Stonnington


There are buyers around but no exciting stock. However, the market may be stronger than it appears.

70 people turned up to 31 Lambeth Avenue Armadale - did nothing and went home again - a typical Stonnington auction.

70 people turned up to 31 Lambeth Avenue Armadale - did nothing and went home again. A typical Stonnington auction.

Key Points: We covered 7 auctions across Stonnington today. Four had 3 bidders or more and 3 had none. This is a true reflection of Stonnington now: good stuff gets support but there is precious little of it on offer.

Analysis: Our view is that demand is there – and this is supported by our buyer agent enquiry stats covering the $2 million to $6 million price range. The clearance rates and auction action or lack thereof is, in our opinion, a direct reflection of nervous sellers who are not putting quality homes onto the market. The market data in Stonnington is not reflective of an underlying, unsatisfied, stronger-than-indicated $M+ market. We refer to our key auction photo above – plenty of people but no action. If you look at our James Home Rating of the home in question you’ll notice it has a 501/1000 rating, i.e. borderline quality. If it was a goodie it would be attracting bids.

Bidderbuzz Auction: 31 Hawksburn South Yarra – Tom McCarthy – 5 bidders – Bought $1,957,000
Are there signs that the winter hibernation is over? That might well be the case judging by this auction where five bidders fought hammer and tongs to secure this two storey Victorian Terrace with the unusual luxury of rear off-street parking. Auctioneer Tom McCarthy managed the bidders with skill, keeping them all in the game. But alas there was only one winner with the eventual purchase price of $1,957,000.

A personal observation: The only reason we tend to focus on the big agencies is because they have the most homes on offer (ok, plus we like them). However, there is a niche double act making some noise at the moment: Tom McCarthy and his partner Philip Moore both of Biggin and Scott are producing very consistent multiple bidder auctions. I like their style and I think right now they are giving both buyers and sellers a fair shake. Well done. Between $1m and $2m in the Prahran to South Yarra precinct they are one of the hotter games in town, if you want a fair dinkum result.

Agent Comments:

Andrew McCann, Benmac, Armadale : “Not much juicy stock (although) we are seeing more mid-range than high-end. Big homes are affected by footy finals and holidays.  I don’t think the election is a factor.  Any volumes look like being in October rather than the next six weeks.”

Jeremy Fox, RT Edgar, Toorak: “There is a little bit of indecision at the moment because of the election. There are a lot of people out there who are frustrated as they are all ready to buy, but there are not a lot of good, quality properties out there. Hopefully the uncertainty about the election will soon pass and stock levels will change.” Jeremy we 100% agree with you – there’s a first!

Clearance Rates & Monitor Table:
st

ARMADALE 65 Nortchcote Armadale 1,565,000 Bought
ARMADALE 10/39 Kooyong Road   Passed In
ARMADALE 765 High Street   Passed In
ARMADALE 31 Lambeth Avenue   Passed In
GLEN IRIS 6 Viewbank Road   Bought
GLEN IRIS 11 Dorrington Avenue $2,870,000 Bought
KOOYONG 1 Avenel Road   Passed In
MALVERN 9 Spring Road   Passed In
MALVERN 7/423 Glenferrie Road undisclosed Bought
MALVERN EAST 3/414 Wattletree Road undisclosed Bought
MALVERN EAST 86 Bowen Street $1,080,000 Bought
MALVERN EAST 6 Chanak Street $895,000 Bought
MALVERN EAST 12 Albert Street $1,392,000 Bought
MALVERN EAST 20 Forster Avenue $1,465,000 Bought
PRAHRAN 21 Bayview Street   Passed In
SOUTH YARRA 63 Lang Street   Passed In
SOUTH YARRA 7&9 Macfarlan   Passed In
SOUTH YARRA 31 Hawksburn Road $1,957,000 Bought
SOUTH YARRA 113 Millswyn Street   Passed In
TOORAK 2/722 Orrong Road undisclosed Bought
TOORAK 6 Cross Street   Passed In

We Only Buy Homes

12 Albert Street, MALVERN EAST

Rainy day but good result for Iain Carmichael (BenMac) at 12 Albert St, Malvern East. Bought under the hammer, with four bidders and crowd of 60.

501
/1000
JAMES HOME RATINGS
31 Lambeth Avenue
4
2
0
373sqm
        With the sun shining and a number of luxury cars rolling past, the stage was set at 31 Lambeth St, Armadale. A...
PASSED IN - $1,700,000
717
/1000
JAMES HOME RATINGS
11 Dorrington Avenue
4
3
2
1027sqm
        In a beautiful terrace auctioneer Iain Carmichael waited patiently for an opening bid from the vibrant crowd. ...
Bought: $2,870,000
553
/1000
JAMES HOME RATINGS
1 Avenel Road
4
2
4
215sqm
        A small crowd watched Tom McCarthy auction this well positioned home in Kooyong. The first of three vendor bid...
PASSED IN - $2,300,000
582
/1000
JAMES HOME RATINGS
12 Albert Street
3
2
2
689sqm
        With the weather looking bleak, auctioneer Iain Carmichael pleaded with the crowd for an opening bid before an...
Bought: $1,392,000
640
/1000
JAMES HOME RATINGS
20 Forster Avenue
4
2
2
648sqm
        The spring blossoms were just starting to bloom in this family heartland of Malvern, and after a slow start an...
Bought: $1,465,000
/1000
JAMES HOME RATINGS
31 Hawksburn Road
3
2
2
334sqm
        Are there signs that the winter hibernation is over? That very well might be the case, as five bidders fought ...
Bought: $1,957,000
View all 39 of this week's $Million Plus Featured Auction Reviews

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The New Normal

The New Normal

23rd May 2015

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