29 July 2017
Welcome back to the second half of the 2017 Melbourne property market.
There was a small selection of homes auctioned this weekend; however, many agencies didn’t have any auctions at all. Of those that did auction, the good properties were competitive with solid results.
We now have a very solid run of uninterrupted auction weekends right through until the third-term school holidays and football finals. Listening to agents over the weekend, there will be some good choices available for buyers both ‘on and off market’.
With interest rates still low, and migration levels still buoyant into Melbourne, a downturn in the market anytime soon doesn’t seem apparent to us.
178 Princes Street Port Melbourne (Jon Kett/Sam Gamon, Chisholm & Gamon). All about the land – and importantly the width. Approx. 320sqm in a very convenient location. Sold at auction for a very healthy $2.730m.
27 Burroughs Road Balwyn (Jack Zhang/Janssen Xiang, Vic Prop – Melbourne) – ‘as new’ large family home in the school zone – $3.812m.
11 Raheen Drive Kew (Greg Toogood/Sarah Behan, Jellis Craig) – approx. 813sqm, prime land opposite the river – $3.015m or $3,708sqm. $500,000 in just over a year? This sold last in May 2015 for $2.660m.
12 Maud Street Balwyn North (Daniel Bullen, Jellis Craig) – approx. 605sqm, south-facing rear, with a neat and tidy smaller weatherboard (some may wish to keep) – $1.755m or $2,900sqm.
56 Millewa Avenue Malvern East (Adam Cashmore/Charles Boyd, Jellis Craig) – approx. 697sqm, east-facing rear, with a small brick home on it – $1.65m or $2,367sqm.
Off Market Properties:
- Good land, single-storey family home – Hawthorn – $6m
- Single-fronted, renovated weatherboard – Malvern East – circa $2m
- Large, north-rear-facing land – Brighton – $5.5million
- Smaller terrace home with OSP – Windsor – early to mid $1millions
- Victorian terrace, north-facing rear – South Melbourne – early $2millions
Some better properties coming up for auction: an architect’s view
41 Imbros Street Hampton
Gathered in the backyard in an attempt to shelter from the increasingly strong winds, 100 or so buyers, neighbours, agents and the like gathered to watch this auction.
Auctioneer Stephen Tickell spent some time discussing the strengths of the property, supported by the vendors’ 41 years of enjoyment in the home.
Looking for an opening bid of $1.9m, this was quickly forthcoming and two parties battled strongly until it was announced on the market at $2.25m. With a brief pause from bidder one, a third and fourth bidder joined bidder two, before bidder one decided to return.
All four bidders were still in the game circa $2.4m; however, the last $100,000 sorted the pack, with bidder one the successful purchaser at a tick over $2.5m.
9 Randolph Hawthorn
This house was a prime example of a single-fronted Victorian cottage with strong potential to improve, which have been selling well in this area. The fact that it was attached on the south side has helped the buyer keep pricing to a manageable level. OSP at the front is a bonus, as is the slightly elevated position allowing good light along the north side. The property last sold in 1996 for $181,000.
A decent crowd of 40-plus people came to watch Cameron Ingram run the auction for Nelson Alexander. The audience was quiet when it came to the actual bidding and, after placing a vendor bid of $1.2m to start the auction, it almost looked as if the home would be passed in. At the last gasp, a bid was placed and the auction took off with two keen bidders trying to outmanoeuvre each other. Reserve was quickly surpassed at $1.32m and continued strongly to finish at $1.46m for a very happy young couple.
384 Canning Street, Carlton North