39 Park Road Middle Park: Hey what's this guy doing back here with a different guernsey on? Greg Hocking formerly Captain Coach of Hocking Stuart now playing full forward for TBM. No bidders though and passed in $2,600,000. Is this a Welcome Back?

Key Points

• Market continues to be very quiet on low stock turnover but this as expected this time of the year in Port Phillip.
• Biggest sale was in Elwood – 4 Pozieres Avenue -  Leonard Persichetti - TBM – $2,345,000 – 3 bidders

Five single fronted period homes went to the market today.  They sold between  mid $900,000′s and mid $1,200,000′s

• Albert Park – 80 Moubray Street  – under the hammer
• Port Melbourne – 247 Ross Street – post auction
• Port Melbourne – 222 Ross Street – post auction
• Port Melbourne – 49 Farrell Street – passed in
• Port Melbourne – 47 Raglan Street -under the hammer

See our reports below and how each one fared – and maybe ask yourself why

• Position
• Land Size
• Floorplan
• Quality
• Campaign

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

Sam Gamon, Chisholm and Gamon: “Sellers going post election but not stopping selling; Best buying week in last 6 weeks; Prices are now becoming clearer to sellers and buyers around 5% lower than April; New buyers are coming into the market instead of last year’s buyers; Buyers are sensing opportunities now as some feel things may improve post election when everybody realizes nothing is going to change.”

Vanessa Gillon, Buxton: “For us, the election hasn’t made a difference as we do more private sales than auctions. But (overall) I haven’t heard that there has been much of an affect.”

David Lack, Biggin Scott: “All our vendors have elected (pardon the pun!) to avoid auctioning on the weekend of the election, citing that they didn’t want their prospective buyers distracted. The following weekend, however, will be busy, as sellers try to get a sale in before the AFL finals begin;  Listings are down on the same time last year, and many prospective vendors are adopting a wait and see approach;  Buyer levels have dropped off by a minimum of 30% on properties priced over the magic million mark, though there are still many buyers in the $600-$800,000 range chasing well-presented 2 bedroom apartments and period-style cottages;  Family homes on reasonable blocks of 250 to 400 sq m are in huge demand, and it will be interesting to see how this segment of the market will perform in the coming weeks with 3 such properties being auctioned in Port Melbourne;  Beacon Cove pricing has held up, particularly with the apartment market, with 5 sales in the last month between $1.3m and $1.8m. Turnover in Garden City has also been steady, with 4 sales of un-renovated ex-Ministry homes all achieving in the early $800,000s to $900,000s range.”

Andrew Stuart, Hocking Stuart: “The election hasn’t been holding people back, that’s for sure; Stock levels are good – There were more than 40 properties auctioned around here today so stock levels are normal; Properties are always scarce around here as no one wants to sell or move away.”

Kaine Lanyon, Benninson Mackinnon:”Whilst there were not many auctions today, the vibe was better than the last few weeks; (Our) office sold 4 from 5 with multiple bidder at all  auctions; Perhaps some vendors may be holding back because of the election, but buyer sentiment remains positive.”

Clearance Rates and Monitor Table – always a little unreliable on such small numbers this time of the year.

Buying Activity – A significant drop off in activity – in part expected as it’s winter.

We Only Buy Homes