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$3M+ market February market was a bit flat – except for Brighton

Hawthorn 35 Mason: Scott Patterson and Michael Armstrong: Bought for over $3,100,000: 4 bidders

Hawthorn 35 Mason: Scott Patterson and Michael Armstrong: Bought for over $3,100,000: 4 bidders

Some interesting results to finish off the month:

  • 6 Teringa Place Toorak with Andrew Macmillan and Andrew McCann of Benmac was bought Sunday for an undisclosed amount over $3,500,000. House was quite serviceable but it would have also been considered as a bulldozer job placing just under $5000 per sq metre
  • 49 Howe Crescent South Melbourne - bought in excess of $5,000,000. Michael Coen Hocking Stuart

    49 Howe Crescent - bought in excess of $6,000,000. Expressions of Interest - Michael Coen Hocking Stuart

    And a very quick and smart result at 49 Howe Crescent South Melbourne with Michael Coen of Hocking Stuart – due to be sold through an Expressions of Interest Campaign completing 21st March it was snapped up within a few days of advertising on the 25th of February. The result was a strong one and is undisclosed but the  quoting was over $5,000,000 and we believe in sold for in excess of $6,000,000 to give you some perspective. We do a fair bit of work in the is Expression of Interest area and this again proves that those who wait until the stated deadline do not put themselves in the best position to buy.

  • 290 Beach Beaumaris - Len Sharp Chisholm and Gamon -  Full asking price of $2,950,000 after a previously failed selling campaign.

    290 Beach Beaumaris - Len Sharp Chisholm and Gamon - Full asking price of $2,950,000 after a previously failed selling campaign.

    Private Sale at 290 Beach Road Black Rock with Len Sharp of Chisholm and Gamon for full asking price of $2,950,000. This again supports our comments that 1) Bayside and 2) New and 3) $3m (almost) price tag are a combination that is getting some runs on the board in the late Summer of 2011.

  • Caulfield 20 Langdon Road – Rochelle Butt and Rodney Morley of got away 1500 sqm of land plus home in Caulfield North for an amount believed to be in excess of $4,000,000. Showing that Caulfield’s prices can be Canterbury prices when the right package is sought after.

Week Ending February 26th: If last week was the season opener for the $1m+ auction market, then  this  week  was the beginning of the $3m+ auction market and the main  focus for this weekend’s report. We don’t have all this weekend’s numbers in yet, so it’s hard to call, but it seems that this upper  market cleared at 44% of the properties under the hammer. We at  James accept a slightly lower auction clearance rate on the day in this segment as indicating balanced, warm or even hot  markets, because the air is generally thinner at this level due to the lower number of bidders available at this price point, and because the pre and post auction argy-bargy is  generally greater. Today there were quite a few $3m+ homes on offer. We  think this market segment is underwhelming at present – however if it is the right price, the right and the right position it is still being well  received and taken up.

A few of the biggies that were bought

  • Armadale 23 Wattletree Road – Justin Long – 3 bidders – $3,300,000
  • Hawthorn 46 Illawarra – Mark Dayman – Bought Before – $4,250,000
  • Brighton 33 Middle Crescent – Jason Swift – 3 bidders – $4,300,000
  • East 8 Westgarth – Andrew Macmillan – 2 bidders – Post Auction Buy a smidge under $3,000,000
  • Hawthorn 45 Mason – Scott Patterson – 4 bidders – Under  the Hammer over $3,100,000
  • Malvern East 118 Finch – Bought for $3,150,000
  • 4 Madden – Peter Batrouney – Bought After – 1 bidder – $3,050,000
  • East Melbourne – John Bongiorno – 3 bidders – $3,000,000

Some of the biggies that missed the mark

  • North 15 Stephens  – 2 bidders – Passed In for $3,650,000
  • Balwyn North 59 Hosken – Passed In for $4,050,000
  • Toorak 44 Verdant – Passed In for $3,750,000
  • Hawthorn 23 Lisson – Passed In for $3,600,000
  • Toorak 231 Kooyong – Passed In for $3,500,000
  • Malvern East 50 Finch  – 1 Bidder – Passed In $4,100,000

3m+clearance

St Kilda West 49 Mary: Passed In $4,000,000 - 0 Bidders: Andrew Stuart was not in the mood for mucking around – he had an uphill battle and he knew it. An opening vendor bid of $4,000,000 immediately hushed the vibrant crowd of 120 and that was it. Game over – a half time break for show but the gate was shut. A duck for this auction. Photos by Phoebe James

St Kilda West 49 Mary: Passed In $4,000,000 - 0 Bidders: Andrew Stuart was not in the mood for mucking around – he had an uphill battle and he knew it. An opening vendor bid of $4,000,000 immediately hushed the vibrant crowd of 120 and that was it. Game over – a half time break for show but the gate was shut. A duck for this auction. Photos by Phoebe James

Week Ending February 19th: This market is either poor or, what is more reasonable to assume, still on holidays. Mike Gibson of says that most high end sellers, as advised, are waiting. Hence the quality currently on the market is average. He expects good stock at this level to come on post Labour Day and before Easter.

To support our claims that the $3m+ market hasn’t really got going yet, look at this weekend’s Pass–Ins of $3m+ properties  –

St Kilda West – Mary St – $4,000,000 –  0 Bidders
James Auction Report: See Report Above

– Canterbury Road – $3,801,000 – 1 Bidder
James Auction Report: An air of expectation at another James Tostevin Boroondara tennis court auction. He has almost singlehandedly made them his own over the last 2 years or thereabouts. His focus has been 20000 sq ft tennis court at $6m plus. A huge crowd, around 200 with kids trampolining, people milling and cars driving by. Everybody seems to know at least one person to give a wink or a nod to. Carnival atmosphere. Then the business started – well this time it didn’t. One auctioneer bid at $3,800,000 and then surprisingly one crowd bid for $1,000 more. Small Argument – settled with pass-in to the bidder on his $1,000 bid. Inside to do battle and last check they were still banging heads. We await the result.

 

"You are all very naughty schoolkids and I'm going to keep you back here somebody bids." Camberwell 31 Canterbury: Passed In $3,801,000: 1 bidder:

"You are all very naughty schoolkids and I'm going to keep you back here somebody bids." Well no, James Tostevin didn't say that but he may have been thinking this on Saturday. Camberwell 31 Canterbury: Passed In $3,801,000: 1 bidder:

Balwyn – 12 Creswick – $3,425,000 – 3 Bidders
James Auction Report: A genuine bid of $2,000,000 opened proceedings. Auctioneer Maurice Di Marzio politely accepted the bid, suggesting it was closer to land value than a sale price, before offering a vendor bid of $3,200,000. More than 150 people watched Mr Di Marzio field bids from another two bidders before passing the property in at $3,425,000. Both interested parties headed inside after the auction for further discussions.

Albert Park – 139 Beaconsfield – $3,250,000 — 0 Bidders
James Auction Report: Auctioneer David Wood from Hocking Stuart was seriously up against the elements today as he tried to make himself heard against the traffic noise and the wind coming off Port Phillip Bay. The preamble was short and to the point, before he asked for bids. No one was prepared to open the bidding and he immediately entered a vendor bid of $3,250,000. Still no response, so half time was called. After the think music was up, the question was asked again and still no bids. The property was passed in on the vendor bid.

Gowan Stubbings successful at 29 Scott Grove Glen Iris

Gowan Stubbings of Kay and Burton successful at 29 Scott Grove

Kooyong – 711 Toorak – $3,190,000

In fact the only auction sale over $3,000,000 we covered was 29 Scott Grove Glen Iris (Gowan Stubbings of Kay and Burton) for $3,032,000 – 3 Bidders.
James Auction Report: A triangular battle developed right from the word go, and auctioneer Gowan Stubbings orchestrated the bidding superbly to maintain momentum throughout. Only when the $3,000,000 mark was eclipsed, did one of the bidders drop out. $32,000 later and the property was secured. Good naturedly, the two bidders shook hands to acknowledge the end of the contest. A riveting event.

However a few strong private and off-market sales show this market is not completely morbid. There is still some pulse. There were three very solid such sales in Bayside this week:

Brighton Golden Mile: Scene of 2 big sales over $10,000 per sq metre

Brighton Golden Mile: Scene of 2 big sales over $10,000 per sq metre in February 2011

Shandford Avenue – of JP Dixon – $7.3m for 600sqm approx – which translates to $10,000 sqm for Golden Mile beachfront

Chatsworth Avenue – Stewart Lopez of Kay and Burton – $11m+ for 1100 sqm approx – again, $10,000 sqm for Golden Mile beachfront

Kerferd Road – Andrew Stuart of Hocking Stuart – $4.9m off market – 440 sqm approx

Continuing with February Sales:

While we have seen no sales over $3m reported in Boroondara and only the long suffering and difficult to see what you can do with it 13 Como Sth Yarra finally sold (Jeremy Fox of RT Edgar) we have seen a reasonable amount of mopping up action in Brighton – a sort of summer clean out.

New and old Brightonians like to buy New in Brighton

1 Inner Crescent Brighton with Justin Follett of Kay and Burton for an undisclosed amount – proved difficult to move and while it was an impressive residence it must have been price that proved the sticking point. Having said that line it up against a number of apartments and I thought the final result was fair value.

This type of offering sold well over Summer

This type of offering sold well over Summer

2 William St Brighton – cnr St Andrews –scene of the all the helicopter noise in recent weeks saw a similar offering to 1 Inner Crescent also sell –reportedly through Kay and Burton.

2a Mulgoa also with Kay and Burton and a similar offering got a lot of it’s 50% better price basically because of its golden mile location.

Another good result  in the Golden Mile this time for the dynamic duo Regina Schmidt and Brian Devlin saw another of the Glyndon apartments (no 4) bought for $3,200,000 which continues to emphasize the demand for “retiree” offerings and it shows the selling appeal for Friedrich designs.

The Buxton duo again  – 1/188 The Esplanade with waterfront views but unlike the Golden Mile also some traffic noise – bought for $3,500,000.

And finally also Buxton in Brighton – David Hart got away a very popular 62 Dendy when we  went through it (but for us main road, south facing , tight block) for a smidge under $2,950,000. And increase of just over 28% from the depths of the GFC,  2 years ago.

$3-Million-Plus February Results

/1000
JAMES HOME RATINGS
4
3
3
1048sqm
Agent: Justin Long, Marshall White
Bought range: $3,188,675 - $3,507,875
/1000
JAMES HOME RATINGS
3
3
3
592sqm
Agent: Leonard Sharp, Chisholm and Gamon
Bought: $2,950,000
/1000
JAMES HOME RATINGS
0
0
0
1310sqm
Agent: Stewart Lopez, Kay & Burton
Bought: Undisclosed
/1000
JAMES HOME RATINGS
4
3
2
611sqm
Agent: David Hart, Buxton
Bought: $2,950,000
/1000
JAMES HOME RATINGS
3
3
2
1194sqm
Agent: Regina Schmidt, Buxton
Bought: $3,200,000
/1000
JAMES HOME RATINGS
3
3
2
1194sqm
Agent: Brian Devlin, Buxton
Bought: $3,200,000
/1000
JAMES HOME RATINGS
5
5
4
580sqm
Agent: Stewart Lopez, Kay & Burton
Bought range: $2,877,000 - $3,165,000
600
/1000
JAMES HOME RATINGS
5
4
4
1590sqm
Agent: Campbell Cooney, Hodges
Bought: $4,300,000
/1000
JAMES HOME RATINGS
5
3
2
525sqm
Agent: Justin Follett, Kay & Burton
Bought range: $4,315,500 - $4,747,500
705
/1000
JAMES HOME RATINGS
4
2
2
652sqm
Agent: Stewart Lopez, Kay & Burton
Bought range: $2,167,340 - $2,384,300
/1000
JAMES HOME RATINGS
0
0
0
642sqm
Agent: Jonathan Dixon, J P Dixon
Bought range: $7,000,700 - $7,701,500
/1000
JAMES HOME RATINGS
3
3
3
0sqm
Agent: Regina Schmidt, Buxton
Bought: $3,500,000
/1000
JAMES HOME RATINGS
5
4
4
550sqm
Agent: Bert Stewart, Buxton
Bought range: $3,356,500 - $3,692,500
/1000
JAMES HOME RATINGS
6
5
4
2089sqm
Agent: James Tostevin, Marshall White
Bought range: $3,907,925 - $4,299,125
/1000
JAMES HOME RATINGS
4
3
2
731sqm
Agent: Lionel Liebowitz, Century 21 Wilson Pride
Bought range: $3,836,000 - $4,220,000
/1000
JAMES HOME RATINGS
5
2
4
1326sqm
Agent: Andrew Baines, Kay & Burton
Bought: $3,032,000
770
/1000
JAMES HOME RATINGS
5
4
3
684sqm
Agent: Mark Dayman, Marshall White
Bought range: $4,075,750 - $4,483,750
791
/1000
JAMES HOME RATINGS
5
3
4
1176sqm
Agent: Michael Liu, Marshall White
Bought range: $3,596,250 - $3,956,250
708
/1000
JAMES HOME RATINGS
4
2
2
741sqm
Agent: Paul Keane, Jellis Craig
Bought: $3,050,000
831
/1000
JAMES HOME RATINGS
4
2
2
732sqm
Agent: Scott Patterson, Jellis Craig
Bought range: $3,308,550 - $3,639,750
745
/1000
JAMES HOME RATINGS
4
3
2
686sqm
Agent: Peter Batrouney, Jellis Craig
Bought range: $2,924,950 - $3,217,750
705
/1000
JAMES HOME RATINGS
4
3
3
850sqm
Agent: Phillip French, RT Edgar
Bought: $2,815,000
699
/1000
JAMES HOME RATINGS
4
2
2
932sqm
Agent: John Manton, Marshall White
Bought: $3,150,000
752
/1000
JAMES HOME RATINGS
4
2
2
631sqm
Agent: Andrew Luke, Jellis Craig
Bought range: $2,853,025 - $3,138,625
781
/1000
JAMES HOME RATINGS
5
3
2
300sqm
Agent: David Wood, Hocking Stuart
Bought: $4,100,000
/1000
JAMES HOME RATINGS
5
2
4
915sqm
Agent: Michael Coen, Hocking Stuart
Bought range: $5,754,000 - $6,330,000
/1000
JAMES HOME RATINGS
3
3
3
587sqm
Agent: Greg Herman, RT Edgar
Bought range: $3,931,900 - $4,325,500
/1000
JAMES HOME RATINGS
5
4
4
800sqm
Agent: Jeremy Fox, RT Edgar
Bought: $3,250,000
/1000
JAMES HOME RATINGS
3
3
2
542sqm
Agent: Andrew Baines, Kay & Burton
Bought: Undisclosed
/1000
JAMES HOME RATINGS
3
3
2
384sqm
Agent: Marcus Chiminello, Marshall White
Bought range: $3,078,390 - $3,386,550
/1000
JAMES HOME RATINGS
3
4
2
750sqm
Agent: Andrew McCann, Jellis Craig
Bought range: $3,505,145 - $3,856,025

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