Tough day at the office. Wind, rain and no bidders. Hamish "Elf" Tostevin - 60 Pakington Kew.

Key Points

• Boroondara is still the toughest game in town for $M+ buyers – although good new stock arriving everyday.
• Will Hawthorn, Kew, Camberwell and surrounds be able to maintain their market strength with more stock coming in – or will we see a repeat of May?
• Post Auction Clearance rate was over 80% with reasonable bidder numbers on good auction numbers. Strongish.
• 23 Chaucer Canterbury – auctioned by James “Ali” Tostevin, was bought for undisclosed amount above $3,850,000 and another big sale - 5 Callantina Hawthorn – Steve Burke, Jellis Craig was bought for $3,330,000.
• 64 Maud Balwyn with Richard Earle – see report in Market News which says land is approaching $1800 per sq metre.

Agent Comments to “Where is the $3m+ market now?”

Richard Winneke, Jellis Craig: “Three auctions this weekend all over $3m – that will be a true indicator  – if only one or two sell then sellers will be cautious putting property on the market; Buyers out there at that level, but they are cautious. Market at lower level is very different; Not seeing a great amount coming on in the higher level – 8 properties over $2m in September for Jellis Craig which is not huge, at least a third in terms of numbers down compared to last year.”

Nic Franzmann, Marshall White: “Market is quieter at that level – buyers are more discerning, waiting for spring. Market is stable, not flying – comes back to old adage, good house will attract good interest. Since the GST things have bounced back quite well, could expect growth in the single figures going forward (rather than double digits). Buyers happier to sit back and wait coming into spring rather than offer before.”

And the word from our auction reporters:

Guy Angwin:I had the opportunity to speak to the well-respected Iain Carmichael of BenMac, who pointed out that we are experiencing fresh market conditions. “The market has declined by 10 per cent, however the vendor expectation is still 6-8 weeks behind the market. With this change in market conditions, it will take some time before the market evidence presented to vendors is in sync with the market as it exists today, and not three months ago.”

Clearance Rates & Monitor Table

New Stock – Quality levels are building quickly – got to be good for buyers.

We Only Buy Homes

Simon Byrne from Woodards in full flight at 73 Denham Hawthorn. 2 bidders and bought under the hammer for $1,030,000