26 August 2017
It was another weekend of solid results for the market, with an REIV clearance rate of 77% at 6pm on Saturday. There were some big results, particularly for land offerings (see below). On the back of these, will we see an adjustment to the Statement of Information documents for similar properties currently campaigning?
We are noting that the market is becoming patchier and the price difference between a ‘good’ property and a ‘not-so good’ one is growing.
For new buyers to the market, understanding a property’s fundamentals and what makes it ‘good’ and knowing where the ‘stop limits’ should be may protect you from paying too much for something compromised by design, size or position.
- 1 Anthony Street Glen Iris (Joanna Nairn/John Manton, Marshall White) – approx. 1003sqm, large, modern ‘Hamptons style’ new home – $5,770,000.
- 2 Thanet Street Malvern (Gowan Stubbings/Julia de Campo, Kay & Burton) – approx. 743sqm with elevated brick Victorian, liveable but really ready for the next renovation/extension – $3,610,000.
- 53 Elwood Street Brighton (Russ Enticott/Nick Johnstone, Nick Johnstone Real Estate) – approx. 659sqm, renovated period home on tricky block – wide frontage and very shallow – $2,830,000.
- 21 Hardinge Street Beaumaris (Lauren Chambers/Penelope Siemering, Greg Hocking Poulios) – approx. 788sqm with north facing rear, large, modern family home – $2,750,000.
- 20 John Street Kew (Walter Dodich/Isabella Lu, Kay & Burton) – approx. 907sqm, prime land with generous frontage in the Sackville Ward – $5,200,000 or $5,733sqm.
- 33 Cityview Road Balwyn (Mark Salvati/Meredith Plant, Jellis Craig) – approx. 663sqm, on the hill, in Balwyn High School zone and the market still moving forward in this area. Number 25, a similar offering, sold for $1,715,000 around 18 months ago – $1,900,000 or $2,865sqm.
- 16 Stradbroke Avenue Toorak (Richard Mackinnon/Fraser Cahill, Marshall White) – approx. 773sqm – a tennis court with south-facing rear – $7,805,000 or $10,097sqm.
- 76 Canberra Grove Brighton East (Mark Staples/Ben Thompson, Jellis Craig) – approx. 685sqm with east-facing rear – $2,080,000 or $3,036sqm.
- 67 Florizel Street Glen Iris (Michael Hingston/ Chris Hingston, Jellis Craig) – approx. 650sqm in this tightly held street. The last sale in Florizel was in 2015, with a more recent sale at 62 Hortense Street for $1,788,000 in February – $2,180,000 or $3,353sqm.
16 Bailey Avenue Armadale
For those looking for a ready-to-move-in home, this stylishly renovated and extended Federation home was a desirable option (although in a lesser part of Armadale, close to Dandenong Rd and the train line). A vendor bid of $3.3m by Andrew Hayne from Marshall White started the auction, with two bidders quickly going back and forth up to $3.75m before slowing considerably. Once the property was called on the market at $3.9m, a third and fourth bidder jumped in and the property was eventually knocked down for $4.06m.
2 Thanet Street Malvern
This is a comfortable, elevated period home that has been previously extended, yet allows for good scope to build on further and maximise use of the west-facing garden on 743sqm of land. A good crowd of 70-plus people came to observe or participate in the Kay & Burton auction, led by Gowan Stubbings. Placing a vendor bid of $3.0m to start off the auction brought out two bidders who quickly moved things along. A third bidder came on, but pulled out after bidder 1 tried a large bid to frighten off the opposition. After a quick consultation with the vendors, the property was announced on the market at $3.36m. A further two parties joined the action, but bidder 1 was not willing to let this property slide and finally secured the home for $3.61m, to the applause of the crowd.
Pass-ins this weekend:
- 4 Anderson Street South Melbourne
- 16 Hodgson Street Kew
- 3 Adamson Street Brighton
- 14 Britten Street Glen Iris
Some of the better properties coming up for auction: an architect’s view
- Single-level townhouse, Malvern – $2.2m
- Large home on generous land, Hawthorn East – $6m
- Un-renovated home, Kew – $3.3m
- Large spec-house, Glen Iris – $2.4m
- Victorian home on large land, Prahran – circa $4.5m