February 25, 2017
The first real test of the 2017 market was last weekend. On big numbers, the market passed with flying colours, with the REIV reporting a very healthy 82.5% clearance rate on the 1168 auctions held across Melbourne.
Generally, the pass-ins on the weekend all had a common denominator – high vendor price expectations.
- 59 Mason Street Hawthorn (Andrew McCann/Geordie Dixon, Jellis Craig) – a well renovated hawthorn brick single-fronted Victorian with no off-street parking that last sold in 2010 for under $900k (unrenovated) – $2.41m
- 53 Bridge Street Hampton (Robin Parker/Kate Fowler, Marshall White) – a well styled, renovated timber home with smaller bedrooms that last sold in 2013 for $1.57m had three bidders, passed in and was bought after auction – $3.325m
- 50 Hunter Street Malvern (James Tomlinson/Heather Elder, Marshall White) – a renovated timber home with pool – $3.47m
- 17 St Johns Avenue Camberwell (Jonathon O’Donoghue/Alexandra Valmorbida, O’Donoghues First National Camberwell) – approx. 696sqm, good land close to Camberwell Junction – a renovation or rebuild … personally, we would renovate – $2.412m or nearly $3,500sqm
- 68 Bowen Street Camberwell (Sam Macaluso/Mark Pezzin, Jellis Craig) – approx. 877sqm east rear, most likely a new build site – $3.4m or nearly $3,900sqm
- 15 Rooding Street Brighton (Ben Thompson/Mark Staples, Hocking Stuart) – approx. 575sqm, good basic period home in the growth zone – undisclosed price over $2.5m or around $4,400sqm
- 74 Disraeli Street Kew (Andrew Verrocchi/Nick Whyte, Nelson Alexander) – approx. 793sqm, east rear – undisclosed price toward the mid-$2m mark, or around $3,000sqm
- 13 Rooding Street Brighton (Halli Moore/Gary Yue, Buxton) – an updated period style home, wide frontage – $3.48m
- 33 Bowen Street Prahran (Mark Robertson/Jessica Lander, Jellis Craig) – neat single level timber Victorian with northerly rear aspect – sold for an undisclosed price over $1.55m
- 72 Chomley Street Prahran (Anna Perry/James Redfern, Marshall White) – around $3m
Off Market Properties:
- Architecturally designed single level classic modern home – Toorak – over $10m
- Well located modern townhouse – Brighton – early $2ms
- Studley Park land – Kew – early $3ms
- Modern residence, river precinct – Hawthorn – $4.5-5m
- Smaller/first home – Camberwell – early $1ms
112 Asling St Brighton
About 60 people gathered on both sides of Asling St for the auction of this renovated Edwardian home, which had a traditional façade opening up to a modern living space at the rear. Stephen Smith from Marshall White reminded bidders of the many benefits of the surrounding amenities before bidding started at $1.7m. Bids climbed steadily to put the home on the market at $1.89m and to an eventual sale at a very even $2.0m.
80 Brougham St Kew
This beautifully renovated and extended period home has a long list of modern conveniences and is situated in a great location within easy walk of the Kew shopping precinct. With such a sought-after home to sell, Antony Woodley, from Marshall White, quickly received solid offers after a start of $2.3m, pushing the bidding beyond the reserve around the $2.75m mark. A fifth bidder was the eventual successful purchaser for $2.85m.
Properties we like, scheduled for auction March 18
Agent Opinion: You’ve created a niche for yourself as a specialist in the Stonnington ‘single fronted’ property market. What sort of changes have you seen re prices and buyer groups for these properties?
Carla Fetter, Jellis Craig Armadale: I continually scratch my head on any given weekend at the results we are seeing for the premium single-fronted homes that are on offer. For instance, we sold a property a few weeks ago in Gordon Grove Malvern for close to $2m. It last sold less than three years ago for $1.45m with no upgrades being made. What I have noticed is that downsizers are competing hard for single level homes in good streets, often pushing prices above $2m. We are also encouraged by young professionals who are on good incomes but also have assistance from family to push them up in price. Ultimately it creates a ‘perfect storm’ for our sellers.