December 12, 2015
Saturday was almost the finale for 2015 and spirited bidding continued for the better properties. There is only a scattering of auctions now before Christmas is upon us.
Although the number of bidders was still quite healthy, it does seem that buyers, sellers and agents alike are looking forward to a break now – it has been a big year for the property market.
- The year started a little measured, buyers felt supply was down a little
- The market saw strong Chinese interest in the first half of the year, tailing back after August
- Some homes recently purchased that did not meet FIRB regulations were represented for sale, such as 6 Higham Road Hawthorn East
- Strong results continued into winter – the auction of 9 Bringa Avenue Camberwell (Queens Birthday weekend) was testament to this https://www.woledgehatt.com.au/june-9-2015/ – traditionally a very quiet weekend saw a large crowd (100+) – 3 bidders – $3.316m.
- The downsizer market was particularly hot for single storey homes – eg 39 Lambeth Avenue Armadale and 16 Courang Road Glen Iris
- Increased sales for single title older apartment/unit blocks with good competition eg 95-97 Simpson St, East Melbourne
- Sentiment from builders and developers was buoyant, the recent re-zoning having a positive effect eg 2-4 Littlewood St, Hampton $5.4m or almost $3,900sqm
- There is consistency, speaking with a variety of agents across Melbourne, that vendors and buyers will have confidence to transact next year, but prices will remain more steady – 2016 will determine this
- There are many new $1m Melbourne suburbs – Newport, Strathmore, Yarraville, Ascot Vale to name a few – the attraction being good proximity to the city at more affordable prices
- 47 Celia Street, Glen Iris (Zali Reynolds/Todd Braggins, Marshall White) -650sqm, contemporary, Glen Iris – $2.65m (prior).
- 5 Donald Street, Ashburton (Michael/Chris Hingston, Jellis Craig) – ‘Inform home’ on 696sqm. Inform are renowned for practical family floorplans. This property was no exception with good interest from 4 bidders – on the market at $2m – result $2.543m.
- 43 Fellows Street, Kew (Richard Winneke/Campbell Ward, Jellis Craig) – single level downsizer – Kew – circa $2.65m.
- 17 Myrtle Road, Hampton (Collie/Gregory, Hampton) 613sqm, north rear, Californian bungalow, pretty façade with tricky floorplan – circa $1.6m.
- 24 Glen Road, Ashburton (Steve Burke/Tony Doh, Hocking Stuart) 883sqm, Gardiners Creek behind plus city views – $1.72m or $1,950sqm.
- 5 Dempster Avenue, Balwyn North (Toby Parker/Chris Johnson, Hocking Stuart) sloping block at end of T-intersection, however, 1,190sqm with 28m frontage within Balwyn High School zone – high $1ms or around $1,600sqm.
- 43 Wandsworth Road, Surrey Hills (Tim Heavyside/Emma Shang, Fletchers) 910sqm with 21m frontage and north rear – $2.5m or $2,750sqm.
- 29 Huntingfield Road, Brighton (Johnstone/Doyle, Nick Johnstone RE) 652sqm, north east rear – $2.2m or $3,374sqm
- 9 Bolton Street, Hampton (Williamson/Delyster, Buxton) 724sqm, north rear – $2.47m or $3,411sqm
9 Bolton Ave, Hampton (Mark Earle, Buxton), sold $2.47m, 5 bidders
A brisk 9.30am start and there was a huge crowd lining Bolton Ave, all keen to see what would happen at the auction of this north-facing block of approximately 725sqm in one of Hampton’s most desirable streets. Mark Earle was our auctioneer and, with a strong Buxton presence, delivered a thorough preamble before calling for an opening bid. Before he had even finished his sentence, an opening came from our first bidder at $1.9m. We quickly had two bidders competing and at $2.2m Mark announced he would be selling. This spurred three more bidders to enter the fray – bidding continued steadily until we reached the sale price of $2.47m.
14 Vaucluse St, Brighton (Peter Kennett, Hocking Stuart), sold $1.87m, 2 bidders
Peter Kennett is always entertaining, and this auction was no exception! Around 50 people lined the quiet cul-de-sac to see what would transpire at number 14 – a single storey in a convenient pocket of Brighton. Peter kick-started proceedings with a vendor bid of $1.65m and after some gentle encouragement, Bidder 1 entered at $1.67m. Bidder 2 chimed in at $1.69m and we had a two-way battle on our hands. At $1.85m, Peter headed inside to refer to his vendor and upon his return he announced he would be selling. The hammer came down a short time after at $1.87m to a round of applause.
9 Fairmount Road, Hawthorn (Glen Coutinho, RT Edgar Boroondara), sold after auction undisclosed, 3 bidders
Pleasant Saturday December afternoon for this auction. Sitting out the front of the home is a coffee van – you can always count on RT Edgar (Boroondara) for that at their auctions…it is a nice touch and cleverly it reserves space for the auction team as it drives away. I along with about 50 others are entertained by auctioneer Glen Coutinho’s pre-auction spiel – it is very Australian I like to think, being good humoured and never tending to go on for too long. Opening with a bid of $2.5m, Glen enjoys friendly banter with the crowd and gets a few laughs along the way to see bidding from 3 parties. The property passes in for $2.7m then sells for an undisclosed amount shortly afterwards.
Agent Opinion – 2015 in Review
John Bongiorno (Marshall White): “Overall, when we look back on the year that has just passed, it would have to be said that the Melbourne real estate market has had a fabulous year. Low interest rates, a steady economy, strong demand both locally and internationally, have all been factors that have seen such a positive impact across the board. The year has finished off extremely strongly with, again, demand clearly outweighing supply which, looking at the crystal ball for 2016, can only be viewed in an optimistic light.”
This will be our last Market Pulse for 2015. Thank you for all for your support!
We would like to wish everyone a happy and safe holiday period. We are looking forward to returning mid-January next year.