Shaun Higgins’ $3m Hampton home tests Melbourne’s ‘stubborn’ property market
Retired AFL star Shaun Higgins’ is sending his luxury Bayside home under the hammer in one of the final weeks of auction action for the year.
Retired AFL star Shaun Higgins and his wife, Heidi, are chasing a $3m-3.2m win as their Hampton home goes to auction Saturday.
After 260 games with the Western Bulldogs, North Melbourne, and Geelong, Higgins has hung up his boots on his Bayside home at 8 Lagnicourt St and is now ready to pass on his family home in one of Hampton’s most-desirable pockets.
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But while the Higgins family’s home promises an enviable lifestyle, the market conditions in Melbourne are testing sellers’ price expectations.
A new PropTrack report highlighted a 22.7 per cent drop in new listings in Melbourne last month, even as total listings remain at their highest levels since 2012.
PropTrack Senior Economist Cameron Kusher said the reason was a stubborn stand-off between buyers and sellers on price.
“Sellers are holding firm on their price expectations, even as buyers hesitate to meet those prices,” Mr Kusher said.
“This creates a backlog of properties lingering on the market – we’re seeing an oversupply relative to demand because sellers are unwilling to adjust to what buyers are prepared to pay.
“Until this mismatch is resolved, high stock levels are likely to persist.”
Mr Kusher said buyers have more choice than ever with the abundance of stock reducing the urgency for buyers to transact.
“They (buyers) feel less pressure to act quickly when they know there are plenty of options available,” he said.
“Meanwhile, sellers who don’t need to sell are holding out for their ideal price.
“Sellers who adjust their price expectations to align with market conditions are more likely to secure a quick sale.”
According to PropTrack 1103 auctions are scheduled across Melbourne this weekend with Reservoir, Wollert and Craigieburn featuring the most auctions.
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Originally published as Shaun Higgins’ $3m Hampton home tests Melbourne’s ‘stubborn’ property market
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