12 August 2017
We are noticing fewer numbers through the open for inspections, although this could be blamed as much on the weather as any market changes. For the better properties though, which are well marketed, numbers are still healthy.
These numbers do, however, coincide with the new quoting rules on advertised prices, perhaps suggesting that if the expected/desired outcome by the vendor is above the buyer’s preferred buying range, the buyer may choose not to inspect the property at all. This could have a flow-on effect on bidder numbers.
We have noticed less buyer interest from overseas buyers of late and, in particular, from China (which, as foreign buyers, reportedly buy eight out of every 10 Australian homes). With the banks tightening up lending and further restrictions here and abroad from government, this is certainly having an effect. Migration agents are also confirming their frustrations with respect to this. This could be comforting for local home buyers.
- 14 Rowan Street Elsternwick (Adam Joske/Joel Ser, Gary Peer) – approx. 952sqm with north-facing rear, this Victorian home, liveable now and with options to renovate/extend, struggled to achieve much above $3m in July last year –$3.75m.
- 8 Linden Court Prahran (Dean Gilbert/Madeline Kennedy, Marshall White) – approx. 788sqm with south-facing rear, larger renovated two-storey family home – $4.2m.
- 22 Kingsley Street Camberwell (Hamish Tostevin/Désirée Wakim, Marshall White) – approx. 788sqm with west-facing rear, timber Victorian with good front rooms, older extension to rear and scope to further improve – $3.19m. The property next door had a history of selling well and maybe this has been passed on here.
- 23a Embling Road Malvern (Tim Derham/Michael Derham, Abercromby’s) – approx. 374sqm, conveniently located townhouse, a good downsizer option (although all bedrooms upstairs) – $3.175m.
- 24 Kent Street Kew (Charlie and James Tostevin, Marshall White) – approx. 580m2 renovated period home with no covered parking – $3.21m.
- 32 Raynes Park Road Hampton (Scott Hamilton/Brydie Hamilton, Buxton) – approx. 885sqm with south rear backing onto the Hampton Bowls Centre – $2.21m or $2,497/sqm.
- 5-7 Braeside Avenue Camberwell (Nick Ptak/Zali Reynolds, Marshall White) – approx. 1552sqm with approved plans for eight townhouses – $5.01m or $3,228/sqm. Developers are still optimistic about the future ahead.
- 26 Maylands Avenue Balwyn North (Chris Ewart/Hsui Chen, Nelson Alexander) – 638sqm level block, yet south rear and not in the Balwyn High Zone. Sold for $1.739m or $2,725/sqm. Last sold in 2005 for $575K – it has nearly tripled in 12 years.
34 Kerferd Street Malvern East
On approximately 736sqm, this single-storey home had been thoughtfully renovated and offered great garaging options. Being single storey, the home does cover a fair bit of the land with only a pool and meals area in the courtyard style of garden at the rear making it a low maintenance option.
Unfortunately for auctioneer, James Tomlinson, there were no bidders present and the property was passed in on a vendor bid of $3m.
4 Kendall Street Elwood
This is a pretty brick Victorian family home, more than comfortable to live in as is, but with good scope to extend and improve further. The north-facing rear garden, good width to the block and off street parking are added bonuses for a property in this location.
The home had been available off market before the winter break for offers over $3m. Following a quick paint and freshen-up, the property has now gone through a full auction campaign with Marshall White. Kaine Lanyon started off proceedings with a vendor bid of $2.5m before two bidders quickly moved things along, slowing only as pricing neared the $3m mark. Just when we thought a result was imminent, a third bidder jumped in and spurred everyone on again. Bidder 1 looked down and out several times, only to dig a little deeper and try another time. Having progressed in $1k, $2.5k and $5k increments from the $2.9millions, it was an entertaining game of cat and mouse that eventually saw bidder 3 come out on top, buying the property for $3.175m. Expected result, we believe.
Some of the better properties coming up for auction: an architect’s view
- Large family home, walk to shops/beach/station, Hampton – $3.3-3.5m
- Large land, modern home with basement, Brighton – over $6m
- Renovated period home Richmond with a healthy rental yield – $1.75-1.8m
- Good single level period home Canterbury – circa $3m
- Single level updated home in Kew – $2.2-2.4m
- 23 Arthur Avenue Brighton
- 3 Myrnong Crescent Toorak
- 8 Ashburton Road Glen Iris