Richmond 10 Chapel: Passed In by Andrew Gibbons on a vendor bid of $1,100,000. Mmmmmm. Now that's a change!

The month of May was always going to be interesting – since the start of 2010 and up until the end of April the market was roaring.

May has seen a few changes in the mood of the market place with higher stock levels and moderating levels of demand. The key word coming from most agents is that the market is settling with a slight reduction in clearance rates and bidderman around 2.5.

So everything is not coming to a crashing holt like some parts of the media are stating. Things are slowing, settling and competition is returning to more normal and sustainable levels, as you can see through the mixed results of the day.

5 Birkenhead Street, Fitzroy North had a large turnout with 100 people,  well 98 spectators and 2 bidders. Opening bid of $800,000 was promptly raised by Nick West of Nelson Alexander to $960,000 and after some timid bidding the property finally passed in for $1,020,000. The property sold well in the end with Mr West negotiating $1,060,000 for his vendors.

10 Chapel Street, Richmond passed in on a vendor bid of $1,100,000. Andrew Gibbion of Hocking Stuart pushed very hard however no one came forward and the property passed in without a single bid.

In contrast Clifton Hill was hot today with 6 bidders at 12 Noone Street. This was a quality property in a quality pocket and as a result bidding was aggressive. With some old school charm and suitable for those growing and those down sizing it was no surprise it sold well over the reserve of $1,190,000, final result of $1,460,000. Great auction from Simon Shrimpton of Jellis Craig.

Having a conversation with Craig Shearn of Jellis Craig after the auction he indicated to me that the market is starting to settle, adding “as a result of higher stock levels and steady buyer numbers market prices are leveling and we are starting to see some properties pass in”

Nick West of Nelson Alexander echoed similar sentiments saying that buyers are more discerning than they were at the start of this year and whist we are still seeing strong results on quality property the market is generally settling.

Know you Market!

Same 'ol Same 'ol for Simon Shrimpton of Jellis Craig at Clifton Hill 12 Noone: Crowd 100: Bidders 6: Bought under the hammer for $1,460,000