Andrew Gibbons (Hocking Stuart) had his work cut out for him today: Grattan Pl Richmond passed in on a vendor bid.

Another strong week of Auctions putting to rest any doubt that a seller’s market has not started with a bang.

Out in Eaglemont Andrew Sein of Duncan McIntyre was reportedly stopping traffic with over 150 people attending the auction at 22 Waldemar Road – 7 bidders emerged from the crowd and the property sold  for $1.37 million . The property is a development site on a moderately sloping block with multi street frontage (976m2) showing $1,403 per square meter – This is in contrast to the sale at 46 York Avenue which sold on the 13th of February for over $2,100 per square meter – obviously a premium being paid for the Ivanhoe East location and level topography.

Another strong result for Anthony Lapadula of Jellis Craig in Coburg with the sale of 13 Strathern Avenue selling for $711,500 against a reserve of $625,000. Coburg at the moment is really struggling for quality stock so that may have proved a slight windfall for the vendors in this instance. A good result in Richmond for Liz Walker also of Jellis Craig with 6/659 Victoria Street, Abbotsford being bought for $875,000 against a reserve of $800,000 – There were 6 bidders at this auction who no doubt fell in love with the intimate views of the Yarra river.

With the market moving it also appears some vendors are getting slightly ahead of themselves - at 24 Campbell Street, Collingwood on an asking price $520,000 – $570,000 the property passed in at $631,000… With over 100 people at the auction and several bidders in the crowd I am sure there will be some questioning as to how far do you have to be over an asking price before a property is actually for sale.

Despite all the strong results there are still some patches in the market…  5 Carlyle Jackson Lane, Eaglemont – passed in at $1.45 million on a vendor bid. 1068 Heidelberg Road, Ivanhoe – very slow auction, 3 bidders – finally passing in at $1.16 million (main road location). 17 Grattan Pace, Richmond – not a single bid passing in with a vendor bid of $870,000 – that are not selling.

Know Your Market!