Investor market fell in Glen Iris in 2011: Jellis Craig

Jellis Craig Glen Iris director Paul Williamson says investor activity dropped off in the inner-Melbourne suburb during the year, particularly for units.

Williamson also says buyers became choosier in the second half of the year, and a property had to offer great value in order to secure interest.

“We saw less investor activity for apartments and flats, which was no doubt a result of the softening of the broader economy. Towards the latter part of the year auctions were very price-sensitive, however properties that ‘ticked all the boxes’ saw multiple bidders vying to secure them,” Williamson says.

The median house price in the Melbourne suburb of Glen Iris fell 12.3% during 2011, but Williamson says property sold briskly when vendors were willing to meet the market.

“In 2011, against some challenging economic conditions, demand remained strong for quality period and modern homes in Glen Iris and its surrounds,” he says.

“We found that vendors who listened to the market were often rewarded with a better-than-expected result. “

“This outcome in a year of some uncertainty demonstrated that a well presented property in a desirable location, with strategic marketing will continue to perform beyond market expectation.”

Williamson expects 2012 to be better for the suburb’s property market.

“As we now look ahead, we see renewed vigour in the market in just the opening weeks with significantly more buyers inspecting homes. A number of early 2012 marketing campaigns have seen up to 50 groups coming through scheduled opens with serious interest expressed prior to auction. These are indeed very positive signs that 2012 is a market on the rebound.”