increase in 3 years % change is statistically unreliable due to insufficient sales volumes. N/A* sold $570,500 $815,995 $560,000 $570,000 $560,000 St Kilda West - 23 sold** $2,482,500 $2,425,000 St Kilda West - 69 sold $550,500 $513,000 Graham Street, Port Melbourne - Sold for $546,000. Sold by Robert Broardhurst. Dow Street, Port Melbourne - Undisclosed. Sold by Robert Broardhurst. $1,340,000 $486,000 $1,000,000 $1,750,000 $2,500,000 St Kilda - 97 sold $1,102,500 $1,000,000 $963,000 $800,000 $1,000,000 $1,200,000 St Kilda sold $488,000 $468,000 $465,500 About median values The median value is a more reliable figure than an average price. This is used as an indicator of price trends in a particular area. That s why median prices are used by Buxton, the Real Estate Institute of Victoria and the Valuer General. Simply, the average price is obtained by adding up the value of all sales and dividing that figure by the number of sales. The median average is the middle price when all sales are arranged in order from highest to lowest. Data shown is for the financial year ending 30 June, Please note that figures relate to sales of individual residential properties only, and exclude sales of multiple dwellings in single transactions (e.g. blocks of units), vacant land, and commercial real estate. The data on these pages also includes Valuer General data and because of the delay in receiving it, the 2016 data may be missing some sales taking place towards the end of the financial year. Also be aware that if any area has aparticularly low number of sales during any period, this may unfairly influence the trend. Whilst every care has been taken to confirm the accuracy of the information presented, neither the authors, editors or publishers can be responsible for errors or omissions or for any consequences from application of the information given.

5 If you are considering selling and would like to achieve the highest price possible, contact the local area experts - Buxton Albert Park. Or, for an accurate, obligation free market appraisal call us now on Arthur Apostoleros Matthew Young David Seeber Robert Broadhurst James Nicolaou Rohan White Georgia Bardoel Brianna Tyson Albert Park 27 Victoria Avenue