Market sentiment looking up
With the election and most other distractions out of the way, buyers and sellers can now focus on the remainder of 2019, although not until after the mid-year holidays.
It was interesting to witness the difference one weekend made to change the sentiment in the market place. On Monday, doom and gloom had definitely been replaced by optimism and positivity.
Of the agents we spoke to, they were consistent, commenting on the increased number of homes they had been invited into to appraise. Buyers will be hoping a number of these will turn into homes for sale when the market resumes in late July after the Winter school holidays.
Saturday also fared well. It was one of the larger auction weekends for the year, with 700 auctions reported and the clearance rate came in at a respectable 64%, which suggests we are heading into a more normal market. Actually, each weekend in May has been over 60%, albeit on small volume.
Buyers inspecting homes remains consistently steady.
For the time being, they may need to focus on the remaining stale stock, much of which could still provide good opportunities for buyers if vendors have adjusted their price expectations.
- 3/30 Douglas Street Toorak (James Paull/Mark Wridgway, RT Edgar) – the downsizer market is alive and well, with this large single-storey apartment selling via EOI during the week for an undisclosed amount over $4.5 million
- 27 Beaconsfield Road Hawthorn East (Mike Beardsley/Andrew Hayne, MarshallWhite) – renovated and extended Victorian home on approx. 796sqm with pool, also undisclosed and selling for a very similar price to Douglas, over $4.5 million
- 21 Moorhouse Street Armadale (Justin Krongold/James Redfern, MarshallWhite) – another single-level downsizer option, liveable as is but starting to show its age on approx. 472sqm – undisclosed but over $3 million
- 58 Holyrood Street Hampton (Richard Slade/Sally Pickering, Buxton) – predominantly land of approx. 557sqm with a south-facing rear opposite a school – $1.53 million or $2,746sqm
Some of the better properties coming up for Auction before the holidays: an architect’s view
We often talk about turning a ‘B’ Grader into an ‘A’ Grader. The position and solid fundamentals at 37 St Georges Road Elsternwick present such an opportunity in our opinion. A concept worth considering, going to Auction 1 June 2019.
37 St Georges Road Elsternwick – Angelos Stefanis/Sven Fisher, Biggin & Scott
25 Wills Street Kew – Campbell Ward/Richard Winneke, Jellis Craig
14 Kintore Street Camberwell – Grayson Rayner/Doug McLauchlan, Marshall White
5 Berwick Street Brighton – Stefan Whiting/Danielle Harvey, Buxton
18 Wave Street Hampton – Robin Parker/Kate Fowler, Marshall White
- Period home, dated extension, opportunity to improve, Malvern East – high $3m
- Renovated single fronter in Domain Precinct, South Yarra – high $2m
- Renovated single level family home on approx. 780sqm, Malvern East – mid $2m
- Downsizer, 2 living zones, good north orientation, Armadale – circa $3.4m
- Period home with tennis court and pool, Brighton Beach – over $7m
- Updated Californian Bungalow, single level, Hampton – circa mid $2m
- Dated family home, ROW garage & studio above, Sandringham – circa mid $2m
- Original brick home on good sized land of approx. 700sqm, Brighton East – early $2m
- Large renovated Edwardian home on approx 680sqm, Middle Park – over $8m
- Renovated 3 bed, period home, north rear, OSP, Hawthorn East – over mid $1m
12 Royal Crescent Armadale
The sun was shining on the offering at 12 Royal Cres Armadale – a brick Victorian on a little under 600sqm in comfortable condition, yet offering excellent scope to improve. This is an example of how a home with solid credentials, including its prime position to Armadale amenities, is able to attract a good depth of buyers. The auction attracted a large crowd on both sides of the street, with the Tomlinson family and John Bongiorno heading up the Marshall White team. Opening with a vendor bid of $3m, two bidders slowly took the offering to $3.15m. After a short break to chat to the vendors, the home was not yet on the market. A new bidder entered the action, reducing bids to $10,000. Just when it seemed like the property would be passed in $3.22m, an offer scraped in at the last second. Suddenly there was a new lease on life as two of the now four bidders went back and forth in rapid fire with hardly a breath. John could only state the home was now definitely on the market when a slight pause occurred at $3.46m. The home sold under the hammer, undisclosed, slightly above this level.
14 Long Street Elsternwick
A Sunday auction in Elsternwick, the coffee van out front and a good scattering of neighbours and interested parties, set the stage for Phillip Kingston to head up the Gary Peer team at 14 Long Street. A pretty Victorian façade, north rear and an extension done some time ago, deliver a solid family home ready for the next generation. Proximity to Glen Huntly and Glen Eira Road shops, trams and stations further enhance the offering.
Following his customary vivacious pre-amble, Phillip needed to place a $2.4m vendor bid after he was greeted with silence. Eventually one of his boxes of chocolates could be handed over when a bid of $2.45m was placed. When nothing further was forthcoming, Phillip countered with another vendor bid of $2.5m, stating it would be his last if the next bid was $50k. Bidder 1 tried for $25k, but was pressured to go the full $50k to avoid another vendor bid. A break in proceedings did not inspire further parties to join in, so the home was passed in at $2.55m. The property sold afterwards for an undisclosed amount.