Bit of traffic at 6 Tribe Street South Melbourne both before and during the big game. Bought under the hammer for $1,493,000. Geoff Cayzer and 4 bidders.
Key Points
- 41 sales for the month of July – only one over $3m.
- Albert and Middle Park combined reported only six $M+ sales in July
- Two BidderBuzz Auctions – both with four bidders and both bought under the hammer in the $1.4 millions. 367 Dorcas St with Gerald Betts and 6 Tribe St with Geoff Cayzer.
Agent Comments re the question of Spring stock levels and new WOW projects
Kaine Lanyon, BenMac: “Stock levels over the next month are still looking relatively thin. There is a trickle coming on but we are definitely feeling that many vendors are holding off embarking on a sale campaign until the federal election is well out of the way, thus making sure that won’t be a distraction to the buying public; The really good homes have been missing from the market of recent weeks and while we have some with the “Wow” factor not far away from coming onto the market, that product is as scare as hen’s teeth at present; New homes being built/constructed are almost non-existent in the Port Phillip area mainly due to the heritage overlays, making genuine ‘start-again-from-scratch’ opportunities just not there” .
Nick Yannopoulos, RT Edgar: “Low stock levels at the moment, I think because of the election. After that I think things might pick up a bit but at the moment there is a shortage; Not too many good family properties out there at the moment; Not much building – planning always takes time…development is slow at the moment.”
Michael Szulc, Cayzer: “Stock levels will increase through natural progression towards Spring. Things don’t just triple however in a few weeks and properties are very tightly held in this area anyway; In this area, there are only ever a few big, family homes with that “wow” factor on the market – this isn’t the area for that type of property; No building going on. Nothing. The landsize doesn’t suit new big, family homes.”
Clearance Rates & Monitor Table
| Bought | Passed In | ||
| ALBERT PARK | 29 Young Street | No Report | |
| PORT MELBOURNE | 603/216 Rouse | Passed In | |
| PORT MELBOURNE | 127 Albert Street | 1,370,000 | |
| SOUTH MELBOURNE | 367 Dorcas Street | 1,450,000 | |
| SOUTH MELBOURNE | 240 Ferrars Street | Passed In | |
| SOUTH MELBOURNE | 13 Ward Street | 1,235,000 | |
| SOUTH MELBOURNE | 6 Tribe Street | 1,493,000 |
Buying Activity
We Only Buy Homes
Andrew "Comfy" Stuart sells post auction for $1,235,000. 13 Ward St South Melbourne. 0 bidders.
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