The Auction Method is under real pressure. Vendors will be asking for new ideas soon as another week of low clearances hits Port Phillip

BY Mal James 29th May 2010

Albert Park 144 Danks: Passed In for $2,410,000; but with 2 bidders there should be a result soon unless the vendor isn't aware of a buyer mood change. Karl Gillon of Buxton

With Bidderman less than 1 – meaning more auctions than bidders – it may be time for a change of scenery for Port Phillip auctioneers unless things turn very quickly or they can come up with some new ideas. And the post auction sales are not happening either according to reported REIV results, so a pass-in and deal later strategy can’t be justified to a seller who is forking out $10,000 to $20,000 on marketing. But the sellers are not our constituency – buyers are. And buyers: you have opportunities if you can find the right home and it’s a goodie. The opportunity comes with your assessment and negotiations skills.

Port Phillip is a very fickle market at the best of times and May is proving more fickle than usual. Especially if its $2m and over.

If you need some help in getting through the maze of unsolds to find the gem then please consider giving us a call. There is actually a lot on offer and buyers if you can’t recognize this buy signal then we advise a change of medication.

Population and Wealth pressures mean that sometime soon this part of the Bay will again shine – so the smart recognise this an opportunity and those that are waiting for more easing are brave.

Sound a bit “salesmany” but we encourage your participation as some of the market seems to be returning to 2009 pricings – how long that will last we don’t know.

Next month maybe a different story

Port Phillip Auctions – 22 monitored – 7 bought – 32% clearance rate

		Passed In	Bought	Not Reported
ST KILDA	8/98 Barkly Street	825,000
PORT MELBOURNE	266 Esplanade East	905,000
SOUTH MELBOURNE	290 Moray Street	950,000
PORT MELBOURNE	110 Esplanade West	1,150,000
ALBERT PARK	73 Victoria Avenue	1,200,000
ELWOOD	108 Mitford Street	1,300,000
MIDDLE PARK	32 Wright Street	1,400,000
PORT MELBOURNE	3a Barak Road	1,500,000
PORT MELBOURNE	1 Princes Place	1,700,000
ELWOOD	200 Tennyson Street	1,925,000
ELWOOD	99 Mitford Street	2,100,000
ALBERT PARK	144 Danks Street	2,401,000
ALBERT PARK	26 Foote Street
ELWOOD	50 Southey Street		Undisclosed
ELWOOD	1/481 St Kilda Street			Not Reported
PORT MELBOURNE	192 Albert Street		925,000
PORT MELBOURNE	T04/159 Beach Street		Sold Before
PORT MELBOURNE	14 Hobsons Bay Parade		Undisclosed
PORT MELBOURNE	9 Mariposa Place		1,310,000
SOUTH MELBOURNE	93 Cobden Street			Not Reported
ST KILDA	14A Irymple Avenue		Undisclosed
ST KILDA WEST	282 Canterbury Road		985,000