Klarity Kris 0423 778 774
kristen@james.net.au


Do we now have three types of auction vendors? Clearance rate below 29% on reported South Yarra and Toorak auctions!

The studying face of RT Edgar’s Richard Hornidge and the Svengali like hands of Warwick Anderson. South Yarra: 281 Williams: Passed In with 3 bidders for $3,680,000.

The studying face of RT Edgar’s Richard Hornidge and the Svengali like hands of Warwick Anderson. South Yarra: 281 Williams: Passed In with 3 bidders for $3,680,000.

We were scheduled to cover 36 auctions in many suburbs this weekend and 5 properties were bought before auction. The number of pre-sales has been slowly increasing recently and may reflect an emerging group of vendors who have become concerned/ realistic about the price to be obtained at the auction.

The price obtained with a pre-auction sale will not necessarily be less than that obtained at an auction but it will certainly lower the tension of not receiving a bid at the auction and then negotiating with a single buyer. An example of such a sale was 23 Fawkner  St South Yarra. This was a spectacular renovation of a cottage in an indifferent street with an indicative quote of $3,000,000 – $ 4,000,000. Three bidders were interested at over $3,500,000 and it sold for over $3,600,000. A good result for Ross Savas, and his Kay & Burton team.

The second type of Vendor could be the person who likes the spectacle of the auction but is willing to listen to his agent and set a realistic reserve. A sale will often occur and all parties walk away with contented smiles on their faces. An example of such a sale today was 9 Glen Road, Toorak. Although the property was passed in after a vendor bid of $3,100,00 and a genuine bid of $3,125,000, subsequent negotiations with Andrew Hayne of Marshall White allowed a buyer to purchase at $3,300,000. This property was a well renovated art deco house, with some issues – but one with a polished renovation.

The third type of vendor could be the person who loves the theatre of the auction, but who believes he knows the market better than the market. The auction may or may not produce a bid – but it will always be less  than satisfactory to the vendor. Recently there have been more auctions of this type and a number of sales agents are increasingly talking about vendors getting ahead of themselves and the sales agent is spending an increasing time in managing expectations (downwards).frosty

We saw some good results in Stonnington today on homes we covered: 23 Fawkner Street( as detailed above), 45 Bruce Street, Toorak was bought through Rae Tomlinson of Marshall White for $3,100,000 ( essentially land value at $4354 psm) and a Glen Eagles town house at 68 A Nicholson South Yarra bought through Dean Gilbert of Marshall White for $1,205,000. Another good result was the purchase of  a terrace on Inverness Street Armadale through Anthony Grimwade and Jeremy Fox of R.T. Edgar which was bought for a strong price at a  shade over $1,660,000.

However below gives a representation of 29% reported bought on 17 scheduled auctions.

With the majority passed in on a Vendor Bid we estimate Bidderman across South Yarra and Toorak auctions was 0.5. One of the lowest on record (including 2008)

Rating Suburb Address Day Time Result
568 SOUTH YARRA 281 Williams Road May 8 2010 12:00pm Not Reported
  SOUTH YARRA 14/286 Toorak Road May 8 2010 12:00pm Not Reported
681 SOUTH YARRA 68A Nicholson Street May 8 2010 11;30 am Bought
818 SOUTH YARRA 23 Fawkner Street May 8 2010 11:00am Bought
  SOUTH YARRA 20 Millswyn Street May 8 2010 2:00pm Passed In
  SOUTH YARRA 48 Tivoli Road May 8 2010 11:30am Not Reported
  SOUTH YARRA 3 Davis Avenue May 8 2010 11:00am Bought Before
721 TOORAK 172 Kooyong Road May 8 2010 12pm Not Reported
  TOORAK 1/83 Grange Road May 8 2010 1:00pm Not Reported
650 TOORAK 12 Flintoft Avenue May 8 2010 11:00am Passed In
752 TOORAK 5 Merriwee Crescent May 8 2010 1:00pm Passed In
689 TOORAK 9 Glen Road May 8 2010 12:30pm Bought
831 TOORAK 7 Power Avenue May 8 2010 2:30pm Passed In
  TOORAK 9/679 Toorak Road May 8 2010 9:30am Not Reported
610 TOORAK 45 Bruce Street May 8 2010 3:30pm Bought
637 TOORAK 13 Devorgilla Avenue May 8 2010 11:00am Passed In
  TOORAK 2/12 Lambert Road May 8 2010 2:30pm Passed In

 

Luxury apartment sales should see some activity in the coming weeks with three – four good properties being recently listed. They include 1/23 Washington Street, Toorak ( Tim Wilson of R. T. Edgar); 2/9 Heyington Place Toorak ( Warwick Anderson of R. T. Edgar and Geoffrey Wilson of Geoffrey Wilson) and 2/ 45 A St Georges Road Toorak (  Gary Ormrod of Kay & Burton and Carla Fetter of BenMac). These properties are generally purchased on a $ price per square metre – which is likely to be in the range of $10,000 – $15,000 – depending on location, convenience and quality of construction plus of course emotion.

Make Good Decisions

Andrew Hayne in a good mood as 3 bidders fought out South Yarra: 68A Nicholson for $1,205,000.

Andrew Hayne in a good mood as 3 bidders fought out South Yarra: 68A Nicholson for $1,205,000.

/1000
JAMES HOME RATINGS
4 Bailey Avenue
4
1
1
593sqm
        There was an exciting pre-auction vibe on Bailey Ave. Or perhaps it was the residual vibrations from the passi...
Bought: $1,800,000
605
/1000
JAMES HOME RATINGS
7 Inverness Avenue
3
1
0
210sqm
        In this quiet street you would normally hear the auctioneer, Jeremy Fox, without any problem - but at times th...
Bought range: $1,620,710 - $1,782,950
508
/1000
JAMES HOME RATINGS
26 Coppin Street
4
2
1
502sqm
        An inquisitive crowd, beautifully presented property and the sparkle of auctioneer John Bongiorno failed to st...
Bought range: $1,870,050 - $2,057,250
818
/1000
JAMES HOME RATINGS
23 Fawkner Street
3
2
2
558sqm
        This imaginatively renovated cottage was bought before auction after three bidders pushed the price above $3,6...
Bought: Undisclosed
681
/1000
JAMES HOME RATINGS
68A Nicholson Street
3
2
1
141sqm
        Bathed in sunshine, auctioneer Andrew Hayne kick-started proceedings with a vendor bid of $1,000,000 exactly. ...
Bought: $1,205,000
568
/1000
JAMES HOME RATINGS
281 Williams Road
4
3
2
1174sqm
        There was a mysterious aura to this South Yarra auction. Around 60 people stood semi-circled under glorious tr...
Bought: Undisclosed
610
/1000
JAMES HOME RATINGS
45 Bruce Street
5
3
3
712sqm
        Held in the car port of this property this auction had character. Auctioneer John Bongiorno in good humour des...
Bought: $3,100,000
689
/1000
JAMES HOME RATINGS
9 Glen Road
4
2
2
603sqm
        With an audience of 75, auctioneer Andrew Hayne was keen to start, opening with a vendor bid of $3,100,000. Th...
Bought: $3,320,000
831
/1000
JAMES HOME RATINGS
7 Power Avenue
5
3
2
767sqm
        You know it is a tough market when the only bidder offers an increment of only $1.00. Justin Long began this a...
Bought range: $3,644,200 - $4,009,000
831
/1000
JAMES HOME RATINGS
7 Power Avenue
5
3
2
767sqm
        You know it is a tough market when the only bidder offers an increment of only $1.00. Justin Long began this a...
Bought range: $3,644,200 - $4,009,000
View all 29 of this week's $Million Plus Featured Auction Reviews

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2014 is going out with a bang!

2014 is going out with a bang!

22nd November 2014

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