24 February 2018
Another good day for sellers on the weekend, especially for those selling the ‘rare birds’.
While we did witness a number of pass-in auctions on the weekend, many properties had sold by the end of the day and the reported clearance rate with the REIV (on a good number of reported auctions, 1219) was a healthy 70%. Although we are nearly at the end of February, it does feel like a slow start to 2018. With limited opportunities to buy, it has made things harder for buyers, and the quality offerings have sold very well if vendor expectations have been fair and the property has been well managed and marketed.
If the home is nicely renovated and has good bedroom/bathroom combinations, land size doesn’t seem to factor in too much for buyers, as we saw on the weekend with many WOW homes selling and selling well (i. Fawkner Street, Wrights Terrace, Grove Road). That said, if the land is very special and difficult to repeat, that too will be well received (ie Farleigh Grove – well located, unencumbered, well proportioned, etc).
First open inspection numbers were well attended too, with many buyers viewing the upcoming stock.
Of interest, we noted two four-bedroom family homes with some similar lifestyle offerings auctioned on the weekend. The first to auction had three bidders. With one bidder successful, the two underbidders re-focused their attention on the second home and were the only two bidding parties. Both homes sold within $30,000 of each other.
Identifying what is an A-grader and what is a C-grader is perhaps one of the biggest obstacles for buyers to work out right now, and many are missing by a big margin. Understanding this is important, as it can help when trying to determine value.
- 13 Edro Avenue Brighton East – Peter Kennett/Chelsie Cargill, Hocking Stuart – a modern home, good orientation, and a popular floorplan formula for buyers. After selling strongly only four years ago (high $3 millions), the result on the weekend demonstrated that a good offering can continue to be well received –undisclosed in the mid $4 millions
- 48 Fawkner Street South Yarra – Elliott Gill/Nathan Waterson, Jellis Craig – on only 229sqm (approx.) with south-facing rear but a convenient location with a newly built home of large proportions – undisclosed price toward mid $3 millions
- 1 Harts Parade Hawthorn – Mark Sutherland/Mike Beardsley, Marshall White – approx. 606sqm, with a single level, neat and tidy home with pretty double-fronted Victorian timber façade and north rear, set a new record for the street –$2.9m
- 108 Hambledon Street Middle Park – Simon Gowling/Max Mercuri, Greg Hocking Holdsworth – a brick double-fronter with functional floor plan but basic internals and three bedrooms – $3,375,000
A number of homes were ‘bought before’ auction, some with big results:
- 2a Hawthorn Grove Hawthorn – James Tostevin/Sally O’Connell, Marshall White – a nicely renovated home over single level; however, a noisy location –undisclosed price in the high $5 millions
- 100 Edgevale Road Kew – Kathy Malcolm/Mark Sproule, Marshall White – approx. 245sqm with an updated single-fronted home – undisclosed price over $1.9m
- 44 Wrights Terrace South Yarra – Carla Fetter/Andrew McCann, Jellis Craig – approx. 279sqm, a nicely renovated timber single-fronted home; however, no carpark and south rear – $2,610,000
- 17 Plantation Avenue Brighton East – Peter Kennett/Chelsie Cargill, Hocking Stuart – approx. 652sqm, with north facing rear – $2,420,000 or $3,711sqm
- 5 Boronia Street Canterbury – Tori McGregor/Michael Wood, Marshall White – approx. 650sqm, with west rear and no heritage overlay – $2,430,000 or $3,738sqm
- 3 Carew Street Sandringham – Jenny Dwyer/Nick Kiloh, Hocking Stuart – 452sqm, compact block, fairly original semi-attached home – $1,790,000 or $3960sqm
- Renovated home, Grace Park, Hawthorn – circa $6m
- Basic home with good land content, Hawthorn East – mid $2ms
- Updated period home, Port Melbourne – high $2ms
- Period home with good land content (nearly 1,000sqm), Sth Yarra – circa $7m
- Dated but functional home on large land, Sandringham – circa $6-7m
Some of the better properties scheduled for auctions on 3 March: an architect’s view
67 Kerferd Street Malvern East
This was a nicely presented home over a single level in one of the better streets within the prized and leafy Gascoigne Estate. This property had a number of pluses: north-facing rear and the flexibility on offer to live in now as is and then renovate in time. No car garaging (or potential for it) was the main question mark here, and many would say it was not located in the best part of the street. Opening with a vendor bid of $2.4m, auctioneer John Morrisby received measured bids from three bidders, yet ultimately passed the property in for $2.555m and it sold after auction for an undisclosed price below $2.7m. Not a bad result here and the vendor should be pleased given next door (which although not as good in terms of condition had more upside) sold for $2.585m last August.
73 Stanhope St Malvern
This home offered the opportunity to create a new home for the next generation after a substantial renovation/extension to the existing period front, within Heritage Overlay guidelines. Off-street parking and a north rear orientation were further bonuses to the proximity to amenities. Andrew James led the team from Hocking Stuart in this entertaining auction. A strong opening offer of $1.5m was immediately received after the preamble. The intimidation tactic worked, as all others stayed silent and a break was called to confer with the vendors. The property was pronounced on the market, enticing bidder 2 to join the action. $5k and $10k bids flew back and forth swiftly, bringing the offer to $1.615m, where the opening bidder reluctantly stepped out. Andrew had to dispense with the jacket as the auction heated up with a fresh bidder entering the fray. At one point, he joked that he’d throw in the Lamborghini parked out the front, only to be trumped with the reply that the bidder already owned it, to the laughter of all. Alas, he had to drive away in it, as bidder 2 ended up the successful purchaser for $1.71m.