According to RP Data, 105 Glenelg apartments and units were sold in the year to March, which increased the median price by over 8 per cent to $445,000.
Tim Thredgold, Sales Person at South Australia’s premier real estate agency Toop & Toop Real Estate, said that while this value falls short of the median price five years ago, “it’s still an impressive statistic considering prices in many neighbouring suburbs fell.”
However, putting an appropriate selling price on Glenelg apartments is proving to be a difficult task, with these properties selling for an average of 10 and a half per cent below the initial asking price.
“This is also affecting the time on market with the average unit at the bay taking 120 days to sell,” Mr Thredgold said.
“In a buyers’ market it’s no surprise that people are taking advantage of the opportunity to purchase Glenelg properties with all of the attractive lifestyle features it has to offer,” Mr Thredgold said.
While prices are expected to remain steady over the next 12 months, those who purchased a property in the boom market may have to accept a loss if they’re looking to sell in the near future.
“If you’re interested in buying a property in the bay area make sure you check our website or drop into our Glenelg office for further information.”
Also on Episode 132 of Toop TV:
- Live in the studio, Leanne Kuss, Toop & Toop Advertising Studio Manager
- Market update with RP Data’s Senior Research Analyst Cameron Kusher
- SA’s Finest at 110 Watson Avenue, Toorak Gardens
- Take a look through these two outstanding properties, 4 Caradoc Court, Golden Grove and 25 Lincoln Avenue, Warradale
To view the complete episode live today, Wednesday 4 July, log onto www.toop.tv at 1pm. All past episodes also available online.
Toop Real Estate Group
South Australia’s largest independent residential real estate agency and the most highly awarded in the nation was founded by Anthony Toop and wife Sylvia in 1985. It has become a national icon in marketing and selling in the residential real estate industry. In 2011, Toop&Toop won the National Small Agency of the Year (REI) for the Stirling office, and Medium Agency of the Year (REISA) for Hyde Park. 2009 saw Toop&Toop named the National Winner of Innovation, as well as National Winner of Community Service. In 2007, Toop&Toop also won National #1 Real Estate Agency of the Year (REI), and in 2005 were the only real estate agency to be initiated into the Family Business Association Hall of Fame as an iconic business in South Australia. Toop&Toop has won virtually every major state and national business award since 1993 - and has received recognition both nationally and internationally for achievements in business excellence. In 2011, Anthony was awarded the Sir Robert Torrens Award - which nationally recognises an individual who has made a significant contribution to and raised the standing of the profession (REI). October 2011 saw Anthony inducted into the REISA Hall of Fame for Community Service, having previously won the category three times prior to induction. Toop&Toop are currently in their 27th year of business, still to this day family owned.
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