Market Pulse

Great crowd and entertaining auction from Mathew Cox (Buxton) at 12 MacGregor St, Parkdale. It sold for $1.64m – a strong result that was well above reserve.

The outcome of the US presidential election and sharemarket fluctuations did little to dampen buyer confidence on Saturday, with continued strong results across the board being reported.

If vendors are listening to agent advice regarding reserve levels, more often than not there is a sold sticker on the board, usually comfortably above the reserve levels. Auction clearance rates still sit around the 80 per cent mark and it seems this may not change much up to Christmas.

Auction Highlights:

Land Sales:

Off Markets:

Properties we like, schedule for auction December 3:

 28 Dickens Street Elwood – Torsten Kasper/Kylie Hill, Chisholm and Gamon

17 McCallum Street Brighton – Kate Strickland/Bethany Lu, Marshall White

14 Edward Street Hawthorn – Stuart Evans/Duane Wolowiec, Marshall White

35 Warley Road Malvern East – John Morrisby/Ian McLennan, Jellis Craig

Auction Spotlight:

30 Airlie Avenue, Prahran

A large crowd saw this well positioned period home go under the hammer for $1.8m (Tom McCarthy, Biggin & Scott).

This superbly positioned, single-fronted period home drew a large crowd to the auction on Saturday. Offering excellent potential with good street frontage and holding the northern side of the pair, four bidders competed for the keys to the property. Tom McCarthy from Biggin & Scott ran an enthusiastic auction with bidding starting at $1.57m, quickly going on the market at $1.6m and eventually selling for $1.8m. 

9 Glyndebourne Avenue, Toorak

Four keen bidders fought it out for this elegant modern home, which eventually sold for $6.05m (Mark Wridgway, RT Edgar).

Situated in a picturesque tree-lined street, this architectural home delivers garden views from every room, with many cleverly positioned windows and skylights adding to the bright interior.  The home is solid brick throughout, well proportioned and fitted out with an elegant, modern style. Mark Wridgway from RT Edgar ran the successful auction, keeping the bidding going steadily from four keen bidders. The property was announced on the market at $5.8m, with bids continuing back and forth until the property was knocked down at $6.05m.

Agent Opinion: ‘There has been plenty of talk this year about low stock levels in comparison to previous years. Can you see this picking up in the early part of 2017?’

Rob Fletcher,  Fletchers: Stock levels were unusually low, especially around June/July this year, but we have seen quite an increase in properties that have come onto the market in recent months. Traditionally January is a quiet listing month for most of our offices but also a strong selling period until stock levels increase in the following months, which I predict will continue again next year.

There are only three weekends for new campaigns to start before Christmas and the pressure is rising for buyers to secure a property before the close of the season. Lower stock levels have contributed to continuing higher clearance rates.

Even with a small increase in expected stock over the next few weeks, we don’t envisage any major changes to the market for the remainder of the year.

Auction Highlights:

Land Sales:

Off Markets:

Properties we like, schedule for auction November 26

6 Belmont Avenue Kew – Chris Barrett/Peter Mitchell, Marshall White

3 Alleyne Avenue Armadale – Lachie Fraser–Smith/Andrew McCann, Jellis Craig

14 Kingsley Street Elwood – Torsten Kasper/Sam Gamon, Chisholm & Gamon 

Auction Spotlight:

30 Grace Street Malvern

Keen interest from a solid crowd at 30 Grace Street Malvern (James Tomlinson, Marshall White).

James Tomlinson from Marshall White ran a spirited auction at Grace Street Malvern in front of a solid crowd. After an opening bid of $1.8m, another four bidders vied for the property, which was called on the market at $2.04m. The eventual selling price of $2.26m reflected the keen interest the final parties had in this well positioned, free-standing small cottage with a lean-to extension.

89 Guildford Road Surrey Hills

Michael Wood (Marshall White) conducted an enthusiastic and entertaining auction at 89 Guildford Road Surrey Hills.

A large crowd wrapped around the tree-lined corner position for the auction of this single-level solid period home, well located near the Union Road shops and public transport. An opening bid of $1.9m was first greeted with extended silence from the crowd before a strong contest ensued between five bidders, two of whom were particularly eager to win the property. The home was on the market at $2.15m, eventually selling for $2.345m. An entertaining auction by Michael Wood (Marshall White). Solid result for a brick period home on a corner block.

Agent Opinion: ‘There has been plenty of talk this year about low stock levels in comparison to previous years. Can you see this picking up in the early part of 2017?”

Maurice Di Marzio, Hocking Stuart, Balwyn: Most of 2016 saw a noticeable decrease in stock levels, right across Melbourne. Momentum during the second half of Spring seems to have lifted and I do see this shift continuing into the first quarter of 2017.

Many people have asked my opinion on the low stock levels throughout 2016 and my thoughts are that, while we have just been through possibly the strongest and most aggressive market conditions ever seen in Melbourne (with the bullishness of the market over 2015/2016), where many people traded up and downsized, and basically transacted, people have been content to sit back and not get involved. This has seen a shortage of supply and, with the healthy level of buyer enquiry (which includes investors coming back into the market), it has been difficult to satisfy the demand.

In our market, which also has a large Asian influence, traditionally, they also tend to buy and hold, so those properties that have been transacted over the past few years are not coming back into the market place.

Now that all the interruptions are out of the way, for the year (football, horse racing, long weekends etc), there will be a significant increase in supply over coming weeks, that should carry us into the start of the 2017 market and once things settle into a routine in the new year, I am confident ‘things will get back to normal’.

Good crowds out and about on the weekend, despite the wet, windy and cold Melbourne weather.

Results overall were very solid for sellers on the weekend.  Although the weather was incredibly wet and cold, this didn’t deter buyers and there were good numbers at most properties.

The Saturday the week before Melbourne Cup weekend is usually big; however, REIV statistics showed there were only 1114 auctions this year compared with 1551 for the same weekend last year.

Auction Highlights:

Land Sales:

Off Markets:

Properties we like, schedule for auction November 5:

 551 Camberwell Road Camberwell – Peter Vigano/Mark Pezzin, Jellis Craig

24 Lambeth Avenue Armadale – Justin Long/Mark Harris, Marshall White

12 Grout St Hampton – Nick Johnstone/Dane Costello, Nick Johnstone RE

1 Moubray Street Albert Park – Warwick Gardiner/John Holdsworth, Greg Hocking Holdsworth RE

Auction Spotlight: 

54 Hawthorn Grove Hawthorn

Steven Abbott (Jellis Craig) in front of a shivering but strong crowd at Hawthorn Grove, Hawthorn.

A large crowd braved the extreme weather conditions in the picturesque front garden to see Steven Abbott conduct the auction. Following a sale at #36 that morning for $5m, Jellis Craig was keen to deliver a similar outcome.  The crowd remained quiet after a call for offers, with Steven eventually placing a vendor bid to commence proceedings at $4.5m, followed by a further bid of $4.6m.  One bidder followed to secure first negotiation rights with $4.7m before the property was passed in at that level.  The property sold after auction for an undisclosed amount over $5m.

36 Durrant Street Brighton

Heavy rain compelled an inside auction at 36 Durrant St Brighton (John Clarkson/Bert Stewart, Buxton Brighton).

 A smaller home but well located near the Bay St shops in Brighton. A large crowd huddled under umbrellas and raincoats, as heavy rain fell at the start of the auction, which was ultimately relocated inside. Auctioneer John Clarkson was ready for this strong crowd of about 100 people. Opening with a genuine bid of $1.5m, multiple bidders fought hard for this single-level period home. It sold strongly under the hammer for $2.019m. An entertaining auction by John, who was at his humorous best and well assisted by Bert Stewart – a very likeable duo.

Agent Opinion: “The market appears to be very buoyant at the moment. With the expected stock increase for November, do you expect this heat to continue?”

Justin Long, Marshall White: The residential real estate market is as buoyant as I’ve seen for some time and lower than usual stock levels have a good deal to do with it. Whilst there seems to be a little bit of a last minute push to get homes sold prior to Christmas, the likelihood of a dramatic increase in stock levels in November is unlikely and hence I expect things to remain very steady or strong for the balance of the year and into the first half of 2017.

Plenty of people out enjoying auctions on a beautiful spring day.

With an REIV reported clearance rate of nearly 80% on the weekend, the market for quality offerings continues to gain strength.

With limited stock, buyers may wish to consider how well the property suits them before sticking to a firm budget. If it is a good fit, buyers shouldn’t necessarily assume there will be another one soon, so they need to be prepared to really stretch on auction day – and then probably stretch some more. 

We have seen an increase in ‘bought before auction’ properties recently with some strong results.  For buyers, this may help with certainty; however, there is also a chance that the price paid may be well above what others may have been prepared to pay on auction day.

Auction Highlights:

Land Sales:

 Off Markets:

Properties we like, schedule for auction October 29:

33 College Street Hawthorn – George Bushby/Richard Winneke, Jellis Craig

25 Grant Street Malvern East – Gowan Stubbings/Julia de Campo, Kay & Burton

29a Sussex Street Brighton – Campbell Cooney/Tatiana Marcelin, Hodges

5 Westley Street Hawthorn East – Anton Zhouk/Robert Ding, Marshall White

Auction Spotlight:

1/8 Faversham Road Canterbury

1/8 Faversham Road Canterbury (Geordie Dixon/Tom Ryan, Jellis Craig). Sold strongly for $1.68m.

If you ever wanted to know what a great down-sizer property in Boroondara was, 1/8 Faversham Road Canterbury would be a good one to look at.

Low maintenance. Lock up garage. One of two on the block. Single level. No steps. Light and bright inside. It really had it all…….

There was genuine buzz at this auction – no real surprises there. Opening on a genuine crowd bid of $1.1m, auctioneer Peter Batrouney conducted traffic seamlessly between two bidders and there were possibly 5-8 others who just couldn’t get their hands up. The property was announced on the market in the $1.4m’s and sold strongly under the hammer at $1.68m. This all happened in about five minutes. Great campaign for listing and campaign agents Tom Ryan and Geordie Dixon – their vendor would be very pleased with the result.

20 Argo Street Prahran

20 Argo Street Prahran (Peter Perrignon, Hocking Stuart). Four bidders and sold for $1.7m.

In front of a large crowd, auctioneer Peter Perrignon provided a succinct description of the property and the area before launching into auction mode advising. A strong opening bid was made at $1.5m, where he announced that ‘with a bid like that we are clearly on the market and selling. With some time to regroup, a second bidder entered the competition, followed by a third and fourth, before settling at the round figure of $1.7m.

Agent Opinion: “How do you see stock levels for the rest of the year, compared to 2015 and 2014?”

Geordie Dixon, Jellis Craig: We have definitely seen a reduction in property levels and feel they reflect 25-30% from previous years. This is a great market for prospective vendors. Because of this reduced market, buyers are fighting for the one or two properties on offer, delivering some amazing results.

299 South Road, Brighton East (Jason Collie and Barb Gregory Marshall White), sold $1.59m, 3 bidders

It is now the final sprint until Christmas. There are only two auction weekends before Melbourne Cup weekend and 6-8 weeks until Christmas. With some vendors wary of auctioning so close to the Cup (5th November) and the weekend immediately before Christmas (17th December) – that leaves six. This is only the second run of multiple auction weekends for the year and may prove to be the best opportunity for buyers still searching, to buy before 2017.

Auction Highlights:

Land Sales:

Off Markets:

Properties we like for auction October 22:

Auction Spotlight:

8 Stanhope Grove Camberwell (Peter and William Chen, Jellis Craig) sold after auction just under $3million.

8 Stanhope Grove, Camberwell (Peter & William Chen, Jellis Craig) sold after auction just under $3m

Busy location yet the house over a single level with good garaging and a pretty period façade was certainly going to attract interest, particularly at this level in this market.
This last sold back in 2011 for $2.4m. How has the market responded since then? Auctioneer Richard Earle looked for an opening bid and got one after a bit of time at $2.7m. With no further interest from bidders, two vendor bids at $2.75 then $2.8m were placed. Bidder two entered the fray and ultimately had the property passed in to them at $2.95m and bought it shortly after for an undisclosed price not far off this. With a rise of about $600K (or 25%) in five years, this indicates that the market is solid right now, but buyers are not prepared to go crazy for B-graders. Such properties are at least selling……..if the vendors are realistic.

37 Wrights Terrace Prahran (Mark Robertson/Carla Fetter, Jellis Craig) sold strongly under the hammer, $1.731m.

37 Wrights Terrace, Prahran (Mark Roberston/Carla Fetter, Jellis Craig), sold for $1.731m

A solid crowd of 40 people gathered for this auction and there was definitely a good vibe – this auction was going to go well. Why? It was a good offering. Double-fronted brick homes with north facing rear orientations and off-street parking are exceptions rather than than norms in this street, and the position is a convenient one. A lowball opening bid of $1.25million saw Mark Robertson swing into action quite quickly, conducting traffic from a further 6 bidders in all. The property was announced on the market at $1.45m and sold strongly for $1.731m – both vendor and and buyer would be very happy here.

In general, the market was strong again on Saturday, the REIV reported a 79% clearance rate for the 764 properties auctioned, down from 1049 for the same time last year.

The countdown is on now for Christmas and the Spring market is going to see some continued disruption with more school and public holidays and the Spring Racing Carnival affecting the auction timetable.

Next weekend is the last big auction weekend before most of the market takes a break for school holidays and the AFL preliminary and grand finals.   Many campaigns won’t commence until the 1^st October as vendors are reluctant to pay for advertising (which can be north of $20,000 for some properties) when potentially some of their target market is absent.  This leaves the 22^nd of October as the next major weekend before it is disrupted again for Derby and Cup day.

We therefore see the market making a late surge in November/December with six (possibly seven if you include the Saturday before Christmas) weekends of uninterrupted campaigning which will hopefully provide some frustrated buyers with opportunities to buy before the conclusion of 2016.

Auction Highlights

Land Sales:

Off Markets:

 Properties we like:

 The next big auction weekend is 22^nd October and we look forward to providing our thoughts when the properties hit the market.

Auction Spotlight:

Hampton: 30 Holyrood St (RT Edgar), sold after auction $2.42m

30 Holyrood Street, Hampton (James Paynter RT Edgar), sold after auction $2.42.m

Two bidders fought it out at the auction of this pretty, renovated period home in front of a good sized crowd of around 60 people. James Paynter was at the helm and although it took two vendor bids to kick-start proceedings, bidding was steady throughout. After opening at $2m (VB), James headed inside to refer to his vendor at $2.1m; back outside, a tight two-way battle ensued until $2.22m was reached and the property was passed in. After some post-auction negotiations, the home sold for $2.42m.

Hampton: 54 Linacre Rd (Hocking Stuart) passed in $2m

54 Linacre Road, Hampton (Mark Staples, Hocking Stuart), passed in $2m

The private front garden was the perfect spot to hold proceedings – Mark Staples stood in front of the pretty Californian bungalow, while the crowd of around 45 huddled around him. Looking for an opening bid, but unable to secure one, Mark tabled a vendor bid of $1.95m. After giving the crowd plenty of time to respond, Mark ducked inside to refer to his vendor. A second vendor bid of $2m did little to inspire any bidding and the property was passed in.

Agent Opinion:“As the market is beginning to change, are buyers shifting priorities? ”

Tim Heavyside (Fletchers): “I see the market in a new cycle – a stable environment similar to the years of 2011-2013 (a balanced market, slightly advantaging the seller).
Buyers are astute and still looking for areas which offer what they need and don’t mind paying a premium if they are ticking their buying boxes.  These various items include;
1. Quality accommodation
                                           2. Premium location – mainly for convenient transport options (train, bus), schooling and the various zones and accessibility and recreational facilities – such as local shopping.

2/33 Chestnut Street Surrey Hills (Tim Heavyside, Fletchers) bought under the hammer for $1.11m – 3 bidders

The $1m plus property market is stuck on repeat and although some vendors are still a little ahead of the game (price wise), we saw multiple bidding at all of the auctions we attended. Disappointment is leading to frustration with a lot of buyers and although they may be hoping the market might cool a little, it feels unlikely, at least in the short term.

Auction Highlights

Land Sales:

 Off Markets:

Properties we like for auction September 17:

• 28 Dinsdale Street, Albert Park (Oliver Bruce/Nicholas Hoo, Marshall White)
• 25 Summerhill Avenue, Malvern East (Andrew McCann/Genevieve Hoyle, Jellis Craig)
• 29 Thomas Street, Hampton (Robin Parker/Kate Strickland, Marshall White)
• 83 Victoria Road, Hawthorn East (Sam Wilkinson/Ross Savas, Kay & Burton)

Auction Spotlight:

Hampton: 36 Thomas St (Hocking Stuart), sold for $3.25m, 3 bidders

36 Thomas Street, Hampton (Steve Tickell/Jenny Dwyer, Hocking Stuart), sold for $3.25m, 3 bidders

Such a beautiful day for an auction – and the immaculate front garden of this picture-perfect period home was the ideal setting for the crowd to enjoy proceedings. Steve Tickell was our auctioneer and after a thorough preable, called for an opening bid. Looking for $2.5m, Steve was rewarded with that exact amount from Bidder1 and we were away. A second bidder entered the contest and at $2.8m, Steve headed inside to refer to his vendor. Back outside, bidding continued and at $3.13m, Bidder 3 raised his hand. On the market at around the $3.21m mark, the home eventually sold for $3.25m, much to the delight of the crowd.

Brighton East: 38 Arnold Road (Buxton) sold after auction for an undisclosed amount above $2.535m

38 Arnold Road, Brighton East (David Hart, Buxton), sold after auction – undisclosed above $2.535m

Brand new home in a quiet street close to Dendy Park and golf courses, this auction attracted a good sized crowd that spanned three corners – all trying to find a warm spot in the sun. David Hart was auctioneer and after extolling the many benefits of both the home and the location, called for an opening bid. All remained quiet so he tabled a vendor bid of $2.3m to kick-start proceedings. Bidder 1 chimed in at $2.325m, Bidder 2 not long after at $2.35m. A two-way battle ensued before David passed the property in to Bidder 1 for further negotiations at $2.535m. The home sold a short time afterwards for an undisclosed amount.

Agent Opinion:“Are you seeing signs that that stock levels will improve after the holidays? e.g. – more enquiries to sell?  More appraisals?”

Andrew Hayne (Marshall White): “We are starting to see more listing activity for the Spring months but I believe we will still be down 20-25% on last year. With heightened demand and low interest rates, we expect to see strong completion across all areas of the market.”

37 Lambeth Ave Armadale – Justin Long, Marshall White sold after auction for $2.865m

It felt like the market shifted up another gear on Saturday.

Some strong results were seen across Melbourne, the REIV reporting a 79% clearance rate from the 823 properties sold (down 200 from the same time last year).  With more quality properties auctioning next weekend, we expect to see similar results continuing.

Auction Highlights

Land Sales:

 Off Markets:

Properties we like for auction September 10:

• 11 Adelaide Street, Armadale – Andrew James/Lauchlan Waterfield, Hocking Stuart
• 16 Davies Street, Malvern East – Carla Fetter/Andrew McCann, Jellis Craig
• 14 Golding Street, Canterbury – James Tostevin/Charlie Tostevin, Marshall White
• 9 Grout Street, Hampton – Stephen Wigley/Amanda Jones, Hodges

Auction Spotlight:

Hampton: 38 Orlando St (Paul Bond, Hodges) sold for $2,439,500

38 Orlando Street, Hampton (Paul Bond, Hodges), sold for $2,439,500, 2 bidders

Quite a big crowd lined both sides of the street for the auction of this property on prized Orlando Street. Paul Bond was our auctioneer and after a succinct preamble, was rewarded with an opening bid of $1.9m from Bidder 1. Bidder 2 was quick to enter the fray and a two-way battle ensued – the property was announced on the market at $2.135m. Bidding continued rapidly, with increments changing dramatically with each bid – $2000, $1000, $500 – Paul did a wonderful job keeping tally! At one point, the crowd let out a collective sigh when a bid was tabled at the eleventh hour after it seemed the home had sold. Bidding continued and not long everyone cheered and clapped when the hammer finally came down at $2,439,500.

Armadale: 37 Lambeth Ave (Justin Long, Marshall White), sold after auction $2.865m

37 Lambeth Ave, Armadale (Justin Long, Marshall White), sold for $2.865m after auction

I along with around 100 others turn up for this mid-afternoon auction in Armadale, and there was a hint of Spring in the air. Auctioneer Justin Long asks for an opening bid and then promptly kicks things off with a vendor bid of $2.5m. Not long after three bidders entered the fray with measured bidding. At $2.795m the property passed in and then sold afterwards for $2.865m.  With a lesser quality version on bigger land in the street selling for $2.76m about 8 weeks ago, the market for offerings such as this looks to be holding up well.

Hampton: 17 Bayside Crescent (Robin Parker, Marshall White) sold for $1.88m

17 Bayside Crescent, Hampton (Robin Parker, Marshall White), sold for $1.88m, 3 bidders

Robin Parker took centre stage in front of number 17 Bayside Crescent and, after addressing the crowd, he called for an opening bid. $1.45m came from Bidder 1, whilst Bidder 2 came in shortly after with a $10,000 rise. Bidding was fast and strong, and Robin headed inside at $1.6m to refer to his vendor. Bidder 3 joined the action upon his return, and at $1.73m the home was on the market. Bidding between two of the bidders continued until the sale price of $1.88m was reached, much to the delight of the big crowd who cheered and applauded the new owner.

37 Claremont Avenue, Malvern (Hugh Tomlinson/James Tomlinson, auctioneer Jack Bongiorno – Marshall White). Big crowd and big result here, with the property selling approximately $500K over reserve for a very solid $3.553m.

Unless stock levels increase, low interest rates and lack of choice are likely to drive strong clearance rates through to Christmas.   The REIV clearance rate was 75% and although there was more choice than last week, stock is down approximately 25% on the same time last year.

Auction Highlights:

This weekend saw strong results for properties offering short term living with good flexibility to renovate or rebuild down the track.

Land Sales:

 Off Markets:

Properties we like for auction on September 3

• 28 Brinsley Road, Camberwell (Geordie Dixon/Tom Ryan, Jellis Craig)
• 2 Vincent Street, Glen Iris ( Emma Pierson/Rob Vickers-Willis, Abercromby’s)
• 51 Rowland Street, Kew (Greg Toogood/Danielle Makris, Jellis Craig)
• 36 Thomas Street, Hampton (Steve Tickell/Jenny Dwyer, Hocking Stuart)

Auction Spotlight:

Brighton: 135 Head St (Marshall White) sold for $2.015m

135 Head Street, Brighton (Stephen Smith, Marshall White), sold for $2.015m, 4 bidders

As chilly as it was on Saturday morning, a big crowd gathered in Head St for the auction of number 135. Stephen Smith was our auctioneer and after a succinct preamble, called for an opening bid. Bidder 1 came in quicky at $1.68m, whilst Bidder 2 came in shortly after. The home was on the market at $1.86m – soon there were four bidders in the mix and the price continually rose until a sale price of $2.015m was achieved.

Camberwell: 13 Smith Road (Walter Dodich, Kay & Burton), sold for $2.177m

13 Smith Road, Camberwell (Walter Dodich, Kay & Burton), sold for $2.177m

A really good crowd and a genuine buzz for this auction. The house was basic and most would be looking at this property for it’s land value only….635sqm with prized north facing rear aspect yet a big key I think was its width at just over 17m. Listing agent Walter Dodich did a great job with this campaign and didn’t have to look too far for bidders, with an opening bid of $1.5m called out quite quickly from the crowd.
The bids flowed from here, with the property announced on the market at $1.66m and selling under the hammer for a very, very strong price of $2.177m (or around $3,400/sqm mark if you placed no value on the house).
Six bidders in all took part in proceedings but there could have easily been another six that just didn’t get the chance to bid. I must say I was a little surprised by this result…….the vendor should be very pleased indeed.

Sandringham: 91 Sandringham Road (Buxton), sold after auction for $2.25m

91 Sandringham Road, Sandringham (Peter Hickey, Buxton), sold after auction $2.25m, 2 bidders

The auction of this pretty, fully-renovated period home on a prominent Sandringham corner attracted a crowd of around 45 people on Saturday. Peter Hickey stepped out into the manicured gardens and called for an opening bid. All was quiet so Peter tabled a vendor bid of $1.95m to kick-start proceedings. Bidder 1 entered the contest at $2m, and Bidder 2 at $2.02m. A two-way battle ensued with the property passing in at $2.15m before selling after auction for $2.25m.

Agent Opinion: “What is the current status of the property market in the Bayside area and where do you think it is headed from here?

Sam Gamon (Chisholm & Gamon): “We are in one of the most positive and buoyant markets I’ve seen in the past 15 years that I’ve been selling property, and we are anticipating a very active Spring selling season. There have been some tremendous results in the market, especially in family homes and we’re also seeing unprecedented demand for single level properties that suit downsizers. This was evident with an auction we recently had in Addison St Elwood where we had strong bidders for a ground-level period apartment with its own garage and garden. The lack of available stock is noticeable but the demand is unwaning, particularly given the low interest rate environment which is allowing buyers to upgrade and leap frog into more expensive properties. Some of our opens are seeing large numbers of attendees – upwards of 30 groups at some open homes. Land in bayside is scarce and the demand is high so we see values in Bayside continuing to increase in the coming years. The relaxed village atmosphere near the bay makes it a highly sought after area.”

27 Haynes Street Highett, Richard Slade / Buxton. Sold for $1.58m – 4 bidders

With a hint of spring in the air on Saturday, the REIV clearance rate picked up a little more to 81%, although from another smaller sample size of only 486 auctions. The talk with agents is all about listings…..or the lack thereof.  In the coming weeks, we will see the auctions number increase, with September 24 and October 29 looking to be the biggest – although numbers are still likely to be lower than in previous years.

Some other insights:

Auction Highlights:

Land Sales:

Off Markets:

Properties we like, scheduled for auction August 27:

• 52 Elizabeth Street, Malvern (James McCormack/Sally O’Connell, Marshall White)
• 15 Winter Street, Malvern (Michael Armstrong/Gowan Stubbings, Kay & Burton)
• 52 Service Street, Hampton (Scott Hamilton/Brydie Hamilton, Buxton)
• 17 Morang Road, Hawthorn (Richard Winneke/Campbell Ward, Jellis Craig)

Auction Spotlight:

Malvern East: 43 Kerferd Road (Marshall White) sold for $2.305m

43 Kerferd Road, Malvern East (Jack Bongiorno, Marshall White), sold for $2.305m, 6 bidders

A good-sized crowd gathered to watch the auction of this beautiful Edwardian on a prominent corner of the prized Gascoigne Estate. Jack Bongiorno stepped out and gave a thorough preamble before tabling a vendor bid of $1.7m to kick-start proceedings. In all, there were 6 bidders vying for the home – at $2.13m Jack announced that the reserve had been met, and at $2.305m the hammer came down to a very happy purchaser.

Malvern East: 33 Emo Road (Marshall White) sold for $2.08m

33 Emo Road, Malvern East (Daniel Wheeler, Marshall White), sold for $2.08m, 4 bidders

Maybe 70 people lined both sides of Emo Road to get a glimpse of the auction action at number 33 – Daniel Wheeler was our auctioneer and, after extolling the virtues of the house and its location, called for an opening bid. Bidder 1 offered $1.6m and we were away. Eventually, three more bidders joined the contest and the price rose steadily in $20k increments. At $1.72m Daniel advised he would be selling, with Bidder 4 taking the keys at $2.08m.

Agent Opinion: What is the current status of the property market in your area and where do you think it is headed from here?

Jeff Gole (Abercromby’s): “The market in the Malvern, Malvern East and inner Glen Iris areas (or simply put, Stonnington ) went through a quiet period in June/July. This was mainly due to a lack of stock, school holidays and the lead up to the Federal Elections although any sales during this period produced excellent results.
Now that schools are back and people are returning from holidays, with the election behind us, we are entering an active period as we head towards the Spring selling season. Good properties are still in short supply but confidence is up and there is no doubt that quality properties in popular locations are attracting high levels of demand. With even lower interest rated expect to see some strong results as we head into the 2nd quarter of this financial year.”