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.
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!
|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|
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