February 20, 2016
Saturday was the first of the bigger auction weekends for the quarter and for sellers it was a good one. The REIV reporting a clearance rate of 77%, up 2% on the same weekend last year, although numbers were down with around 100 less properties to choose from.
The shortage in stock seems to be the ongoing discussion point with buyers … there just isn’t enough of the right properties (quality family homes and/or good downsizer options) to satisfy the demand.
- more buyers turning to professionals to help navigate current market
- an increase in the number of ‘off market’ properties, although vendors are wanting top dollar
- less opportunities to buy before auction unless the offer is ‘above or beyond’ vendors’ expectations
Vendors in traditional ‘fringe’ suburbs such as Brighton East and Glen Iris (particularly Brighton East, east of the Nepean and Cummins Road and Glen Iris, north of the Monash) are taking advantage of the current market .
Brighton East had 9 reported auctions – 8 sales, 1 pass in. Three of the bigger ones in the abovementioned precinct were:
- 4 Dumaresq Street (Calvin Reid/ Mark Staples, Hocking Stuart) – $1.91m
- 20 Caramar Avenue (Chris Hassell / Sam Maley, Buxton) – $1.665m
- 34 Milroy Street (Jason Collie / Barb Gregory, Marshall White) – $1.65m
Glen Iris had 9 reported auctions and sales – three of the bigger ones in the precinct above were:
55 Celia Street (Chris & Bryan Cain / JA Cain) – $2.62m
17 Rowen Street (Antony Reis/ Rae Tomlinson, Marshall White) – $2.56m
34 Iris Road (Zali Reynolds/ James Redfern, Marshall White) – $2.475m
Land/major renovations were still in demand with strong results in Kew and Elwood.
- 78 Sackville Street, Kew (Mark Josem / Alastair Craig, Jellis Craig) – 1196sqm, $5.71m or approximately $4,775sqm
- 25 Alfred Street, Kew (Judy Balloch / Geoff Hall, Kay & Burton) – undislosed price in the early $3ms, circa $4,600sqm
- 54 Spray Street, Elwood (Claudio Perruzza / James Burton, Biggin & Scott) – $1.97m, circa $4,750sqm
- 152 Ormond Road, Elwood (Sam Gamon / Cathy Hodge, Chisholm & Gamon) – $1.701m or approximately $4,900sqm
- Original period home, signature street, Balwyn – $3.1m
- Large family home, good land, short walk to Camberwell Junction – $2.6m
- Renovated period home, great rear car access, Malvern – $3.5m
- Renovated period home, large land, Brighton – above $6m
- Renovated period home, single level, Camberwell – circa $4m
- Original period home, good street, Malvern East – $3.5m
17 Ferndale Road, Glen Iris: Daniel Wheeler (Marshall White), under hammer, $2.41m, The sun was shining and the stage was set for this auction; a period home in the Hill and Dale precinct of Glen Iris. Whilst liveable and rentable, most would look at this property as a potential new home site and it had the added benefit of a north—facing rear. Importantly it backed on to Ferndale Park, and these offerings have certainly gained popularity with buyers in recent months (and a really strong sale in nearby Wallis Ave last week). Auctioneer Daniel Wheeler gave a no-nonsense preamble and looked for an opening bid, which came reasonably quick from the crowd at $1.6m. It was not too long after that the property was announced ‘on the market’ at $1.7m and then crept steadily in the $2m’s, selling strongly for $2.41m. Great result here for listing agent Zali Reynolds and co-agent Jason Brinkworth. Most at the auction would note that the property next door is listed for upcoming sale with Damien Davis of Jellis Craig, which is a new home on similar land, so it will be interesting to see what the vendor’s expectations are.
44 Kingston Street: Chris Carrington (Nick Johnstone), under hammer, $1.922m, Quite a high number of people wandered down from nearby May Street to watch this Nick Johnstone auction in Kingston Street. Chris Carrington was our auctioneer and after the Domain coffee van drove away, he called for an opening bid. Bidder 1 offered $1.5m and we were away. A total of 5 bidders competed for the property, with bids coming fast and strong. Eventually bidding slowed to $1,000 increments, selling to a very happy Bidder 3 for $1.922m
Properties we like, scheduled for auction this coming weekend:
- 29 Beaver Street Malvern East (Madeline Kennedy/Sally O’Connell, Marshall White)
block width/double crossover, functional floor plan, north facing rear, good scope to further improve/updated
- 11 Logan Street Canterbury (Geordie Dixon/Tom Ryan, Jellis Craig)
good quality renovation, light and bright rear open plan area, family friendly location
- 16 Elmie Street Hawthorn (Campbell Ward/Richard Winneke, Jellis Craig)
wide frontage, pretty Victorian façade, good scope to improve, well positioned pool
- 1/6 Gascoigne Street Canterbury (Michael & Chris Hingston, Jellis Craig)
good quality build, convenient location, great car garaging, downstairs main bedroom
- 118 Roslyn Street, Brighton (Peter Kennett / Tamara Whelan, Hocking Stuart)
good entry level period family home, well positioned on block to maximise backyard, walking distance to most things
Agent Comments:“How has the year started compared to last year?”
Stewart Lopez (Kay & Burton): “As usual, the market has started strongly after the break. A shortage of listings is driving strong sales at all price points, in particular with ‘off market’ transactions.”