Archive for June 2016
June 18, 2016
Middle Park: 319 Richardson St (Greg Hocking Holdsworth) sold $3.63m
With the first half of the year almost over and only one more auction weekend to go, Saturday’s auctions continued as expected – some strong results for the good quality homes and we saw multiple bidding at all the properties we attended. Perhaps we were following the good ones!
Of note, we thought the bidding in general was more considered, even on those properties with 4 or 5 bidders involved. If the property was not quite right or not priced right, however, vendors were left disappointed.
Auction Highlights:
Two in Harold!
- 82 Harold Street, Middle Park (Ada Taylor/Warwick Anderson, RT Edgar) – auctioned first – approximately 225sqm and needing renovation – $2.005m or just under $9,000sqm
- 76 Harold Street, Middle Park (Simon Carruthers, Cayzer RE) – approximately 288sqm, also ripe for renovation – $2.36million and just over $8,000sqm
Land Sales:
- 11 Kerferd Street, Hampton (Nick Johnstone, Nick Johnstone RE) – 568sqm corner block (with a little bit cut out of the south east corner) had 5 bidders although it started slowly, the pace picking up once the property was announced on the market at $1.5million – bought $1.61m or $2,834sqm
- 10 Howard Street, Glen Iris (Will & Tim Bennison, Jellis Craig) – 858sqm and although with a classic 1980s home, still advertised with a land box, sold for an undisclosed amount toward the mid $2millions or around $2,800sqm
- 5 Central Avenue, Black Rock (Nick Jones, Chisholm & Gamon) – 624sqm, 2 bedroom clinker brick home – $1,440,000 or $2,307sqm
Off Market:
- Modern family home, Hampton – early $2millions
- Large renovated home on good land, Toorak – $6m+
- Renovated single fronted home, South Melbourne – early $1millions
Auction Spotlight:
Sandringham: 46 Sims St (Jenny Dwyer/Steve Tickell, Hocking Stuart), sold for $3.42m
46 Sims Street, Sandringham (Jenny Dwyer/Stephen Tickell, Hocking Stuart)
A crowd of around 100 gathered both indoors and under the large alfresco area to watch four bidders fight for this well-positioned, modern family home. On the market at $3.21m, the successful purchasers (and no doubt vendors) delighted with their new home, the final result – $3.42m
Prahran: 22 Kelvin Grove (Daniel Wheeler/Justin Krongold, Marshall White), sold $3.33m
22 Kelvin Grove, Prahran (Daniel Wheeler/Justin Krongold, Marshall White)
Despite the chilly weather, a good sized crowd of about 65 people lined both sides of the street, to see what would transpire at the auction of this renovated Edwardian. Daniel opened on a vendor bid of $2.8m before Bidder 1 chimed in with at $25K rise. Bidder 2 entered the contest soon after and some quick bidding ensued before Daniel announced the home was on the market at $3.25m. A battle between the parties continued until the hammer came down at $3.33m.
Hampton: 11 Kerferd St (Nick Johnstone), sold $1.61m, 5 bidders
Agent Opinion: ‘Have the public, school and Easter holidays throughout the first half of 2016 interfered with flow and momentum in the property market? How have the first 6 months of 2016 compared to the same time last year? Do you expect to have a more settled second half year? Or more of the same?’
James Tostevin (Marshall White): ‘School and public holidays have certainly been a factor, especially in the first quarter as Easter was so early. Having said that, it is both surprising and a little puzzling as to why more people aren’t selling given the real estate market is still incredibly strong overall and there are some terrific prices being achieved for our vendor clients. There is still a considerable number of buyers very motivated to buy if they see the right property, a few too many people are in the “we will sell once we buy” category and that definitely impacts on the number of properties coming on to the market.
There are definitely fewer properties on the market – we have similar levels of enquiries and number of buyers at open for inspections, the majority of auctions have spirited bidding, the biggest difference is that too many vendors have read favourable media reports about the market and have been unrealistic about their expectations. Some agents have provided advice relating to price which has given some vendors false hopes, whilst there are a vast number of Asian buyers still in the market, the number of overseas buyers who don’t have permanent residency has certainly been reduced largely due to decisions by the Australian government.nI expect more of the same, the astute vendor will really be conscious of the timing of their sale.’
Please note this will be our last Market Pulse before the school holiday break and traditional winter hiatus. We will return when auction numbers increase, in late July.
June 4, 2016
Armadale: 12 Alleyne Ave (Ebeling/Anderson, RT Edgar), sold $2.47m, 4 bidders
It was another strong weekend with the REIV reporting a 76% clearance rate from the 747 reported results, demonstrating the market is still buoyant.
We are seeing strong results in fringe suburbs. Many suburbs that rarely saw seven figure results only 1-2 years ago are now reporting $1m plus sales consistently.
- 9 Widdop Crescent, Hampton East (Kylie Charlton, CharltonKing) – 635sqm ripe for development, with original red brick home, west rear, local arterial, opposite commission flats – $1,081,000 or just over $1,702sqm
- 1 Leopold Street, Burwood (Russell Wheeler/Luke Banitsiotis, Woodards) – 760sqm ready for extension/redevelopment, north rear, with new builds either side – $1,101,000 or circa $1,450sqm
Auction Highlights:
- 37 Godfrey Street, Bentleigh (Nick Renna/Leanne Potter, Hocking Stuart) – quality construction and buyers were prepared to pay for it – that and it was ‘in the McKinnon High zone’, 4 bidders, passed in $2.63m – sold after $2.7m
- 3 Plant Street, Malvern (Iain Carmichael/Genevieve Hoyle, Jellis Craig) – new ‘reproduction’ modern home, almost 500sqm, 3 bidders $3.46m
- 32 Hawthorn Grove, Hawthorn (James Tostevin/Hamish Tostevin, Marshall White) – updated single level period home, signature Melbourne street, sold for an undisclosed amount after passing in for $5.75m
- 89 Armstrong Street, Middle Park (Michael Szulc/Geoff Cayzer, Cayzer RE) – 414sqm, solid original home with good rear access – $3.95m
- 1 Caroline Street South, South Yarra (Nathan Waterson/Simon Dale, Jellis Craig) – 220 sqm, single storey period home with some minor changes since last selling in 2011 for $953k, almost doubled – $1.82m.
For details on the auctions we covered Saturday, see our twitter feed HERE:
Land sales
17 Gordon Street, Balwyn
- 17 Gordon Street, Balwyn (James Tostevin/Michael Wood, Marshall White) – 907sqm north rear, classic local street (has been very popular more recently with Chinese buyers) – $2.33m or $2,568sqm. Of interest a property sale in November 2015 at 75 Gordon (admittedly with a better house) sold for around $3,460sqm – almost $1,000 more a square metre
- 62 Maud Street, Balwyn North (Maurice Di Marzio/Adrian Stefanetti, Hocking Stuart) –1070sqm, south rear – $2.6m or $2,429sqm
- 89 Radnor Street, Camberwell (Ryan Key/Tom Ryan, Jellis Craig) – 696sqm, east rear – $1.987m or $2,854sqm – a similar $sqm rate to next door which sold last weekend
- 10 Meredith Street, Sandringham (Christian Hegarty/Romana Altman, Buxton) – 975sqm, fringe Sandringham (east of Bluff Road), south rear opposite park – $1.804m or $1,850sqm
Off Markets
Some of the new un-marketed properties (ones you won’t find on the web or email alerts) this week:
- Renovated period home – Hawthorn East – $3.5m
- Large period home with great car garaging – South Yarra – high $2ms
- Double storey Victorian overlooking parkland – South Yarra – $6.5m
Properties we like, scheduled for auction June 18
- 319 Richardson Street, Middle Park – John Holdsworth/Greg Hocking, Greg Hocking Holdsworth
- 14 Lyndhurst Crescent, Hawthorn – Sam Wilkinson/Rebecca Edwards, Kay & Burton
- 22 Kelvin Grove, Prahran – Daniel Wheeler/Justin Krongold, Marshall White
- 46 Sims Street , Sandringham – Jenny Dwyer/Stephen Tickell, Hocking Stuart
Auction Spotlight:
Armadale: 12 Alleyne Ave (Ebeling/Anderson, RT Edgar), sold $2.47m, 4 bidders
Armadale: 12 Alleyne Ave (Ebeling/Anderson, RT Edgar), sold $2.47m, 4 bidders
A good crowd of 80 here for this auction, in nearby Alleyne Aveue, Armadale. The house itself we felt was a beauty…..freestanding and of a late Victorian/early Edwardian era, with solid bones and well presvered original features (as you would suspect givcen the owner had lived here since 1950). With No.5 (across the road) selling for $2.9m before auction a number of weeks ago (that was north facing with a garage), value was underpinned and this home always going to have a good supply of healthy admirers. Auctioneer Warwick Anderson gave an insightful brief spiel and kicked the auction off with not too much fuss, which was great. With listing agent Michael Ebeling by side, Warwick conducted proceedings nicely with four bidders in all taking part in it. The property opened at $2.0m, was announced on the market at $2.35m and sold under the hammer for $2.47m. Well done to the lucky buyer, they have bought well here.
Bentleigh: 37 Godfrey Street (Potter/Renna, Hocking Stuart), sold after auction for $2.7m
Bentleigh: 37 Godfrey Street (Nick Renna/Leanne Potter, Hocking Stuart), sold after auction $2.7m, 4 bidders
More than 100 people gathered in front of this architect-designed home in Bentleigh. Nick Renna took centre stage and delivered a thorough preamble before asking for an opening bid. Bidder 1 offered $1.9m, which Nick accepted but quickly tabled a vendor bid of $2m over the top. Bidder 2 was quick to enter with a $25k rise, bidders 3 and 4 joined the contest not long after. In the end, it came down to a two-way battle and $2.51, Nick ducked inside to refer to his vendor. Back outside and we hadn’t yet met the reserve. Bidding continued until the price reached $2.63m, at which Nick passed the property in for further negotiation, selling the home soon afterwards for $2.7m
Sandringham: 10 Meredith St (Altman/Hegarty, Buxton), sold for $1.840m
Sandringham: 10 Meredith Street (Christian Hegarty/Romana Altman, Buxton), sold for $1.804m, 4 bidders
With lush green outlooks over the reserve opposite, this home on a generous 975sqm attracted a good sized gathering of around 75 people, with many developers dotted throughout the crowd. Christian Hegarty was our auctioneer and after a succinct preamble, called for an opening bid. All remained quiet, so Christian tabled a vendor bid of $1.4m to kickstart proceedings. Bidder 1 joined in soon after, with bidders 2 & 3 almost coming in at exactly the same time as eachother. At $1.55m, the home was announced on the market and with three in it, the price continued to rise. At $1.64m, Bidder 4 joined the competition. Gentle increments ensued until the sale price of $1.804m was reached.
Agent Opinion: “Have the public, school and Easter holidays throughout the first half of 2016 interfered with flow and momentum in the property market? How have the first 6 months of 2016 compared to the same time last year?m Do you expect to have a more settled second half year, or more of the same?”
Peter Kennett (Hocking Stuart): “This year has been very interrupted from the get go. March long weekend, Grand Prix and Easter all fell within March. This of course was soon followed by school holidays. This was then followed by the Anzac Day long weekend, so yes it has been one of the most interrupted starts to a year that I have seen in 30 years of selling homes in the bayside. Obviously this is very hard for both agents and vendors to plan a program for. This has culminated in a real shortage of stock, which coupled with the lowering of interest rates, has kept prices on the rise at Auctions. Then of course there was constant speculation of an election and now we are in the middle of one of the longest campaigns ever. There is no doubt that the market in general peaked late last year, except for well-located A grade properties. There are so many different parts to the real-estate market and all have a different pace at the moment – A-Grade prime position properties are still breaking records and will continue to do so, given the current high employment, cheapest interest rates and still some Chinese buyer influence, B-Grade properties are still doing ok, B-minus are only price driven now. Apartments are a totally different game. Small blocks of older style in prime spots are gold, signature larger developments in prime spots are ok and big developments in C to B-grade locations are falling in price rapidly and will continue to do so. Our Brighton office is well up on turnover on last year, due mainly to the buy-in of Nick Renna and Mark Staples and their four other shareholders. I genuinely believe that after the school holidays and the election, we will see a normal market throughout the remaining six months.”
- Please note this will be our last Market Pulse before the school holiday break and traditional winter hiatus. We will return when auction numbers increase, in late July.