February 25, 2017

The sunny weather reflected the weekend’s buoyant market, with big crowds and a healthy clearance rate.

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.

Auction Highlights:

  • 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

‘Land’ Sales:

  • 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 

Sold before:

  • 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

Auction Spotlights:

112 Asling St Brighton

Stephen Smith from Marshall White Brighton ran this successful auction, with four bidders vying for the property.

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

The good-sized crowd was entertained by a spirited auction run by Antony Woodley from Marshall White.

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

36 College Street Hawthorn – Rocco Montanaro / Malcolm Perkins – Morrison Kleeman Estate Agents

72 Fawkner Street South Yarra – Hugh Hardy / Emily Rutherford, Abercromby’s

75 Crisp Street Hampton  – Robin Parker / Kate Fowler, Marshall White

123 Albert Street Port Melbourne – Justin Holod / Oliver Bruce, Marshall White

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.