No exaggeration to say it was an auction train wreck today. The saving grace was low stock quality.

BY Mal James 28th August 2010

Sam Gamon (Chisholm & Gamon) looks for some bidders at 36 Shelley St, Elwood but to no avail. Passed in for $940,000, no bidders.

Key Points:

None of the auctions we covered in Port Phillip were bought under the hammer this weekend.
As of 7pm, only one had been bought post auction.
Across five auctions, there were only two bidders in total.
On a positive note, 3 out of 3 townhouses/apartments sold at auction around a $million

Analysis: This was Spring’s first test for Port Melbourne to Elwood. As far as auction homes go it failed badly. The quality was questionable and some newer stock coming on is visible – so there is a high chance buyers are holding off until then. Even so this was a poor start to Spring for Port Phillip. This $M+ market is smaller than the others we cover weekly and has a history of responding dynamically to minor changes in circumstance, so the next few weeks will be viewed with interest.

Agent Comments: In fairness this election question was asked just prior to this weekends’s results.

Joseph Allan, Chisholm & Gamon, Port Melbourne:“When I heard about the election, I thought it was not going to be ideal for the market. But so far, I have had no indication that it has affected it at all. I guess the big question is: will it affect stock levels coming up? We’ll wait and see.”

Kaine Lanyon, BenMac, Albert Park: “I don’t believe the actual election result itself will affect the market in any real direction. It’s more the waiting around, the ‘holding pattern’ until we see a final result of who will next govern the country, that seems to be affecting the market in a positive sense. Many vendors will still not yet commit to a selling campaign, so there is less stock on the market – which in my view is largely why some of our results have been so strong over the last four weeks. That is limited choice for the current bunch of buyers to choose from if they miss out on the only property they like that is currently available”.

Sam Gamon, Chisholm & Gamon, Elwood: “I haven’t seen any impact due to the Election. Buyers are realising they’re not on a ‘deserted island’ and that other people are making decisions. In essence, I feel buyers are very decisive for the right property. If anything the Election may hold back some sellers from listing as they’d like the assurance of a definite outcome. The warmer weather is bringing renewed positivity to the market place and buyers are keen to move forward when they find something they relate to”

ELWOOD	21A Goldsmith Street		Passed In
ELWOOD	100 Milton Street		Passed In
ELWOOD	36 Shelley Street		Passed In
ELWOOD	13 Moore Street		Passed In
MIDDLE PARK	80 Neville Street	undisclosed	Bought
MIDDLE PARK	195 Page Street		Passed In
PORT MELBOURNE	368 Williamstown Road		Passed In
PORT MELBOURNE	33 Park Square		Passed In
SOUTH MELBOURNE	188 Pickles Street		Passed In
SOUTH MELBOURNE	13 Glover Street		Passed In
SOUTH MELBOURNE	31 Mountain Street		Passed In
SOUTH MELBOURNE	326 Albert Road	$1,600,000	Bought
ST KILDA	3/33 Robe St	$1,055,000	Bought
ST KILDA	20/34 Princes St		Passed In
ST KILDA	52/167 Fitzroy	$1,025,000	Bought
ST KILDA	2 St Leonards Avenue		Passed In