September 3, 2016

Chestnut St

2/33 Chestnut Street Surrey Hills (Tim Heavyside, Fletchers) bought under the hammer for $1.11m – 3 bidders

The $1m plus property market is stuck on repeat and although some vendors are still a little ahead of the game (price wise), we saw multiple bidding at all of the auctions we attended. Disappointment is leading to frustration with a lot of buyers and although they may be hoping the market might cool a little, it feels unlikely, at least in the short term.

Auction Highlights

  • 36 Thomas Street, Hampton (Jenny Dwyer/Steve Tickell, HockingStuart) – period home on large land close to shops/station etc. – $3.25m
  • 13 Mary Street, Prahran (James McCormack/Sally O’Connell, Marshall White) replica period home – $2.68m
  • 40 Camperdown Street, Brighton East (Andrew Campbell/Ben Veith, Buxton) – new build on 715sqm with south rear – circa mid $3millions

Land Sales:

  • 51 Rowland Street, Kew (Greg Toogood/Danielle Makris, Jellis Craig) – 709sqm with north rear – $4.8m or $6,770sqm – huge price
  • 6 Beatrice Street, Glen Iris (Steve Burke/Tony Doh, HockingStuart) – 680sqm with south rear – $1.935m or $2,551sqm
  • 166 Gordon Street, Balwyn (Tori McGregor, Marshall White) – 657sqm with south rear – $2.1m or $3,196sqm
  • 28 Guildford Road, Surrey Hills (John Bradbury/Tim Penhalluriack, Noel Jones) – 834sqm with south rear – $2.009m or $2,383sqm

 Off Markets:

  • Modern 70s home – Toorak – circa $2.5m
  • Single level home with north facing rear – Malvern  – circa $1.2m
  • Updated terrace home – South Yarra – circa $4m
  • Single level renovated home – Hawthorn – circa $2.4m
  • Well located single storey period home – Hampton – high $2ms

Properties we like for auction September 17:


Auction Spotlight:

36 Thomas

Hampton: 36 Thomas St (Hocking Stuart), sold for $3.25m, 3 bidders

36 Thomas Street, Hampton (Steve Tickell/Jenny Dwyer, Hocking Stuart), sold for $3.25m, 3 bidders

Such a beautiful day for an auction – and the immaculate front garden of this picture-perfect period home was the ideal setting for the crowd to enjoy proceedings. Steve Tickell was our auctioneer and after a thorough preable, called for an opening bid. Looking for $2.5m, Steve was rewarded with that exact amount from Bidder1 and we were away. A second bidder entered the contest and at $2.8m, Steve headed inside to refer to his vendor. Back outside, bidding continued and at $3.13m, Bidder 3 raised his hand. On the market at around the $3.21m mark, the home eventually sold for $3.25m, much to the delight of the crowd.

38 Arnold

Brighton East: 38 Arnold Road (Buxton) sold after auction for an undisclosed amount above $2.535m

38 Arnold Road, Brighton East (David Hart, Buxton), sold after auction – undisclosed above $2.535m

Brand new home in a quiet street close to Dendy Park and golf courses, this auction attracted a good sized crowd that spanned three corners – all trying to find a warm spot in the sun. David Hart was auctioneer and after extolling the many benefits of both the home and the location, called for an opening bid. All remained quiet so he tabled a vendor bid of $2.3m to kick-start proceedings. Bidder 1 chimed in at $2.325m, Bidder 2 not long after at $2.35m. A two-way battle ensued before David passed the property in to Bidder 1 for further negotiations at $2.535m. The home sold a short time afterwards for an undisclosed amount.

Agent Opinion:Are you seeing signs that that stock levels will improve after the holidays? e.g. – more enquiries to sell?  More appraisals?”

Andrew HayneAndrew Hayne (Marshall White): “We are starting to see more listing activity for the Spring months but I believe we will still be down 20-25% on last year. With heightened demand and low interest rates, we expect to see strong completion across all areas of the market.”