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 .”
