Archive for August 2016
August 27, 2016
37 Lambeth Ave Armadale – Justin Long, Marshall White sold after auction for $2.865m
It felt like the market shifted up another gear on Saturday.
Some strong results were seen across Melbourne, the REIV reporting a 79% clearance rate from the 823 properties sold (down 200 from the same time last year). With more quality properties auctioning next weekend, we expect to see similar results continuing.
Auction Highlights
- 5 Northbrook Avenue, Malvern (Tim Derham/Kate Cusack, Abercromby’s) – a comfortable two storey home on 620 sqm, two bidders pushed the price to $4.94million
- 17 Bayside Crescent, Hampton (Robin Parker/Kate Fowler, Marshall White) – approximately 610sqm with comfortable (but small) home, many viewing as land, north rear – $1.88million or $3,081sqm
- 18 Campbell Road, Deepdene (Scott Patterson/Walter Dodich, Kay & Burton) – approximately 1300sqm, renovated single storey period home, on the market at $4.9million with 6 bidders, sold for $6.205million
- 9 Bristol Street, Surrey Hills (Duane Wolowiec/Stuart Evans, Marshall White) last sold in 2014 for $2.13million. With the addition of a new pool and some minor changes – sold circa $2.8million
Land Sales:
- 72 Stanley Street, Black Rock (Romana Altman/Adam Saunders, Buxton) – approximately 650sqm, south rear – $1.48million or $2,276sqm
- 38 Orlando Street, Hampton (Paul Bond/Amanda Jones, Hodges) – good land with no heritage overlay in ‘high density zone’ – $2.4395m or $3,696sqm
- 21 Bruce Street, Bentleigh (Simon Pintado/Andrew Chisholm, Buxton) corner block on approx. 572sqm in the ‘zone’ – $1.535million or $2,683sqm
- 40 Grovedale Road, Surrey Hills (James Bateman & James Scoones, Jellis Craig) 627sqm – $1.751m or $2,792/sqm
Off Markets:
Here are some of the off-markets we have been privy to, this week:
- Modern family home, South Yarra – $5million
- Large period home on good land, requires renovation, South Yarra – $6m plus
- Comfortable family home on good land, close to primary, Beaumaris circa mid $1millions
- Hawthorn renovated double-fronted home, close to Glenferrie Road – $2.4miliion
- Modern townhouse, Malvern East – $2million
- Family home with tennis court – Malvern – $4million
Properties we like for auction September 10:
- 11 Adelaide Street, Armadale – Andrew James/Lauchlan Waterfield, Hocking Stuart
- 16 Davies Street, Malvern East – Carla Fetter/Andrew McCann, Jellis Craig
- 14 Golding Street, Canterbury – James Tostevin/Charlie Tostevin, Marshall White
- 9 Grout Street, Hampton – Stephen Wigley/Amanda Jones, Hodges
Auction Spotlight:
Hampton: 38 Orlando St (Paul Bond, Hodges) sold for $2,439,500
38 Orlando Street, Hampton (Paul Bond, Hodges), sold for $2,439,500, 2 bidders
Quite a big crowd lined both sides of the street for the auction of this property on prized Orlando Street. Paul Bond was our auctioneer and after a succinct preamble, was rewarded with an opening bid of $1.9m from Bidder 1. Bidder 2 was quick to enter the fray and a two-way battle ensued – the property was announced on the market at $2.135m. Bidding continued rapidly, with increments changing dramatically with each bid – $2000, $1000, $500 – Paul did a wonderful job keeping tally! At one point, the crowd let out a collective sigh when a bid was tabled at the eleventh hour after it seemed the home had sold. Bidding continued and not long everyone cheered and clapped when the hammer finally came down at $2,439,500.
Armadale: 37 Lambeth Ave (Justin Long, Marshall White), sold after auction $2.865m
37 Lambeth Ave, Armadale (Justin Long, Marshall White), sold for $2.865m after auction
I along with around 100 others turn up for this mid-afternoon auction in Armadale, and there was a hint of Spring in the air. Auctioneer Justin Long asks for an opening bid and then promptly kicks things off with a vendor bid of $2.5m. Not long after three bidders entered the fray with measured bidding. At $2.795m the property passed in and then sold afterwards for $2.865m. With a lesser quality version on bigger land in the street selling for $2.76m about 8 weeks ago, the market for offerings such as this looks to be holding up well.
Hampton: 17 Bayside Crescent (Robin Parker, Marshall White) sold for $1.88m
17 Bayside Crescent, Hampton (Robin Parker, Marshall White), sold for $1.88m, 3 bidders
Robin Parker took centre stage in front of number 17 Bayside Crescent and, after addressing the crowd, he called for an opening bid. $1.45m came from Bidder 1, whilst Bidder 2 came in shortly after with a $10,000 rise. Bidding was fast and strong, and Robin headed inside at $1.6m to refer to his vendor. Bidder 3 joined the action upon his return, and at $1.73m the home was on the market. Bidding between two of the bidders continued until the sale price of $1.88m was reached, much to the delight of the big crowd who cheered and applauded the new owner.
You Can Still Buy. Here’s How
It appears that the prices we have been experiencing for the past 18 months are here to stay – at least for the quality properties. For many, prices may seem a touch out of reach.
WHAT ARE THE CHOICES FOR BUYERS?
- Just buy something, without fully considering whether it’s functional for your needs
- Keep waiting for the perfect home
- Borrow more money
- Wait for the market to change
- Recalibrate
Let’s analyse these options:
Just buy something
At least you’re in the market! But what if the home doesn’t work for you, the floorplan isn’t functional, you didn’t consider zoning, or you can’t build/renovate the way you want to? Will the market still be where it is now? Will the market increase another 10% or more – enough to cover the 5.5% stamp duty, advertising costs, agents’ costs, moving costs etc – to warrant starting again? And that’s only the financial cost – there’s the emotional drain too.
Wait for the perfect home
What if ‘the perfect home’ never presents? Worse still, when you finally find the property that ticks every box, it’s highly likely that this ‘perfect property’ will appeal to many others as well. How are you going to maximise your chances of being the buyer? Some properties are selling anywhere from $500k to $1m above reserve prices. How far will your budget stretch?
Wait for the market to change
Many current buyers have never experienced a flat market. It’s good to remember that prices can fall as well as increase. Some people may think this be beneficial for buyers. Perhaps not. Noone likes to lose money, particularly if their home is their largest financial asset, so most homes for sale are likely to be owned by reluctant sellers. Divorce, job loss or health concerns can be some reasons that these buyers are forced to sell. Stock choice may dry up even more.
Borrow more money
What if the interest rates go up? Let’s say by 2%. Potentially that is an increase of 50% on a 4% mortgage – can you meet another 50% on top of existing repayments?
Recalibrate
Many of our clients have had to face the realisation that they can no longer consider properties that they want to buy in the area in which they would like to live.
WHAT SHOULD YOU BE RECALIBRATING? WHAT DOES IT MEAN TO RECALIBRATE?
Essentially, there are four possibilities to consider: price, property, position or a combination of all three.
We’ll consider each of these elements in detail:
Price
It would be great if we could all adjust our purchase price capabilities. However, deep in debt is not a position you want to be in if the market changes.
If you are a buyer with two or three small children, your family costs are yet to reach their peak. As the children become teenagers (even without school fees), the costs of groceries, other extra-curricular activities such as sport and music lessons, clothing, and friend’s birthdays, just to name a few, can be enough to affect even the best budgets.
Property
Perhaps we should just buy whatever is available in the suburb we want to live in.
There’s no benefit in staying in your ideal location however, if the house is falling down around you or the floorplan doesn’t work. If you don’t have the funds to rectify the issues, this can lead to internal stresses.
Imagine three smaller children, now teenagers, trying to harmoniously share the only bathroom in the home! Or the teenagers having to study in the same room that is used for cooking or watching television. Emotional needs of families are very important too.
Position
This includes location. Moving a few more suburbs out may be the answer.
Many agents love ‘out of area’ buyers, so remember, they are acting for the vendors, trying to get their client as much money as possible. Many of these ‘out of area’ buyers have paid record prices in areas they are not familiar with. Properties can appear ‘cheap’ in comparison to where they were originally considering. Bear in mind what might happen if the market drops and you need to move. In a down market, once record prices can quickly become record losses.
On the flip side, an extra two stops on the train will go unnoticed if you know you are going to be coming home each day to a happy family and a home that works.
Smart buyers make good, well-considered decisions. Being prepared is important. Talking to a buyer advocate will help.
There are still many opportunities to buy good homes – particularly in off-market transactions. Some are even selling within 24 hours of becoming available.
You will need to be fully informed of values, comparable sales and do your due diligence on the specific house. If you wait too long, another buyer may snatch the property up.
That being said, you don’t want to rush things without the necessary due diligence or you may wind up paying well above what makes sense to the open market.
There is no right or wrong answer.
Whatever you choose, it’s important that you are comfortable with your decision and the property and location works for you.
Getting it wrong can be a stressful and costly decision.
August 20, 2016
37 Claremont Avenue, Malvern (Hugh Tomlinson/James Tomlinson, auctioneer Jack Bongiorno – Marshall White). Big crowd and big result here, with the property selling approximately $500K over reserve for a very solid $3.553m.
Unless stock levels increase, low interest rates and lack of choice are likely to drive strong clearance rates through to Christmas. The REIV clearance rate was 75% and although there was more choice than last week, stock is down approximately 25% on the same time last year.
Auction Highlights:
This weekend saw strong results for properties offering short term living with good flexibility to renovate or rebuild down the track.
- 3 Hudson Street Hampton (Sam Harrison/Bill Jowett, Buxton) – approximately 603sqm with west rear – $1,830,000
- 5 Wattle Grove Hawthorn (Désirée Wakim/Hamish Tostevin, Marshall White) – approximately 310sqm with south rear – $1,855,000
- 37 Claremont Avenue Malvern (Hugh Tomlinson/James Tomlinson, Marshall White) – approximately 696sqm with north rear – $3,553,000
Land Sales:
- 13 Smith Road Camberwell (Walter Dodich, Kay & Burton) – approximately 635sqm with west rear – $2,177,000 or $3,428sqm
- 13 Euston Road Malvern (Andrew McCann, Jellis Craig) – approximately 504sqm of cleared land, north rear – $2,605,000 or $5,168sqm
- 7 Naroo Street Balwyn (Bronwyn Lucas/Tim Penhalluriack, Noel Jones) – approximately 584sqm, east rear – $1,801,000 or $3,083sqm
- 33a Durrant Street Brighton (Jason Gill, Hodges) – approximately 408sqm with north east rear – $1,532,000 or $3,754sqm
Off Markets:
- Large land, family home with pool and court, Bayside – $3-3.5million
- Modern family home, north rear, Sandringham – high $2millions
- Renovated brick period home, Armadale – circa $4million
- Updated period home Hawthorn East – $1.7m
- Period home needing a renovation, Gascoigne Eatate Malvern East – $2.8m
- Modern townhouse Brighton East – $2.5m plus
- Basic period home with 20 year old rear extension – Glen Iris – $1.6m
Properties we like for auction on September 3
- 28 Brinsley Road, Camberwell (Geordie Dixon/Tom Ryan, Jellis Craig)
- 2 Vincent Street, Glen Iris ( Emma Pierson/Rob Vickers-Willis, Abercromby’s)
- 51 Rowland Street, Kew (Greg Toogood/Danielle Makris, Jellis Craig)
- 36 Thomas Street, Hampton (Steve Tickell/Jenny Dwyer, Hocking Stuart)
Auction Spotlight:
Brighton: 135 Head St (Marshall White) sold for $2.015m
135 Head Street, Brighton (Stephen Smith, Marshall White), sold for $2.015m, 4 bidders
As chilly as it was on Saturday morning, a big crowd gathered in Head St for the auction of number 135. Stephen Smith was our auctioneer and after a succinct preamble, called for an opening bid. Bidder 1 came in quicky at $1.68m, whilst Bidder 2 came in shortly after. The home was on the market at $1.86m – soon there were four bidders in the mix and the price continually rose until a sale price of $2.015m was achieved.
Camberwell: 13 Smith Road (Walter Dodich, Kay & Burton), sold for $2.177m
13 Smith Road, Camberwell (Walter Dodich, Kay & Burton), sold for $2.177m
A really good crowd and a genuine buzz for this auction. The house was basic and most would be looking at this property for it’s land value only….635sqm with prized north facing rear aspect yet a big key I think was its width at just over 17m. Listing agent Walter Dodich did a great job with this campaign and didn’t have to look too far for bidders, with an opening bid of $1.5m called out quite quickly from the crowd.
The bids flowed from here, with the property announced on the market at $1.66m and selling under the hammer for a very, very strong price of $2.177m (or around $3,400/sqm mark if you placed no value on the house).
Six bidders in all took part in proceedings but there could have easily been another six that just didn’t get the chance to bid. I must say I was a little surprised by this result…….the vendor should be very pleased indeed.
Sandringham: 91 Sandringham Road (Buxton), sold after auction for $2.25m
91 Sandringham Road, Sandringham (Peter Hickey, Buxton), sold after auction $2.25m, 2 bidders
The auction of this pretty, fully-renovated period home on a prominent Sandringham corner attracted a crowd of around 45 people on Saturday. Peter Hickey stepped out into the manicured gardens and called for an opening bid. All was quiet so Peter tabled a vendor bid of $1.95m to kick-start proceedings. Bidder 1 entered the contest at $2m, and Bidder 2 at $2.02m. A two-way battle ensued with the property passing in at $2.15m before selling after auction for $2.25m.
Agent Opinion: “What is the current status of the property market in the Bayside area and where do you think it is headed from here?
Sam Gamon (Chisholm & Gamon): “We are in one of the most positive and buoyant markets I’ve seen in the past 15 years that I’ve been selling property, and we are anticipating a very active Spring selling season. There have been some tremendous results in the market, especially in family homes and we’re also seeing unprecedented demand for single level properties that suit downsizers. This was evident with an auction we recently had in Addison St Elwood where we had strong bidders for a ground-level period apartment with its own garage and garden. The lack of available stock is noticeable but the demand is unwaning, particularly given the low interest rate environment which is allowing buyers to upgrade and leap frog into more expensive properties. Some of our opens are seeing large numbers of attendees – upwards of 30 groups at some open homes. Land in bayside is scarce and the demand is high so we see values in Bayside continuing to increase in the coming years. The relaxed village atmosphere near the bay makes it a highly sought after area.”
August 13, 2016
27 Haynes Street Highett, Richard Slade / Buxton. Sold for $1.58m – 4 bidders
With a hint of spring in the air on Saturday, the REIV clearance rate picked up a little more to 81%, although from another smaller sample size of only 486 auctions. The talk with agents is all about listings…..or the lack thereof. In the coming weeks, we will see the auctions number increase, with September 24 and October 29 looking to be the biggest – although numbers are still likely to be lower than in previous years.
Some other insights:
- Property land rates for owners in many councils (Boroondara in particular) have spiked recently to the tune of 30-50% in some cases, keeping pace with the recent lift in property process. This has come as bit of shock to many home owners – particularly the elderly.
- With many buyers finding it hard to upsize into the next property, renovations are becoming more popular as an option, and councils are struggling to keep up with the influx of planning applications.
Auction Highlights:
- 19 Currajong Avenue Camberwell (Debbie Silk/David Gillham, Noel Jones) – for those who like the French-Provincial inspired style of home, this was hard to fault . On good land and a good precinct – on the market at $4,350,000 with four bidders – $4,44m
- 10 Oak Street Hawthorn (Richard Winneke/Campbell Ward, Jellis Craig) – a nicely renovated double-fronted brick Victorian on 687sqm. Although a slow start to the auction, it still sold well – $3.225m
- 7 Morey Street Camberwell (Jack Stean/James Tostevin, Marshall White) – a well renovated two-storey 1930s house on 580sqm with north facing rear – sold for an undisclosed amount around $2.3million
Land Sales:
- 42 View Street Mont Albert (Mark Read/Dan Song, Jellis Craig), a great parcel of land – 943sqm – $2.2million or $2,333sqm.
- 44 Wilson Street Highett (Tom Davidson/Andrew Campbell, Buxton), basic house on 596sqm – $1.36million or f $2,281sqm (if you placed no value on the house)
- 12 Wahroogna Road Murrumbeena (Cedric & Maria Newbond, Woodards) – 707sqm south facing rear. Ideal new home site in terms of size – $1.42m or $2,008sqm.
Off Markets:
- Well renovated double-fronted home in Prahran – early $2millions
- Townhouse in Prahran – mid $1millions
- Two-storey lock-and-leave option, South Yarra – circa $2million
- Basic house, Glen Iris – $1.6million
- Updated semi-detached house with double-garage in Elwood – circa $1.5m
Properties we like, scheduled for auction August 27:
- 52 Elizabeth Street, Malvern (James McCormack/Sally O’Connell, Marshall White)
- 15 Winter Street, Malvern (Michael Armstrong/Gowan Stubbings, Kay & Burton)
- 52 Service Street, Hampton (Scott Hamilton/Brydie Hamilton, Buxton)
- 17 Morang Road, Hawthorn (Richard Winneke/Campbell Ward, Jellis Craig)
Auction Spotlight:
Malvern East: 43 Kerferd Road (Marshall White) sold for $2.305m
43 Kerferd Road, Malvern East (Jack Bongiorno, Marshall White), sold for $2.305m, 6 bidders
A good-sized crowd gathered to watch the auction of this beautiful Edwardian on a prominent corner of the prized Gascoigne Estate. Jack Bongiorno stepped out and gave a thorough preamble before tabling a vendor bid of $1.7m to kick-start proceedings. In all, there were 6 bidders vying for the home – at $2.13m Jack announced that the reserve had been met, and at $2.305m the hammer came down to a very happy purchaser.
Malvern East: 33 Emo Road (Marshall White) sold for $2.08m
33 Emo Road, Malvern East (Daniel Wheeler, Marshall White), sold for $2.08m, 4 bidders
Maybe 70 people lined both sides of Emo Road to get a glimpse of the auction action at number 33 – Daniel Wheeler was our auctioneer and, after extolling the virtues of the house and its location, called for an opening bid. Bidder 1 offered $1.6m and we were away. Eventually, three more bidders joined the contest and the price rose steadily in $20k increments. At $1.72m Daniel advised he would be selling, with Bidder 4 taking the keys at $2.08m.
Agent Opinion: What is the current status of the property market in your area and where do you think it is headed from here?
Jeff Gole (Abercromby’s): “The market in the Malvern, Malvern East and inner Glen Iris areas (or simply put, Stonnington ) went through a quiet period in June/July. This was mainly due to a lack of stock, school holidays and the lead up to the Federal Elections although any sales during this period produced excellent results.
Now that schools are back and people are returning from holidays, with the election behind us, we are entering an active period as we head towards the Spring selling season. Good properties are still in short supply but confidence is up and there is no doubt that quality properties in popular locations are attracting high levels of demand. With even lower interest rated expect to see some strong results as we head into the 2nd quarter of this financial year.”
August 6, 2016
Watching, watching…. crowds were solid and bidders plentiful at the auctions we attended on the weekend.
There were plenty of bidders at the auctions we attended on the weekend. It seems that as the weeks go by buyer interest levels increase, yet their price points are discerning.
Clearance rates were again solid with the REIV reporting 77%, although still on low numbers – there were only 562 auctions across Melbourne compared to 945 for the same weekend last year.
Of note, we also saw more pass-ins, suggesting that vendor expectations are continuing to increase. While spring is not far away, there doesn’t seem to be a huge influx of properties coming, and there may not even be a ‘late charge’ in 2016.
Of course, we will have to wait and see.
Auction Highlights:
- 139 Linacre Road, Hampton (Andrew Campbell, Buxton) – ‘Hamptons’ style family home at the Bluff Road end of Linacre – with three bidders, passed in at $2.401m, selling after for $2.52million
- 1 Edward Street, Sandringham (Kate Smith/Warren Smith, Hocking Stuart) – with four bidders, passed in at $2.5million. The property last sold in 2001 for $1.58million (after passing in at $1.55million). It has had a good cosmetic upgrade since then.
- 37 Barkly Avenue Armadale (Lachie Fraser-Smith/Jessica Beckham, Jellis Craig)
Renovated two bedroom single-fronted Victorian with good block width in popular location. No car-park. Bought for a strong price of $1.93m – 4 bidders and $210,000 over reserve.
Land Sales:
- 1a Mair Street, Brighton (Lisa Comben/David Hart, Buxton), 583/sqm – $2.6million – home liveable, but all about the land overlooking football ground and bay. $4,459/sqm – this last sold in 2002 for just over $1m.
- 9 Victoria Avenue Canterbury (Rebecca Edwards/Scott Patterson, Kay & Burton) bought for $4.11million – 4 bidders and $610,000 over reserve. Although a liveable home, this was bought for land and given its size of 847/sqm, that works out to be $4,855/sqm. A very solid result. In a lesser location, at 2 The Ridge (similar land size) sold 18 months ago for $1m less.
Off Markets:
- Double fronted home on good land, Middle Park – above $4m
- Land in Balwyn High School Zone – $2m
- Tidy single-fronted brick Victorian with north-facing rear, South Yarra – circa $1.5m
- Architect-designed residence – Ivanhoe – $2.5m
- Updated timber home – Prahran – $2.5m
- Modern home in Studley Park Kew – mid $2m’s
Properties we like for auction on August 20
- 1-3/12 Stawell Street, Kew (James Tostevin/Charlie Tostevin, Marshall White)
- 46 Hope Street, South Yarra (Nathan Waterson/Andrew MacMillan, Jellis Craig)
- 30 Bolton Avenue, Hampton (Andrew Campbell, Sonja Sendin, Buxton)
- 18 Grant Street, Malvern East (Rae Tomlinson/James Tomlinson, Marshall White)
Auction Spotlight:
Hampton: 139 Linacre Rd (Buxton) sold after auction $2.52m
Hampton, 139 Linacre Road (Mark Earle, Buxton), sold after auction for $2.52m
A huge crowd ambled through this impeccable, newly built Hamptons-inspired home to get a glimpse of what was on offer, before Mark Earle took centre-stage ready to commence proceedings. The 100 or so spectators lined both sides of the street as Mark asked for an opening bid, and was rewarded with an offer of $2.1m from Bidder 1. Bidding between three keen parties ensued until the price reached $2.401m, and Mark passed the property in to Bidder 3 for further negotiations. The home sold soon after for $2.52m
Hampton: 84 Thomas St (Buxton) sold after auction, undisclosed
Hampton, 84 Thomas Street, (Halli Moore, Buxton), sold after auction undisclosed above $2.125m
A slightly smaller crowd than the previous auction at Linacre Rd, but still good-sized and attentive as Halli Moore began proceedings. Calling for an opening bid, Halli was met with the all too common silence, so he placed a vendor bid of $1.9m instead. A second vendor bid of $1.95m was needed to prompt Bidder 1 into action, the home eventually passing in at $2.125m and selling a short time later for an undisclosed amount.
Surrey Hills: 7 Empress Rd (Marshall White), sold $1.91m
Surrey Hills, 7 Empress Road, (Hamish Tostevin, Marshall White), sold for $1.91m
Pretty double fronted Edwardian and auctioneer Hamish Tostevin gave a spirited preamble in front of a good crowd of around 150 people. Hamish opened on a vendor bid of $1.65m, but it didn’t take long for a professional bidder to up the ante at $1.7m. Enter Bidder 2 and the auction clips along nicely. At $1.88m the half-time break is taken, and when bidding kicks off again shortly after the property is announced on the market at $1.9m. Another bidder enters the fray yet bidder 1 wins the day at $1.91m. Interestingly as the crowd departs an auction board is hammered into the soft ground in front of house next door – it will interesting to see what transpires there in the coming weeks.
Agent Opinion: “What is the current status of the property market in your area, and where do you think it is headed from here?”
Glen Coutinho (RT Edgar Boroondara): “The Market is gearing itself for a busy spring season – with the election and school holidays out of the way, people are just getting on with selling and buying. There is a slightly reduced Chinese Market but we are confident the local buyers will take this up. Stock levels are very strong and this should provide a solid spring market .”
July 30, 2016
17 McKinley Avenue, Malvern (Sally O’Connell / Andrew Hayne Marshall White) – A really big crowd at this auction, 5 bidders over $4.5m!
Good results – although still on low numbers! Many of the better homes that were auctioned on the weekend had the luxury of selling in isolation (i.e. no similar homes competing against them), allowing buyers to focus all their attention on the one property.
The next two weekends will still see lower numbers across the board, with the 20th looking like the first weekend that there will be greater choice for buyers.
Auction Highlights:
- 13 Clarence Street, Malvern East (Brendan Allen/Marcus Chiminello, Marshall White) – tidy period home with excellent car accommodation – $2,490,000
- 83 Charles Street, Prahran (Carla Fetter/David Sciola, Jellis Craig) – an unrenovated version of 93 Charles which sold earlier this year for $2.18million – $1,500,000
- 18 Kanowna Street, Hampton (Jenny Dwyer, Hocking Stuart) – well kept, older style renovated weatherboard on approximately 725sqm – $2,130,000
- 1 View Court, Brighton (Graham Black/Campbell Cooney, Hodges) – two storey townhouse on small, irregular land – circa $2million
The single storey down-sizer market is continuing to strengthen:
- 2a Hurlstone Street, Brighton East (Tom Davidson/Bert Stewart, Buxton) – 2 bedroom unit east of the Nepean broke the $1m – $1,014,000; and
- 6b Glenmore Crescent, Black Rock (Romana Altman/Rebecca Beacall, Buxton) – 3 bedroom (with split level) – $1,620,000
- 1a Cloverdale Avenue, Toorak (Anthony Grimwade/Tim Wilson, RT Edgar) single level home – yet dated, with great access to north light. Sold for an undisclosed amount circa $3million
Land Sales:
- 117 Stanhope Street, Malvern (Genevieve Hoyle/Andrew McCann, Jellis Craig) – predominantly land, 670sqm approximately, northerly orientation – $2,777,000 or $4,144sqm
- 34 Alfred Street, Kew ( Geoff Hall, Kay & Burton) – predominantly land, 781sqm approximately, south rear – $3,065,000 or $3,924sqm. Of note, 24 Alfred – smaller land (706sqm) with better home, and on the north side, sold for $3,250,000
- 23 Gowar Avenue Camberwell (Mark Pezzin/Natalie Hall, Jellis Craig) – 724sqm north rear sold for just over $2million
Off Markets:
- Basic home on 800sqm, Camberwell – circa $3,250,000
- Pretty weatherboard Victorian, Brighton – mid $2millions
- Renovated period home, Surrey Hills – circa $2million
Properties we like, for auction August 13
- 10 Oak Street, Hawthorn (Richard Winneke/Campbell Ward, Jellis Craig)
- 33 Emo Road, Malvern East (Daniel Wheeler/Justin Krongold, Marshall White)
- 15 McGregor Street, Middle Park (Arthur Apostoleros/David Seeber, Buxton)
- 43 Kerferd Street, Malvern East (Rae Tomlinson/Hugh Tomlinson, Marshall White)
Auction Spotlight:
Hampton: 18 Kanowna (Hocking Stuart) sold for $2.13m
18 Kanowna Street, Hampton, (Jenny Dwyer, Hocking Stuart), sold $2.13m
Scott McElroy was auctioneer at the auction of this pretty, updated Californian bungalow in a quiet Hampton street. The crowd huddled around as Scott gave a thorough spiel and called for an opening bid. Bidder 1 chipped in straight away, with an offer of $1.7m. Bidder 2 came in shortly after and a two-way battle ensued before the home was announced on the market at around the $2.09m mark. Bidding continued in$5k increments until the hammer came down at $2.31m to a round of applause from the 60 or so people that had gathered.
Black Rock: 22a Arakaringa (Hocking Stuart) sold after auction for $1.888m
22a Arkaringa Crescent, Black Rock (Kate Smith/Warren Smith, Hocking Stuart), sold after auction $1.888m
A brisk morning start didn’t slow Peter Kennett down – he was as entertaining as ever as he introduced the property for auction. After a thorough preamble, and a lot of laughs from the crowd of around 40 people, Peter called for an opening bid. Unable to secure one, he tabled a vendor bid of $1.75m but when all remained quiet, he ducked inside to refer to his vendor. A second vendor bid of $1.8m was put forward but with no genuine bids on the day, the property was passed in. It sold a short time after for $1.888m.
Agent Opinion:“Have you seen any changes to the market pre and post school/winter holidays? Do you expect the new FIRB and vendor sales over $2m tax rules to have any impact?”
Andrew James (Hocking Stuart): “Post school holidays, we are seeing some big crowds at auctions. With the Federal Election over, school holidays ceasing and Spring just around the corner, buyers are feeling more confident. Plus, bidding interest is being boosted by a lack of quality housing stock. Hocking Stuart’s clearance rate has been above 75 percent for the last two weeks, signposting strong buyer interest. With that said, open for inspection attendance hasn’t been as strong as auction turn outs have, however quality properties in sought after locations continue to attract interest. Foreign buyers in the mid-market have been more subdued as a result of new taxes and regulations, but international buyers looking in the top end of town remain largely undeterred. All of these factors are pointing to a solid Spring market, with a boost in volume and clearance rates.”