Ticking along and in better shape than lower Bayside for market fundamentals.

BY Mal James 14th August 2010

Oliver Bruce (BenMac) fields bids from three keen buyers. 7 Nimmo St, Middle Park, selling under the hammer for $1,350,000.

Key Points

Albert Park and surrounds still in hibernation with minimal activity – however 5 out of 7 auctions sold.
Not as much new stock coming on as in other areas. See graph below

BidderBuzz Auction: Oliver Bruce aka “Ollie” – 7 Nimmo St Albert Park. 3 bidders

James Auction Report: Auctioneer Oliver Bruce opened on a vendor bid of $1,050,000 after politely rejecting a crowd bid of $1,000,000. It was a fast paced auction with plenty of “are we on the markets?” from the keen bidders. In the end it was a two horse race. On the market at $1,260,000, the property was subsequently bought for $1,350,000. An exciting and entertaining auction to watch.

Agent Comments, when asked about stock levels of $3m+ properties

Sam Gamon, Chisholm & Gamon: “All of our stock is between $1.5m and $2m at the moment…there just isn’t much on offer (above that). One in Foam St – not one of ours – recently went gangbusters but other than that, there is nothing around. We currently have a couple of buyers looking in that price bracket, but…those properties are tightly held around here and the ones like Foam St are rare. However, it’s really positive looking toward Spring. Its great to see people really active and buying. It’s been a really fun week.”

David Lack, Biggin & Scott: “Stock levels are definitely up on last year. We have had a very busy August in general, and should be busy during September. I think many people are delaying things until after the election.”

And the Word from the auctions…

Simon Gowling, BenMac: “If you have a good block, good floor-plan, good location – all of those things – it will sell. The good properties always sell. There are plenty of buyers (and bidders) out there. It’s been a good day.”

Clearance Rates & Monitor Table

Suburb	Address	Bought	Passed In
ELWOOD	14 Robert Street	1,196,000
MIDDLE PARK	7 Nimmo Street	Undisclosed
PORT MELBOURNE	14 Edina Close	1,200,000
PORT MELBOURNE	151 Clark Street		Passed In
PORT MELBOURNE	76 Spring Street	1,174,000
PORT MELBOURNE	2 Swallow Street	Undisclosed
SOUTH MELBOURNE	394 Dorcas Street		Passed In