May 30, 2015

Posted on June 1, 2015 by Jen Milligan
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Hampton: 11 Avondale St (James Paynter, RT Edgar), passed in $3.050m

The auction scene was more of the same this weekend, with strong bidding on many properties and more record prices.

Some highlights:

  • 3 Miller Street, Brighton (James Paynter/Greg Costello, RT Edgar) – 6 bidders $8.04m or $11,770/sqm (approx.) for beachfront golden mile.
  • 16 Missouri Avenue, Brighton (Kate Strickland, Marshall White), good volume brick Bungalow home, yet south-facing with no garage – 5 bidders, $2.21m.
  • 21 Iona Street, Black Rock (Jenny Dwyer, Hocking Stuart), single-level timber period home, north rear, 3 bedrooms – 5 bidders $1.765m.
  • 16 Stawell Street, Kew (Hamish Tostevin/Desiree Wakim, Marshall White), prime Studley Park position with great presence and solid formal rooms; however, compromised back yard size due to corner block and position of building, plus a heritage overlay protecting the building  – 4 bidders, passing in at $3.3m and selling after $3.35m.
  • 13 Fermanagh Road, Camberwell (Stuart Robinson, Jellis Craig) a slightly updated version of the model that sold in November 2013 for just over $3m, sold this week as a private sale for an undisclosed amount, the vendors profiting around $750,000 only 18 months on.

 Pass-ins:

  • 11 Avondale Street, Hampton (James Paynter, RT Edgar), approximately two-year-old ‘period home’ with desired family floorplan in one of Hampton’s premier locations – surprisingly only 1 bidder was prepared to show their hand among the crowd of around 120, offering $3.05m. This may be one where the hype of the market has scared buyers off, worried that they weren’t  ‘in with a chance’, as we found it hard to fault the property.  ‘A’ grade Hampton, walk to beach, shops, station and schools with a flexible family floorplan and a double garage.
  • 56 Ardoyne Street, Black Rock (Romana Altman, Buxton) passed in on a vendor bid of $2.6m.  This property last sold competitively at auction only a couple of years ago for $2.575m but this weekend there was no interest at this level.
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Black Rock: 56 Ardoyne St (Mark Earle, Buxton), passed in, $2.6m

Land was contested heavily again:

  • 3 Miller Street, Brighton (mentioned above) $8.01m, 683sqm – $11,770sqm.
  • 40 Balmerino Avenue, Toorak over $4.8m, 700 sqm – getting closer to $7000sqm.
  • 40 Parslow Street, Malvern over $2.2m, 650sqm – around $3400sqm.
  • 12 Harts Parade, Hawthorn East $2.04m, 601sqm –$3,394sqm.

Off market properties have continued to increase in number this week.

Some new options to consider include:

  • Hampton – north-facing land, approximately 675sqm, high $1m.
  • Hampton – single-storey renovated home with garaging, circa $2m.
  • Brighton – large land holding with renovated home, pool and court, circa $10m.
  • Brighton – entry level renovated home, close to amenities, high $1m.
  • Malvern – corner site period home, suit downsizer, with garaging, early $3m.
  • Camberwell – good land buy, north rear, middle Camberwell, high $2m.
  • Glen Iris – modern home with pool, circa $3m.
  • Toorak – single-storey home, 4 bed, north rear, quiet location, early $3m.

Next weekend is the Queen’s Birthday holiday weekend.  The property market shuts down while focus is diverted to the opening of the ski season. Have a great long weekend and we will be back in a couple of weeks.

Auction Highlights:

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Kew, 16 Stawell St (Antony Woodley, Marshall White), after auction, 4 bidders

16 Stawell St, Kew (Antony Woodley, Marshall White), after auction, $3.35m, 4 bidders

A good crowd of around 80 gathered for the early morning auction of 16 Stawell Street. Auctioneer, Antony Woodley, gave his usual polished performance. A genuine bid opened the day for $2,700,000 with a second bidder joining in immediately. The first bidder was quick to stop with a third taking their place, steady increments quickly taking the price over $3m. It became clear after Bidder 4 asked if it was ‘on the market’ that this was an auction where bidders were competing for the first right to negotiate with the vendor. Bidder 4 eventually achieving that right at $3.3m. The final result $3.35m.

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Brighton: 16 Missouri Ave (Peter Kakos, Marshall White), under hammer, $2.21m, 5 bidders

16 Missouri Ave, Brighton, (Peter Kakos, Marshall White), under hammer, $2.21m, 5 bidders

Around 65 people gathered in the front yard and on the footpath outside the property, keen to see what would transpire at auction on Saturday. Peter Kakos was our master of ceremonies and after a thorough preamble, called for an opening bid. Bidder 1 offered $1.75m and we were away. Two bidders took the price to $1.9m at which point Kate Strickland dashed inside to seek instructions from her vendor. Once outside again, Kate gave Peter a smile and a nod and Peter declared that at $1.95m, yes we were selling. By now, Bidder 3 had entered the fray and shortly after Bidder 4 threw his hat into the ring. Bidder 5 chimed in for a while, but it was Bidder 4 who stayed strong throughout, outbidding all the others to become the happy new owner at $2.210m. A great auction.

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Black Rock: 21 Iona St (Peter Kennett, Hocking Stuart), under hammer, $1.765m 5 bidders

21 Iona St, Black Rock (Peter Kennett, Hocking Stuart), under hammer, $1.765m, 5 bidders

This beautifully presented home attracted a lot of interest when it went to auction on Saturday. Around 100 people traipsed through the home prior to proceedings to get a glimpse of the house that had featured in a national home magazine, styled by its interior designer owner. Peter Kennett debated whether to hold the auction in the street or the picture perfect backyard, but decided on the latter, which was a great choice as the huge crowd  fit comfortably in the impeccably manicured gardens. “It’s autumn time, it’s auction time and it’s action time,” Peter boomed, and after an extremely entertaining spiel, he called for ann opening bid. A strong offer of $1.4m came from the rear of the crowd. Bidder 2 was quick to reply at $1.425m and a short battle between the two ensued before bidders three and four entered the competition. Jenny Dwyer headed inside to seek instructions from her vendor and once back out, at $1.65m, Peter declared he was selling. Bidder 5 entered the competition and after a great battle, at $1.765m Bidder 1 declared Bidder 5 “can have it,” thus ending a great competition and very entertaining auction.

Agent Opinion: Advice for buyers at auctions over winter

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John Clarkson (Hocking Stuart): “Buyers, do your homework, attend auctions to watch a variety of styles and don’t be afraid to ask auctioneer if it is on the market!”