November 28, 2015
Saturday’s auction results demonstrated that 2015 is going to finish the way it started. On a record number of properties available for auction, the market saw a reported 66% clearance rate. The overall sentiment from buyers is still positive for the $1m plus market. Although there were a few properties sold beforehand at higher levels, the highest result on Saturday was 34 McKean Street Fitzroy North (Stephens/Laferia, Nelson Alexander), a renovated warehouse by renowned Melbourne architect Kerstin Thompson for an undisclosed price in the high $4millions.
Interest is now turning to 2016. The first quarter is likely to be short and sharp – Easter (Good Friday) falls early on the 25th March. Vendors who have run out of time to auction this year should feel confident that buyer interest will continue next year and for those vendors whose properties have ‘passed in’ recently there may still be good opportunities to sell before Christmas with a number of under-bidders still wanting.
- 17 Elwood Street, Brighton (Yue/Whiting, Buxton) – 889sqm, $3.55m and selling again after only five months. All four bidders were above the previous price of $3.33m.
- 50 Asling Street, Brighton (Campbell/Whiting, Buxton) – a well designed, modern two-storey home, a convenient location, yet a busier road and railway on the rear boundary – undisclosed above $4million with 6 bidders.
- 167 Finch Street, Glen Iris (Elder/Manton, Marshall White) – well presented two storey builder spec home – $2.756m with 3 bidders, all younger families, upgrading.
- 158 Wattle Valley Road, Camberwell (Fileccia/Scoones, Jellis Craig) – pretty Edwardian, recently renovated, corner block of 501sqm with no rear yard – just over $2.5m.
- 87 Stevenson Street, Kew (Rob & Mark Fletcher, Fletchers) – corner block, Studley Park Estate, approximately 598sqm – $2.18m or $3,645sqm.
- 26 Mangarra Road, Canterbury (Franzmann/J Tostevin, Marshall White) – approximately 715sqm in Canterbury’s golden mile with an original period home – mid $3ms or around $5,000sqm.
Talk and activity is increasing with respect to off-markets and 2016 pre-markets.
- renovated original brick large family home with garage, north facing rear, Glen Iris – mid $2ms
- family home, Grace Park, Hawthorn – $6m
- single-fronted timber cottage, Hawthorn – $1.5m
- as new family home with pool, Hampton – mid $2ms
- large original period home, good land, Kew – early $4ms
- renovated period home, Brighton – $4m plus
- French inspired modern home with great lifestyle options, Malvern- circa $5m
- basic home, possible new home site, approximately 750sqm, Glen Iris $1ms
- approximately 650sqm corner site, Ashburton –mid $1ms
- timber period home with two-storey extension, Malvern – high $2ms
- renovated period home, walk to schools, shops, station – $2m plus
14 Bateman St, Hampton (Robin Parker, Marshall White), after auction $2.6m, 4 bidders
As Robin Parker started his preamble, a black Maserati purred down the street and grinded to a halt outside number 14 Bateman. The crowd of around 35 watched intently and admired the car before Robin resumed his preliminaries and called for an opening bid. Bidder 1 offered $2.1m and we were away. Bidders 2 and 3 entered soon after and at $2.525 Robin ducked inside to refer to his vendor. Back outside, he advised us that he wasn’t quite at reserve and the property passed in soon after at $2.555m. Sold after auction for $2.6m.
25 Ash Grove, Malvern East (John Morrisby, Jellis Craig), sold $2.54m, 4 bidders
A big crowd of around 85 people line Ash Grove to see what would happen at number 25. John Morrisby was our auctioneer and after a succinct preamble called for an opening bid. All was quiet so he tabled a vendor bid of $1.825m to kickstart proceedings. In the end we had three bidders in the mix, and as an unreserved auction, the home eventually sold for $2.54m to a big round of applause.
Agent Opinion: Following on from the Domain article this week, is the market still strong for all properties, or are you noticing some changes in the amount of buyers, their interest and competition for the A Graders, B Graders & C Graders in your area?
Sam Gamon (Chisholm & Gamon): “The question really comes down to houses v apartments because we’re seeing a two-speed market and have been for about 6 -8 weeks. Houses are attracting huge competition and generally have an abundance of buyers whereas apartment interest is slackening off unless it’s suitable for downsizers as owner occupier properties, has a high level of finish or a significant point of difference such as Art Deco features, house-like proportions or generous outdoor areas. Quality is the key in both market segments and we are feeling the B and A-grade homes are finding less attraction in the market place. Buyers are probably being a little less forgiving so it’s important for vendors to place significant emphasis on their presentation and pricing. You don’t get a second chance to make a first impression so make it count. “Attraction” properties generally always go well and we have huge demand for those top tier houses, townhouses and apartments. The market is currently carrying some historically high stock levels which means buyers are likely to be more discerning. Consider selling your home in December or mid-January when there is potentially less available.”