17 February 2018
Saturday saw the first key auction weekend for 2018. Although numbers are still low, the REIV reported a clearance rate at 72% at 6pm on Saturday evening. That is still healthy.
The early $2 million market saw good competition and some strong results, particularly for well-positioned, smaller family and/or downsizer properties (predominantly single storey).
Malvern East performed well on the weekend. There were about half-a-dozen similar homes and all sold for solid results.
We have noticed an increased number of Chinese buyers across Melbourne (including Bayside) looking at homes to buy and saw an increased number bidding on Saturday. This feels noticeably higher than the numbers we were seeing towards the end of last year. Whether this is a result of the recent Chinese New Year or a continuing trend, time will tell.
The increased volume will provide a better gauge for this year’s direction. There are some well positioned properties for sale this weekend; however, many are not without their challenges – no off-street parking, large trees, neighbouring growth zones, poor flow, the list goes on.
There is a market there, ready to purchase. But if vendors are holding out for the ‘A+ grade’ price, we may see a few more pass-ins this weekend.
- 8 Rose Street Armadale (Andrew James/Eloise Manion, Hocking Stuart) – functional, updated single-storey period home, moments from Toorak station and an A-grade address – undisclosed, circa $2.4m
- 12 Stawell Street Beaumaris (Romana Altman/Rebecca Beacall, Buxton) – updated, single-storey modern home with a good feel, well located to shops, park and beach –$2,082,000
- 9 Cluden Street Brighton East (Nick Johnstone/Sarah Korbel, Nick Johnstone RE) – updated single-storey home, still within reach of Brighton schools, shops and transport –$2,745,000
- 14 Paxton Street Malvern East (Fiona Ansell-Jones/John Manton, Marshall White) – updated, but quite small single-storey period home, Central Park end – undisclosed but over $2m
- 14 Winmalee Road Balwyn (Mark Salvati/Meredith Plant, Jellis Craig) – approx. 911sqm, south-facing rear in the desired Balwyn street in the Balwyn High zone – undisclosed toward the mid $2m, or over $2,634/sqm
- 26 Vincent Street Sandringham (Peter Hickey/Matthew Gray, Buxton) – approx. 474sqm, in original condition, a neat liveable short-term option, south-facing rear – perhaps a major renovation/new build site for the future – $1.8m or $3,797/sqm
- 30 Palermo Street South Yarra (John Chatres/Michael Lee, Thomson RE) – approx. 436sqm with south-facing rear – $3,030,000 or $6,949sqm
- 23 Westgarth Street Malvern East (Dean Gilbert/Rae Tomlinson, Marshall White) approx. 408sqm, west rear, five neighbours in a heritage overlay sold for an undisclosed price in excess of $1.6m – or just shy of $4,000/sqm
Some of the better properties scheduled for auction on 3 March: an architect’s view
12 Stawell St Beaumaris
The offering at 12 Stawell St Beaumaris attracted plenty of interest for auction day. Maybe it was the mid-century style, the lifestyle offering with pool in the rear and park out front, the good family zoning all in a fresh and neatly presented package, or perhaps its proximity to the new Beaumaris Secondary College. The crowd stood along both sides of the street as Mark Earle from Buxton summarised the benefits of the property and commenced proceedings. An opening bid of $1.8m was made and quickly moved along, with two further bidders bringing the price into the $1.9m range, where one dropped out. Bids slowed down to $10k and $5k intervals, but climbed steadily to exceed reserve at $2.005m. The going got tough for both parties, resorting to single thousands to try and outlast the opposition. The opening bidder was eventually the successful purchaser with $2.082m.
1 Wright Street Hawthorn
We remember when this property last sold in 2013 (for $1.46m) and didn’t mind it then – wide frontage, single-level home, brick, close to Glenferrie Road and MLC etc. The property hasn’t really changed since, apart from a clever cosmetic update internally and some smart landscaping externally. James Tostevin, professional as always, got the auction started promptly at 10.30am and started proceedings with vendor bid of $2.15m. Not long after, bidders 1 and 2 were in a tussle throwing mainly $10K rises. A half-time break was taken at $2.335m and the property announced on the market. Not long after, the hammer came down at $2.371m – a pretty solid result we felt. In fact, who could complain about making almost $1m in just under five years. Interesting point of note is that the underbidder was a Chinese family – traditionally they don’t like properties that are of old appearance, and semi-attached.