Albert Park: 81 Vincent St: Good Crowd (70) but no action; Passed In on multiple vendor bids for $1,670,000

Not a lot on offer today and despite our headline a few were put away albeit on lower interest levels than last month. Of the reported sales we saw 7 from 13 go under the hammer or sell soon after for a 54% clearance rate. The standout auction was 65 Beacon Vista Port Melbourne with David Lack of Biggin and Scott. In front of a big crowd of 150, 2 bidders fought it out from $2,500,000 to $3,135,000. A strong result by anyone’s standards.

Some Opinions

Michael Szulc from Cayzers believes “the market has dropped right back – peaked back at the end of February”.

Kaine Lanyon of Bennison Mackinnon thinks things have dropped off a lot also.

To quote Damien O’Sullivan of Bennison Mackinnon: “Buyers are perhaps not acting in their best interests”. Implying there are some bargains not being taken up.

Is it demand or supply? At this stage there are a number of single fronted homes in Albert Park, Middle Park and South Melbourne – all around the 900K mark so it maybe supply and lack of qualty, just as much as it maybe buyer caution caused by outside influences.

St Kilda West and 24 York St had a sold result last Sunday just under $2million through Andrew Turner of Cayzers. Again reinforces quality land is anything up to $6,000 sqm with York selling for over $4,500 per sqm with a wide frontage and good redevelopment possibilities.

Dropping further down the bay we see Elwood finding plenty to put onto the market with 5 sales and an off market in the early to mid $1’s being bought. However once the number approaches or exceeds

 $2million it’s a different story. There are few bidders and homes take longer to sell (as a general rule). Cases in point are 2 Kendall and 11 Addison but granted 57 Dickens with Torsten Kasper of Chisholm and Gamon did sell. And what’s with Addison St – I’ve never seen so many homes for sale in this prized stretch before.

Another big week coming with 23 scheduled auctions over a $m. The big question is it lack of quality, quantity of supply (choice) or buyer mood changes from external sources that are currently affecting the market? What will this mean going forward? Lots still happening just in a diferent manner, at a different pace and on a different level to last month!

Buy Opportunity

Port Melbourne: 65 Beacon Vista: BANG: Bought under the hammer for $3,135,000: 2 bidders: Biggin and Scott's David Lack in charge!