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‘Crazy market’ in Kingston suburbs but elderly homeowners defer listing

Sellers from Mentone to Mordialloc have been well-rewarded as buyers swamp market facing tight supply

The market is hot but post-COVID fears among older homeowners in the Mentone-Mordialloc region have impacted the number of homes for sale.

The lack of properties for sale is due to uneasiness among older homeowners who are reluctant to sell and move into retirement, Barry Plant Mordialloc/Mentone agent Eva Cumming said.

“COVID has made people nervous and older people are just too scared to sell and move into aged care right now,” she said.

“If we go into isolation again, most are saying they would much prefer to stay in their own homes and so they are holding off from selling.”

With more than 20 years in the industry Ms Cumming said she’s never experienced a market as “crazy” as it is now.

“This activity in the market is unlike anything I’ve ever experienced,” Ms Cumming said.

“I’ve never seen buyers so desperate to buy and I assume many have sold and urgently need to find a home.”

A three-bedroom townhouse at 1/31 McIndoe Pde, Parkdale, caught the attention of five bidders, who were all downsizers.

The desirable home offered reverse living - bedrooms on the lower level and living room on the upper. That plus the easy to maintain gardens being the drawcards, according to Ms Cumming.

“It was an exciting auction, we knew it was popular but were unsure as to how it would perform,” she said.

The property, just a minute's walk to the beach, had a price guide of $1.5-$1.6 million and fell under the hammer to a downsizer for $1.76 million after 40 bids.

A renovated three-bedroom home at 5 Selwood Retreat, Cheltenham, drew a decent crowd to its March 20 auction, and sold for a very respectable $980,000.

Ms Cumming predicted a strong and steady autumn market for the Mentone to Cheltenham region.

“I can’t see prices going down this quarter, we predicted a plummet last year but if anything it worked in reverse,” she said.

“If you’re going to sell, now is the time because we are getting incredible prices that not even the agent can forecast.”

An unrenovated, three-bedroom home at 1026 Nepean Highway, Moorabbin, has drawn great attention in the lead up to its March 27 auction. The property is listed with a $1-$1.1 million price guide.

Nearby, a partially renovated four-bedroom home on a decent 821sq m, at 1 Albenca St, Mentone, will also go under the hammer with a $1.05-$1.15 million price guide.