Mark Dayman: They call him the "Deli Lama": Why? Because of his pearls of wisdom at sales training and his culinary expertise (eating that is). We like him too and today so did his vendors: Hawthorn 29 Hill: Bought under the hammer: $1,685,000: 2 bidders.

A solid day today in Boroondara – or so it felt.

Of the 8 auctions we covered,  5 sold and 3 passed-in giving a 63% clearance rate. Bidderman was at 1.75 which is still quite good (for what it is worth we did see  8 vendor bids - these are starting to come into play more now as buyer depth thins out).

Of the reported auctions it was 21 from 33 or 64% for $1m+ auctions.

The market is weakening but is that because of stock overload or overall weakening demand? The big question for the next month or so! The true answer determines the length and depth of easing. Supply issues – shorter term and not as dramatic. Demand issues – probably longer term and more dramatic.

There is still plenty happening outside auctions – three $6m+ Hawthorn properties selling in Grace Park, Shakespeare Grove and Berkeley Street during the week. James Scarff and Sam Wilkinson from Kay and Burton.

But let’s give the stats a rest this weekend – what about some opinions.

While there have been huge stock numbers evidenced by record months for Jellis Craig in May and June and Kay and Burton are now reporting big results, there is still no doubt prices have fallen across the board. We asked Paul Keane of Jellis Craig for his thoughts at his 28^th Hawthorn Grove property he has put on the market (No 50). Even arch rivals would have to concede he is the Hawthorn Grove specialist – but I digress. Paul said it’s all numbers. Demand and Supply “You bloody buyers have choice Mal”  – said in complete jest, but the meaning was understood. Paul added if we go back to lower stock levels come late winter then prices may well rise. He finished by noting that now may well be a good time to buy. It may be his is right!

The take from other selling agents -

Glen Coutinho (Hocking Stuart) – “Buyers are more cautious and the market has retracted – this is probably more like a ‘normal’ market and in some ways a healthier market.”

Geoff Hall (Noel Jones) – “Presently it is hard work selling property, given good stock levels and cautious buyers. The days of regular multiple-bidder auctions seems over for now. Vendors more and more are coming in to line and are in touch with the market.” Interestingly Geoff notes there are presently 12  two bedroom units for sale in Surrey Hills alone – he can’t ever remember that happening before.

Hamish Tostevin (Marshall White) – “Pass-ins are much more prevalent now, yet the deals generally happen on the day.”

Jellis Craig’s Scott Patterson: “Some buyers think the market is in free-fall – well they will remain lookers until they realise its has only dipped. Some vendors still have their heads in the April market and this is May/June. For them they will remain owners rather than sellers.

Another big weekend coming up in terms of auction numbers and most agencies have plenty happening in June. Interesting times ahead.

Design Smart.

Maurice "The Crooner" Di Mazio clarifying the position in getting away the thrice recently offered and now finally sold 48 Melville Hawthorn for $1,605,000. Under the hammer. 2 bidders.