A Grey Day across Bayside for most sellers and 12 Margarita Street Hampton was no different. 0 bidders

Key Points:

• Only two good auction sales today with 8 bidders between them:
  18 Central Avenue Black Rock – Errol Driver of Hodges – $1,147,000
  48 Mills St Hampton – Stephen Tickell of Hocking Stuart – $1,560,000
• The other 8 auctions had 5 bidders in total
• Couple of $3,000,000 pass-ins in Bayside – possibly reflective of the large stock overhang at this level in the area.
• Clearance Rates suggests Bayside is the weakest $M+ market at present.

Activity well down on a month ago

Agent Comments - This week we asked if the election was affecting the market

John Clarkson, Hocking Stuart: “Put some buyers into a holding pattern at the top end, more so than the lower end which has a negligible effect; (it’s affected) sellers, which is strange because most people are around election weekend.”

Barb Gregory, Hocking Stuart: “Not discussed; Not enough relevant policy relating to the market; Others, yes but this is a non event; Sellers aren’t changing their mind (and) we have only had one auction booked on this date that has been changed; Buyer levels are there for the season – cautious but not relating to election, due more to the May downturn. It’s also a long, grey, cold winter (and this) affects people’s persona; Personality election, not policy.”

Mark Earle, Buxton: “No talk of the election because buyers have settled, numbed to publicity; Balanced market, less bidders per auction unless overpriced; On the day it will be quiet and some sellers are waiting as listings have dropped a bit; Prices have balanced out.”

Bill Jowett, Buxton: “Seeing it as a positive as people are going to be here; Most are happy to have their property up for auction on election day, but many are preferring a pm open time; Buyers had a hiccup but the wheel has turned;  What’s changed is their numbers; Spring seems to be normal certainly not below.”

Clearance Rates and Monitor Table

Buying Activity - Considerable drop since the dizzy heights of May. Graph shows weekly sales over a $million in Bayside

Land Values

18 Central Avenue, Black Rock with Michael Cooney of Hodges sold for 1,147,500  which equates to $1830 per sq metre

82 Thomas Street, Hampton with Jenny Dwyer of Hocking Stuart hadn’t sold as of time of publishing.  Main road discount would apply.

Family Homes – Resale
12 Margarita St Hampton with Peter Alpar of Hodges was auctioned today. It last sold three years ago for $1,600,000 in early 2007
James Auction Report: James Paynter worked hard to get the small crowd motivated, but without success. Two couples appeared genuinely interested in this fine family home and in this prime location so the property should soon sell. Passed in on a vendor bid of $1,775,000.

Apartments
Good insight from Gerry Gordon of Hocking Stuart (Peter you need to buy Gerry a new tie) “Sweet spot in apartments is when size matches price point. Many apartment buyers are attracted to a price. Price point people are being attracted to Bayside. Healthy apartment market below a million. Getting 5% return“

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