The million-dollar-plus market is looking reasonably stable in Stonnington on low stock levels.

63 Albany Toorak (Coonara) with Kay and Burton is back on the market again and it will be interesting to see what happens. It sold early last year through Marshall White’s Marcus Chiminello for a reported $8 million. Since that time, the owners have completely renovated the home to quite a high standard and made what was a disastrous floor plan quite liveable, although it still doesn’t flow naturally to the west where much of the garden lies. These high-quality renovations look to have cost over a million dollars and the current owners have removed or hidden a very unsightly power substation that previously dominated the yard. According to Kay and Burton, around 8000 sq ft of the original parcel, which was well in excess of 20,000 sq ft, has been taken by a neighbour since last year’s transaction. Ross Savas is quoting more than $6 million and, boy, this is one for the calculators. Last year’s price was that high? Less land lost – add back renovation costs – add back substation removal – minus GFC allowance – plus shortage of stock and the price comes to …….

http://www.realestateview.com.au/Real-Estate/Property-Details-buy-residential-1368973_S.html

32 Grange Road Toorak is back on the market with Paul Williamson of Jellis Craig. Out of his patch but not out of his depth on this one. http://www.realestateview.com.au/Real-Estate/Property-Details-buy-residential-1366442_S.html. Sold under the hammer (with Paul) on 30 August last year for $4.15 million (913 sqm, $4545 per sqm) against a quote of $3.3 million. Nothing seems to have been done to it. Our archived last year’s auction notes are:

“A very strong and well conducted auction by auctioneer Paul Williamson with a realistic quote, on market at the quote and competitive bidding until it sold for a strong price. Three bidders.”

3/1 Chastleton Toorak. This is a pointer for the $3 million-plus or 300 sqm apartment market. Expressions of Interest close this coming week and, managed by the professional Peter Kudelka from Kay and Burton, it’s line ball as to whether or not they will get their price. This truly is one of the best floor plans you are going to see in an apartment so they should get their price if … if there is a market at this level.  http://www.james.net.au/rating/3/1-Chastleton-Street-SOUTH_YARRA

11 Grosvenor Toorak. Despite our love of the smell of renovating Aston Martins in the garage, this home seemed to attract no interest or bidding at auction. Can’t think this won’t sell – it’s too good – so it must be a price or timing issue. We await news. http://www.james.net.au/rating/11-Grosvenor-Court-TOORAK

Architect Adam talked at length in his architecture column last week about two Malvern beauties that needed work, 13 Bonview and 7 Parslow. Both sold yesterday, with 13 Bonview a pass-in at $1.89 million and a later sale above that, and 7 Parslow under the hammer at $1.421 million with seven bidders.

Chatting with Andrew McCann of Bennison Mackinnon last week, he said that they have had two weeks in a row of 100 per cent auction clearance rates, which was the first time since 2007. We await this week’s result to see if it was three in a row. This is a market pointer.