A sea of umbrellas was all that could be seen at 97 Graham St, Albert Park. Around 90 people watched as Andrew Stuart (Hocking Stuart) brought down the hammer at $2,630,000. Two bidders.

Key Points:

• We focused on Albert Park today and there were reasonable bidder numbers across several auctions. However, Port Phillip has still started Spring very slowly.
• Prices had been falling during Winter and the factors are there for that to continue; especially if any sort of Spring stock level surge is not met by a corresponding increase in bidder numbers – our only proviso is this is a small dynamic market and things change very quickly in Port Phillip.

Biggest Buy:
97 Graham St, Albert Park, Andrew Stuart, Hocking Stuart, Bought $2,630,000.
“Despite threatening skies overhead, and persistent drizzle, Andrew Stuart bravely started proceedings outside with a vendor bid of $2,400,000. After a relatively slow start, a battle between two keen buyers ensued. After Mr Stuart declared the property on the market at $2,617,500, the bidding quickly soared to the selling price of $2,630,000 – a strong result for Mr Stuart and the Hocking Stuart team.”(Jen Milligan)

Agent Comments:
Oliver Bruce, BenMac, Albert Park: “There is a reasonable selection of properties available in Albert Park. A good mix of terraces, small and large, modern and liveable. There are a few unrenovated and three or four land offerings too. There is a shortage of double fronted homes and there are fewer properties on the market in Middle Park. South Melbourne is quiet and there is a shortage in the Howe Crescent/ Lamaro precinct. I am seeing a lot of the same faces around at opens and auctions. Reasonable numbers are attending both for correctly priced opportunities. As always, price is a driving factor for both vendors and buyers. I have seen some absolutely phenomenal prices in every price bracket. These big prices have been driven by competition. One can only assume that the buyers are flocking towards the better homes, or the better priced homes. I am seeing very few offers for properties prior to auction. Buyers are sitting back playing the waiting game thinking that no one will bid, only to see two or three motivated buyers pushing prices well above everyone’s expectations.”

Adrian Wood, Cayzer, Albert Park: “The market is fair at the moment. There is a lack of stock and looking into Spring is like looking into a crystal ball – who knows what will happen. Demand is higher than supply at the moment. Bidder numbers have been down overall, but good quality, well priced homes are still bringing outstanding results.”

Bidderbuzz Auction of the Day:
25 Longmore St, St Kilda West, John Bongiorno, Marshall White, three bidders:
“Having to hold the auction indoors due to wet weather, John Bongiorno asked serious bidders to enter one room and anyone else to stand down the hallway. His invitation to the sitting room was taken up by around a dozen people which looked promising for Mr Bongiorno and the Marshall White team. Out of that group, there were three bidders who fought it out, taking the price to $1,075,000 which, unfortunately, wasn’t enough to buy the property under the hammer. Mr Bongiorno, instead, passed the house in at this amount. Bought after for an undisclosed amount.”(Jen Milligan)

Clearance Rates & Monitor Table: Spring start has been slower than a Mark Webber one.

We Only Buy Homes

Phil DeFegely (for JC Street) brought the action indoors at 347 Dorcas St South Melbourne. Passed in $980,000. Two bidders.