May 7, 2016
Saturday’s auctions still saw plenty of buyers bidding for homes, however, some vendor expectations are still above the market with many of the auctions we covered passing in and selling afterward – the REIV reporting a clearance rate of 74%.
Fringe suburbs are taking advantage of the current market with strong results. Many buyers are entering these areas after missing out several times in different suburbs and with them they are bringing bigger budgets to these areas as seen at 22 Oswald Thomas Avenue, Hampton East (Kate Fowler/Robin Parker, Marshall White) selling for $1.69million with 5 bidders.
Buying a home can be a stressful and time consuming process. It is very normal to want to get off the buyer train and start living again as quickly as possible, however buying something because it stops the searching can quickly wear off, particularly if it is not close to family, work, school etc. We help our clients by exploring a variety of options to remain focused on their most important goals.
- 19 Glendearg Grove, Malvern (James & Hugh Tomlinson, Marshall White) – same owner for 60 years and a former boarding house for spinsters, this house had plenty of character and good bones. No doubt the advice of a good architect will be sought soon…..3 bidders, $2.930m
- 15 Hanby Street, Brighton (Elizabeth Lopez, Biggin & Scott) – Modern home on narrow block of land, good position and layout was quite good – 3 bidders $3.171m
- 51a Hawthorn Grove, Hawthorn (Zali Reynolds / James Tostevin, Marshall White) – north facing block with a solid home in one of Melbourne’s best residential streets – 3 bidders, $4.260m
- 15 Reno Road, Sandringham (Mandy Engelhardt / Steve Tickell, Hocking Stuart) – Sandringham, east of Bluff Road, a 5 bedroom home with north rear, however, pool and yard facing south at the front – $1.84million
For more details of the auctions we covered on Saturday, see our twitter feed:
Land/Major renovation Sales:
- 81 Richardson Street, Albert Park (Scott O’Halloran/Oliver Bruce, Marshall White) – 315sqm land with heritage overlay, north facing rear and ROW – $3.16million or $10,031sqm
- 389 Barkly Street, Elwood (James Paynter, RT Edgar) – 885sqsm land with heritage overlay (building with 4 units), north rear and dual frontage – $4.5million or $5,084sqm
- 16 Kardinia Road, Glen Iris (Glen Coutinho / Dale Edgcumbe , RT Edgar) – 725sqm, sold in March 2015 for $1.527m – one year on $1.75million
- 140-142 Station Street Carlton North (Denis & Ryan Pagan, Pagan RE) 352sqm – $1,800,000 (or $5,110/sqm)
Single-fronted (that is when you look at the house from the street, you only seen one room) Victorian cottages, often built for workers in Melbourne suburbs are plentiful throughout Melbourne. They are popular for young families, professional couples and downsizers, as they are often built over a single level and well located close to local shops and public transport. Architecturally speaking, like any property type/style, there are some things to look for when buying these homes………
- Block width is all-important – 4 metres is just too narrow – 7 metres is very wide and a real luxury. Look for 5.5-6m.
- Chimneys can add character but they can also take up valuable space inside the home. Make sure these are structurally in good order
- Look for good clearance under the house as the timber floor will need to ‘breathe’ and access may be required for heating, restumping etc.
- Check planning overlays with an architect and/or council planning departments to se what may or may not be able to be done in terms of future renovation work
- If the property has car access from the rear, how easy/safe is this to use
Quiet properties are still being presented to us on regular basis. Here are a few…..
- 4 bedroom family home, close to everything – Malvern – mid $3millions
- Unrenovated single storey townhouse – Brighton – early $1millions
- Nearly new large family home with pool – Sandringham – mid $3millions
- Single-fronted, single level Victorian – Kew – early to mid $1millions
- Basic home with good land content and limited planning controls – Hawthorn East – high $2ms
Properties we like, schedule for auction May 21:
- 62 Campbell Street, Kew (Mark Sproule/Duane Wolowiec, Marshall White)
- 37 Tintern Avenue, Toorak (Nicole Gleeson/Michael Gibson, Kay & Burton)
- 111 Stokes Street, Port Melbourne (Simon Carruthers/Michael Szulc, Cayzer)
- 21 Wolseley Grove, Brighton (Greg Costelo/Rowan Thompson, RT Edgar)
- 11 Butler Street, Brighton (Kate Strickland/Barb Gregory, Marshall White)
- 11 McLauchlin Avenue, Sandringham (Richard Slade/Mark Earle, Buxton)
Brighton, 15 Hanby Street (Bill Stavrakis, Biggin & Scott), sold $3.171m, 3 bidders
Auctioneer Bill Stavrakis gave a thorough preamble before asking for an opening bid from the good-sized crowd that had gathered in Hanby Street. It didn’t take long before Bidder 1 chimed in with $2.4m, and Bidder 2 at $2.45m. Bidding continued between the pair and at $2.9m Bill announced he would be selling. At the eleventh hour Bidder 3 entered the competition and despite being a late starter, was the victor in the end – the hammer coming down at $3.171m to a round of applause.
Elwood, 2 Dryden Street (Kaine Lanyon, Marshall White), sold after auction above $2.355, 2 bidders
A very convivial atmosphere with neighbours laughing and chatting amongst themselves whilst waiting for the auction to start. Kaine Lanyon was our auctioneer and he stepped out and extolled the many virtues of this rare offering in a quiet Elwood street before calling for an opening bid. Bidder 1 offered $2.125m and we were away. A two-way battle ensued before Kaine passed the property in to Bidder 1 for further negotiations. The home sold to them a short time after for an undisclosed amount.
Agent Opinion:Have you seen a shift in demographics within the Boroondara area in recent times?
Glen Coutinho (RT Edgar Boroondara):“There is certainly a slightly reduced number of off-shore buyers in the Boroondara market but this shortfall has been taken up by domestic buyers.
We are still experiencing strong buyer interest in all price categories.”