July 23, 2016
With talk of holidays and warm escapades now behind us, the anticipated return to the market has not been disappointing. Although only a small number of homes were auctioned on the weekend, bidders were keen to demonstrate their interest. We saw quick starts and very few vendor bids at most of the auctions we attended.
- 179 Fenwick Street, Carlton North (Jim de la Harpe, Biggin & Scott) approximately 202sqm, a pretty double fronted Victorian ready for the next update, on the market at $1.4million sold for $1.73million
- 58 Champion Street, Brighton (Graham Black, Hodges) has been sold three times in the last 5 years with only minor/cosmetic updates each time. In 2011 it sold for $1.4million after passing in at auction and selling later, in 2014 it sold for $1.91million before the scheduled auction date and on Saturday it sold again for $2.64million.
- 3 West Court, Camberwell (Wolowiec/Evans, Marshall White) one of the few to pass in, even with 3 bidders, sold after for $1.53million. Of note, this sold only nineteen months ago before auction for $1.3million.
- 46 Nicol Street Highett (Engelhardt/Renna, Hocking Stuart) – approximately 587sqm, original timber home – $1,275,000 or $2,172sqm
- 35 Vautier Street Elwood (Torsten Kasper, Chisholm & Gamon) – approximately 410sqm with original heritage home – $2,120,000 or $5,170sqm
- Land, good position, west rear, Armadale – early $4millions
- New build, large family home, Malvern – early $3millions
- New build, large family home, Black Rock – circa $4m
- Unrenovated, single fronted home, Fitzroy – early $1millions
Properties we like for auction August 6:
- 84 Thomas Street, Hampton (Halli Moore/Lisa Comben, Buxton)
- 35 Motherwell Street, South Yarra (Sally O’Connell/James McCormack, Marshall White)
- 7 Brook Street, Hawthorn (Nick Whyte, Nelson Alexander/Mark Pezzin, Jellis Craig)
- 27 Alice Street, Malvern (Andrew Luke/Genevieve Hoyle, Jellis Craig)
58 Champion Street, Brighton (Sam Paynter, Hodges) sold for $2.64m, 4 bidders
The glorious winter sunshine beamed down as a large crowd huddled in the backyard of this 4-bedroom home on a sprawling lot in one of Brighton’s prized streets. Sam Paynter was our master of ceremonies and after calling for an opening bid, was rewarded with an offer of $2.3m. A total of four bidders joined the competition and at $2.5m Sam announced the reserve had been met. Bidding continued steadily until the price reached $2.64m and the hammer came down to a round of applause.
22 Greig Street, Albert Park (Greg Hocking, Greg Hocking Holdsworth) sold, $3.755m
Just moments before Greg Hocking took centre stage, the heavens above opened sending people running to their cars for umbrellas and coats. The rain didn’t dampen sprits however, and after a vendor bid was tabled to kick-start proceedings, multiple bidders entered the competition and took the price to $3.755m before the hammer came down.
Agent Opinion: “Have you seen any changes to the market pre and post school/winter holidays? Do you expect the new FIRB and vendor sales over $2m tax rules to have any impact?”
William Chen (Jellis Craig, Balwyn): “We can certainly see a great change after the school holidays. The number of buyers that have come through the inspections are better than before the holidays. The auction clearance rate for JC group last Saturday was 83%, however the stock is still very low compared to last year. The impact of the $2m plus tax rule will be limited – it only regulates the seller when paying taxes – it does not apply to buyers.”