Elsternwick: 42 Elster: Bill Stavrakis. What slowdown man! 7 Bidders. Bought $1,460,000.

It seemed last week Glen Eira buyers went into hibernation with many passing in at auction via vendor bids.

Interesting information for buyers. Of  passed in properties at auction last week, 3 from 4 in Bentleigh have been bought post auction assumingly because of good negotiations between agents and buyers.

• 3 Shrewsbury Street BENTLEIGH EAST $1,200,000 Passed In ( Trent Collie – Hocking Stuart)
• 14 Tyrone Street ORMOND  $1,800,000 Passed In ( Ian Whiteside – Hocking Stuart)
• 1 Werona Street BENTLEIGH $1,100,000 Passed In  (Ivan Blow – Buxton)

Some vendor realism may have also set in.

Sophorn En from Biggin & Scott said “ The market at the moment is red hot. There is not enough stock for the demand of buyers.”

This weekend I attended auctions that had Bidderman at 7 and 6, and a few auctions that passed in on a vendor bid.

One very strong auction was 42 Elster Elsternwick.

James Home Rating 764/1000. You can’t help but be impressed by the charm and free flowing space of this renovated home. Inside you find a grand entry with high ceilings. Master bedroom with walk in robes and ensuite work well. The other two bedrooms are standard in size; unfortunately without built in wardrobes. The Kitchen is positioned well, nearby to the dining and meals areas and upstairs study is good. This is a huge block of land and once at the covered deck you find toward the back the studio/office, which is an unexpected extra. This home is positioned perfectly near by to shops and transport, therefore making it well suited to many families.

James Auction Report: As auctioneer Bill Stavrakis walked out to start proceedings you could sense there were many bidders in the 120-strong crowd. A starting bid of $1,100,000 was quickly surpassed, with two parties taking the bidding to $1,300,000. Then five more bidders entered the fray, with the price continuing to rise until, in the end, two bidders were left and the property was bought for $1,460,000.

James Post Auction Analysis: This specific market segment (family homes sub $1.5 million) still has a lot of depth and therefore these sorts of offerings may well have some strength even if the market does ease.

It’s too early to say where the market is headed – no one has that magic crystal ball to tell the future.

Other properties bought in Glen Eira of Interest:

43 Brett Street, MURRUMBEENA -  (Kelly Evagora, Barry Plant) Bought at auction for $1,110,000

8 Malakoff Street, CAULFIELD NORTH – (Sally Zelman, Gary Peer) Bought at auction for $1,795,000

12 Prentice Street, ELSTERNWICK – (Daniel Ashton, Biggin & Scott) Bought at auction for $945,000

Poor properties are getting minimal interest and price becomes the only attraction.

Stay Focused, Stay Happy

Bentleigh 18 Evelyn St: Auctioneer Sophorn En; asking for bids, then hoping for bids, then making a vendor bid. Passed In $1,200,000