Auction Saturday 19th May at 12:00 PM 23 Park Square Port Melbourne $1,000,000 – $1,100,000 Scott Banks Real Estate Group 1300 537 274

A clearance rate of 63 per cent was recorded today compared to 61 per cent last weekend and 52 per cent this weekend last year.

This weekend last year marked a turning point in the auction market, with the clearance rate falling to the mid- to low 50s throughout winter and into the spring. At this point, that outcome looks unlikely of being repeated this year, which is positive news for vendors.

There were 567 auctions reported to the REIV today with 358 selling and 209 being passed in, 127 of those on a vendors bid.

Next week the REIV estimates 600 auctions will be conducted followed by 680 the following week.

Enzo Raimondo
CEO REIV Continue reading →

329 Beach Road Black Rock For Sale by Negotiation contact Scott Banks Real Estate Group Pty Ltd 1300 537 274

A clearance rate of 62 per cent was recorded today compared to 58 per cent last weekend and 58 per cent this weekend last year.

The decrease in interest rates announced earlier this week may help stimulate activity levels however it is unlikely we will see any noticable impact for another few weeks as in addition to the rate cuts other economic indicators such as unemployment levels and consumer confidence will need to improve if we are to see an increase in activity and prices.

There were 555 auctions reported to the REIV today with 346 selling and 209 being passed in, 123 of those on a vendors bid.

Next week the REIV estimates 640 auctions will be conducted followed by 610 in a fortnight. These volumes highlight the underlying soft conditions.

Enzo Raimondo
CEO REIV Continue reading →

23 Park Square Port Melbourne for auction Saturday 19th May 2012 at 12:00 PM contact Scott Banks Real Estate Group 1300 537 274

The Melbourne residential auction market is currently providing very consistent outcomes and this weekend is no different with a clearance rate of 60 per cent achieved.

This compares to 59 per cent last weekend and 56 per cent on this weekend last year.

There were 491 auctions reported to the REIV today with 294 selling and 197 being passed in, 123 of those on a vendors bid.

Announcements on Tuesday of the state budget and interest rates have the potential to improve consumer confidence, the economy and the property market over the coming months.

Next weekend the REIV expects around 670 auctions followed by 650 in a fortnight.

Enzo Raimondo Continue reading →

 46 Otira Road North Caulfield for sale by negotiation contact Scott Banks of Scott Banks Real Estate Croup 1300 537 274

The auction clearance rate recorded today was 62 per cent, compared with 54 per cent last weekend.

There were 487 auctions reported to the REIV today with 301 selling and 186 being passed in, of those 116 were passed in on a vendors bid.

Next weekend around 580 auctions are expected and auction numbers for the next 4 weekends are broadly in line with the same period in 2011, confirming that underlying fundamentals have not changed substantially.

The increase in the clearance rate today is a positive sign that confidence in the residential market may be starting to improve.

If the next interest rate movement is a reduction, as is speculated, and that is actually passed on by the retail banks to borrowers it may further increase activity over winter.

Enzo Raimondo
CEO REIV Continue reading →

Block of 3 Units, Renovated, Beachside, Separate Titles! Returning $47,840 PA Contact Scott Banks Real Estate Group P/L 1300 537 274

The auction clearance rate recorded today is 55 per cent, compared with 61 per cent this weekend last year. No clearance rate was published last weekend due to Easter.

This weekends result provides a clear indication that further interest rate increases by the banks would negatively impact demand and confidence in the residential property market.

There were 356 auctions reported to the REIV today with 197 selling at auction or shortly after, and 159 being passed in. Of those 111 were passed in on a vendor bid.

The March quarter median prices released by the REIV show that residential property prices have remained relatively flat for the quarter with the median house price at $535,000. By comparison the median price of a house sold at auction during the quarter was $716,000, an increase 2.3 per cent from $700,000 in the December quarter.

Approximately 610 auctions are expected next weekend.

Enzo Raimondo
CEO REIV Continue reading →

1201/39 Caravel Lane Docklands SOLD at auction on 3rd March 2012 by Scott Banks Real Estate Group P/L

The auction clearance rate recorded today was 58 per cent, compared with 61 per cent last weekend, and 65 per cent this weekend last year.

Due to the public holiday on Monday there are less auctions than a normal weekend.

There were 165 auctions reported to the REIV today with 96 selling and 69 being passed in. Of those 39 were passed in on a vendor bid

We expect to see around 700 auctions conducted next weekend.

Enzo Raimondo
CEO REIV Continue reading →

The Reserve Bank kept the cash rate at 4.25% at its March meeting today, but eyes will now turn to the big banks and what their rate policies will deliver.

In a surprise twist, it seems the case for leaving rates on hold was actually boosted yesterday by ANZ research which revealed demand for labour remains strong. This is an indication the banks may begin to align with RBA recommendations for the cash rate.

There was speculation the RBA may cut rates this month, but impending CPI data has again kept them on the sidelines. Continue reading →

329 Beach Road Black Rock For Sale by Private Negotiation contact Scott Banks 0411 700 099 

Today’s auction clearance rate was 58 per cent, compared to 64 per cent last weekend, and 63 per cent on this weekend last year.

The small reduction in the clearance rate follows a doubling of the number of auctions compared to last weekend.

A total of 546 auctions were reported to the REIV today. Homes sold comprise 317 of the total. The remaining 229 were passed in, 149 of those on a vendor’s bid.

Next weekend the REIV expects 880 auctions followed by 870 in a fortnight.

Enzo Raimondo
CEO REIV Continue reading →

21 Luckins Road Bentleigh passed in at auction $1,310,000 Reserve Undisclosed

The clearance rate this weekend is 55 per cent compared to 53 per cent last weekend and 57 per cent this weekend last year.

There is only one more normal weekend of auctions this year and it appears that the overall clearance rate in 2011 will be 56 per cent.

There has been a total of 741 auctions reported this weekend of which 408 sold and 333 were passed in, 209 of those on a vendors bid.

Next weekend the REIV expects 615 auctions.

Enzo Raimondo
CEO REIV Continue reading →

The Reserve Bank has given retailers and borrowers something to cheer about.

The Reserve Bank has delivered an early Christmas gift to borrowers and retailers by cutting its key interest rate for the second month in a row.

The central bank cut its cash rate 25 basis points to 4.25 per cent, marking the first back-to-back monthly cuts since April 2009.

If passed along in full by the banks, today’s cut will save the average mortgage holder – with a $300,000, 25-year mortgage – about $47 a month. Retailers had been calling for a rate reduction to help bolster tepid sales heading in the final few weeks of 2011. Continue reading →

Auction this coming Saturday at 3:30 pm Stately and simply stunning! 21 Luckins Road Bentleigh

The clearance rate from this weekend’s auctions is 55 per cent compared to 51 per cent last weekend and 60 per cent this weekend last year.

For the fifth week in a row there has been no substantive change in the level of demand at auctions and the REIV expects the current state of the market to continue till the end of the year.

There has been a total of 683 auctions reported of which 374 sold and 309 passed in, 216 of those on a vendors bid.

The REIV expects around 900 auctions next weekend.

Enzo Raimondo
CEO REIV Continue reading →

Large Penthouse apartment available great central sought after location close to all facilities

The clearance rate from this weekend’s auctions is 54 per cent compared to 51 per cent last weekend and 60 per cent this weekend last year.

For the fifth week in a row there has been no substantive change in the level of demand at auctions and the REIV expects the current state of the market to continue till the end of the year.

There has been a total of 656 auctions reported of which 353 sold and 303 passed in, 211 of those on a vendors bid.

The REIV expects around 900 auctions next weekend.

Enzo Raimondo
CEO REIV Continue reading →

Penthouse with city views 2 bed 2 bath 1 car great development construction commenced completion mid 2012, large stamp duty savings contact Scott Banks 0411 700 099

The clearance rate this weekend is 53 per cent compared to 50 per cent last weekend and 59 per cent this weekend last year.

Results from the last months auctions show how evenly balanced the market is with half the auctions resulting in a sale. This provides buyers with considerable opportunities to make offers on homes that are not being sold at their auction.

There were a total of 899 auctions reported of which 477 sold and 422 were passed in, 264 of those on a vendors bid.

Next weekend the REIV expects around 800 auctions and 925 the weekend after.

Enzo Raimondo
CEO REIV Continue reading →

21 Luckins Rd Bentleigh for auction Saturday 10th December at 3:30 contact Scott Banks for further details 0411 700 099

The clearance rate this weekend is 53 per cent compared to 50 per cent last weekend and 59 per cent this weekend last year.

Results from the last months auctions show how evenly balanced the market is with half the auctions resulting in a sale. This provides buyers with considerable opportunities to make offers on homes that are not being sold at their auction.

There were a total of 855 auctions reported of which 452 sold and 403 were passed in, 248 of those on a vendors bid.

Next weekend the REIV expects around 800 auctions and 925 the weekend after.

Enzo Raimondo
CEO REIV Continue reading →

Prestigious luxury apartment in the Nolan Building 3 bedroom 2 bathroom 2 cars great marina and city views a first class apartment! Contact Scott Banks 0411 700 099

The Melbourne auction market has been typified by consistently moderate levels of demand this year and this weekend is no different with a clearance rate of 53 per cent being recorded.

2/1 Scott Street Elwood classic Art Deco apartment in sought after Elwood location contact Scott Banks for further details 0411 700 099

The Melbourne auction market has been typified by consistently moderate levels of demand this year and this weekend is no different with a clearance rate of 52 per cent being recorded.

Australian model and TV presenter, Jennifer Hawkins is selling her Coogee home for $2.5 million

Continue reading →

Fawkner Towers

431 St Kilda Road Melbourne

Penthouse Pool and chill out area

The clearance rate this weekend is 54 per cent compared to 50 per cent on each of the past two weekends and 59 per cent this weekend last year.

21 Luckins Road Bentleigh For Sale by Private Negotiation Contact: Scott Banks 0411 700 099

The clearance rate this weekend is 53 per cent compared to 50 per cent on each of the past two weekends and 59 per cent this weekend last year.

Roof top pool for the Penthouses 431 St Kilda Road Melbourne

The clearance rate this weekend is 53 per cent compared to 50 per cent last weekend and 59 per cent for this weekend last year.

GREAT investment opportunity here 1 bedroom 1 bathroom 1 car space prime inner city location available off the plan ONLY $349,000…reduced $46,000 for quick sale act fast will not last! Rare find… this one has it all, the best street in the area, leading developer, boutique modern building, award-winning Australian architects Jackson Clement Burrows and easy walk to the retail, dining and cafe Mecca Chapel Street.

The clearance rate this weekend is 52 per cent compared to 50 per cent last weekend and 59 per cent for this weekend last year.

Statement by Glenn Stevens, Governor: Monetary Policy Decision

Recent information is consistent with a moderation in the pace of global growth, though fears of a major downturn have not been borne out so far. The  pace of US economic expansion picked up in the September quarter, but is still only moderate and leaves considerable spare capacity. China’s growth has slowed, as policymakers there had intended. Output in Asia has now recovered from the effects of the Japanese earthquake, and domestic demand in the region is generally expanding. Trade performance, however, is starting to see some effects of a significant slowing in economic activity in Europe, where the prospects are for economic weakness to continue. Commodity prices, while still at high levels, have generally declined over recent months. Continue reading →

3 May Road Toorak  – exceptional opportunity is a first class location

The clearance rate this weekend is 53 per cent compared to 53 per cent last weekend and 66 per cent this weekend last year.

It has been twelve months since the Reserve Bank last increased interest rates.  This Tuesday, buyers, sellers and mortgage holders will be hoping to see a cut to rates and if it occurs it will help encourage more buyers into the market, particularly in 2012.

There were a total of 362 auctions reported this weekend of which 193 sold and 169 were passed in, 113 of those on a vendors bid.

The REIV expects around 595 auctions next weekend followed by 870 the weekend after.

Enzo Raimondo
CEO REIV Continue reading →

The clearance rate this weekend is 54 per cent compared to 53 per cent last weekend and 66 per cent this weekend last year.

Local shares have recovered from early losses after the Australian Bureau of Statistics released its latest quarterly consumer price figures.

The official data show inflation slowed in the September quarter from 0.9 to 0.6 per cent, in line with most economists’ expectations.

The most significant price rises during the quarter were for utilities, including electricity, rent, water and property rates.

These rises were offset by a fall in prices for fruit and vegetables, fuel and automotive costs.

Underlying inflation, which is the Reserve Bank of Australia’s preferred measure, saw a very small rise, putting the annual rate right in the middle of the RBA’s target range. Continue reading →

A Melbourne Cup rate cut is by no means a sure thing.                       

The clearance rate this weekend was 55 per cent compared to the 54 per cent recorded last weekend. The clearance rate this weekend last year was 67 per cent. It’s important to note that the number of auctions was higher last year with 1,127 homes offered for sale.

This weekend there has been 741 auctions reported of which 409 sold and 330 were passed in, 229 of those on a vendors bid.

Next weekend 445 auctions are expected, a lower number than this weekend due to the Melbourne Cup being raced on the following Tuesday.

Enzo Raimondo
CEO REIV Continue reading →

A very busy day in Melbourne with Auctions and Open For Inspections yielding a 56% clearance according to results reported to the REIV so far this weekend

The clearance rate this weekend was 56 per cent. This is a small improvement when compared to the 54 per cent recorded last weekend. The clearance rate this weekend last year was 67 per cent. It’s important to note that the number of auctions was higher last year with 1,127 homes offered for sale. This weekend there has been 703 auctions reported of which 391 sold and 312 were passed in, 218 of those on a vendors bid. Next weekend 445 auctions are expected, a lower number than this weekend due to the Melbourne Cup being raced on the following Tuesday.
Enzo Raimondo
CEO – REIV

Continue reading →

Lara Bingle has filmed a reality show  pilot. Picture: Fiona Hamilton Source: Herald Sun

WITH her life playing out like a soap opera in recent years, bungle-prone Lara Bingle has decided to own her dramas through a reality TV series.

Bingle has exposed her life to the cameras in a pilot for a reality show and is weighing up whether to push ahead with a full-blown series.

The sultry swimwear model, and headline magnet thanks to her regular dating dramas, has sought advice for the project from US TV host Ryan Seacrest, who is an executive producer of the wildly successful Kardashian family reality TV juggernaut, as well as close pal, radio shock jock Kyle Sandilands. Continue reading →

YOUR FREE Suburb Report: email your Suburb to: free@scottbanks.com.au  Sample Report

1          Demographic Data

2          Home Ownership Data

3          5 Yrs Median House Price

4          5 Yrs Median Unit Price

5          Capital Growth Rates

This information will help you to become more informed when making decisions to buy, sell or invest. Powered by information collected by the Real Estate Institutes in Victoria and New South Wales as well as data collected from agents in South Australia, the data provides you with the access to the same comprehensive, accurate and up to date property sales information relied upon by estate agents, valuers and Australia’s major banks.

Simply email YOUR Suburb to: free@scottbanks.com.au  Sample Report

Shadow treasurer Joe Hockey is calling on the Reserve Bank to cut interest rates after the International Monetary Fund (IMF) advised Australia to delay its return to surplus.

The IMF has told finance ministers of the world’s Group of 20 nations the forces that caused the Great Depression in the 1930s are alive again.

But Mr Hockey has rebuffed the IMF’s call for Australia to postpone a planned return to surplus in 2013.

“The government should not delay any surplus because the government is enjoying the best terms of trade in 140 years,” he told reporters in Sydney.

Continue reading →

This graph shows a recent history of median house prices in Melbourne. The impact of the GFC is clear in late 2008, as is the recovery in 2009. The market peaked in late 2010.

Concerns about the international economy and negative consumer sentiment have translated into reduced demand and a lower median.

A clearance rate of 55 per cent has been recorded from this weekends auctions compared to 51 per cent last weekend and 66 per cent this weekend last year.

The REIV’s September quarter property update shows that the median price of a home sold at private sale has dropped by 1 per cent, from
$485,000 to $480,000 since the June quarter. This is a better result than was recorded for homes sold at auction whose median price dropped by 5.1 per cent from $725,750 to $690,500 and is a reflection that there is greater demand for more affordable homes.

There were a total of 633 auctions reported of which 349 sold and 284 were passed in, 192 of those on a vendors bid.

Next weekend auction numbers increase again with 880 homes expected to be offered for sale.

Enzo Raimondo
CEO REIV Continue reading →

A clearance rate of 54 per cent has been recorded from this weekends auctions compared to 51 per cent last weekend and 66 per cent this weekend last year.

The REIV’s September quarter property update shows that the median price of a homes sold at private sale has dropped by 1 per cent, from
$485,000 to $480,000 since the June quarter. This is a better result than for homes sold at auction whose median price dropped by 5.1 per cent from $725,750 to $690,500. This is reflection that the greater demand for more affordable homes.

There were a total of 576 auctions reported of which 313 sold and 263 were passed in, 175 of those on a vendors bid.

Next weekend auction numbers increase again with 880 homes expected to be offered for sale.

Enzo Raimondo
CEO REIV Continue reading →

Buyers, owners and sellers may have welcomed the decision by the Reserve Bank to keep interest rates stable this week but it was not reflected in an improvement in buyers confidence or the clearance rate this weekend.

The clearance rate is 53 per cent compared to 65 per cent this weekend last year.

There have been a total of 501 auctions reported of which 266 sold and 235 were passed in, 172 of those on a vendors bid.

Next weekend the REIV expects 720 auctions to be held.

Enzo Raimondo
CEO REIV Continue reading →

Buyers, owners and sellers may have welcomed the decision by the Reserve Bank to keep interest rates stable this week but it was not reflected in an improvement in buyers confidence or the clearance rate this weekend.

The clearance rate is 54 per cent compared to 65 per cent this weekend last year.

There have been a total of 484 auctions reported of which 260 sold and 224 were passed in, 162 of those on a vendors bid.

Next weekend the REIV expects 720 auctions to be held.

Enzo Raimondo
CEO REIV Continue reading →

The Reserve Bank has left its key interest rate unchanged for another month, ignoring for now the gathering signs of a slowdown in global growth.

The central bank kept its cash rate at 4.75 per cent where it’s sat since Melbourne Cup Day last year.

The RBA’s decision was widely expected as the central bank attempts to weigh the threat of higher inflation from a rekindled mining boom against weaker growth for much of the rest of the economy. Turmoil on financial markets – which has knocked about 15 per cent off local share values in the past three months alone – was also not enough to prompt a rate reduction.