BY MAL JAMES 2nd April 2011
PRAHRAN, 2 Westbourne St: Elliot Gill (BenMac) in action. Under the hammer, $1,080,000, 3 bidders
Key Points:
- Stock is now starting to dry up as Easter interrupts the market and with the vibe dropping since Labour Day we may well see limited stock in the discretionary upper end market coming on Post Easter. 19 Huntingfield Toorak (Justin Long) was a classic example of a limited offering that captured the markets’ attention – even allowing for building value at $2,000,000 (and that is generous) that would leave land value with a north orientation at around $5,000 per sq metre. That is not a lower than 2010 or giveaway price.
- Another good land pointer is 60 Repton Road – one of my fav areas just near Ardrie Park – a 700 sqm block sold for $1843 per sqm through Dean Gilbert of Marshall White
STOP PRESS: March, while not huge in numbers, did finish the month with 3 solid mid week $3M+ buys – including 4 bidders at $7 million or better at 2 of them.
- Toorak Ottawa Avenue : Jeremy Fox of RT Edgar – quiet sale off market in the mid $8m’s
- Toorak 19 Huntingfield: Justin Long and Peter Bennison of Marshall White – mid week auction, 3 bidders and on the market at $6,700,000. Bought under the hammer for $7,060,000. James Connell said afterwards that this market was not all bad news and Huntingfield supported that.
- South Yarra – The Caroline Coachhouse – they were looking for $3m ish for a very long time (eg in the years) and now Mike Gibson – Kay and Burton has got it away.
Justin Long, Marshall White, Armadale: “The way I see things at present, we are experiencing some mild upward pressure on prices but not enough to fill big gaps between market value and vendors’ expectations where those gaps have been created through over-optimism by either agent or vendor. Fairly priced properties in good locations are being competitively sought and those looking for ‘opportunities’ are, as is often the case, forced to compromise on location or suitability. Some are extremely lucky, but most in fact will ultimately pay what is required to buy the home they really like or sit on the sidelines and watch values eventually rise beyond them.”
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SOUTH YARRA, 66 Hawksburn Rd | Justin Long (Marshall White)
Under Hammer: Bought range: $2,339,960 - $2,574,200 - 5 Bidders (Photo: Daniel Ehrenreich)
Bidderbuzz Auction
"Despite the abysmal weather, a crowd of no less than 90 people attended this South Yarra auction. Auctioneer Justin Long did his best to entice an opening bid from the crowd, but to no avail, and instead decided to make a vendor bid of $1,800,000 to break the silence. Mr Long did not have to wait long for his first legitimate bid from the crowd, which came within moments of his vendor bid. Four other bidders soon joined in the mix pushing the price past $2,000,000, then $2,100,000, and finally slowing at $2,400,000. Sensing the conclusion of the auction, Mr Long cannily attempted to extract one or two last bids from the interested parties. The home was eventually bought under hammer for $2,440,000 and applause were heard for the winning party. " (Daniel Ehrenreich)
Biggest Sale: MALVERN, 4 Beamsley St
Jeremy Fox (RT Edgar); Under Hammer, $2,710,000 - 2 Bidders "A slow starting auction that ended with a bang! Jeremy Fox was looking for an opening bid of $2,400,000 but retreated inside to seek instructions after he was met with silence from the smallish crowd. Upon his return, and after a vendor bid of $2,300,000 was submitted, Mr Fox received a genuine bid from the crowd and the auction was away. Two bidders entered the fray and with a knockout bid of $2,650,000 it looked like the original bidder had the auction in the bag. Mr Fox went inside again and announced the property was on the market. The bidding war continued between the two keen parties and the property was soon bought under the hammer for $2,710,000. An entertaining auction." (Kristen Hatt)
Biggest Pass In: TOORAK, 16 Sargood St
Warwick Anderson (RT Edgar); Passed In: $2,590,000 - 0 Bidders "Having given a rousing review of the Toorak home, auctioneer Warwick Anderson waited patiently for an opening bid. However his pleas were met with silence from the uninterested crowd. Mr Anderson decided to make a vendor bid of $2,590,000 for the home, which he had hoped would entice some legitimate bidding from the crowd. Unfortunately, the crowd was not in a bidding mood and after some last minute imploring from Mr Anderson, he was forced to bite the bullet and pass the property in. Around 35 people were on hand to view the proceedings, or lack thereof. " (Daniel Ehrenreich)
$1M+ stonnington Featured Auctions
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT RANGE*: $2,119,390 - $2,331,550
No report
UNDISCLOSED
JAMES HOME RATINGS
PASSED IN: $975,000
607
BOUGHT: $2,710,000
703
BOUGHT: $2,535,000
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT: $1,080,000
773
BOUGHT RANGE*: $2,339,960 - $2,574,200
716
PASSED IN: $1,825,000
613
PASSED IN: $2,590,000
stonnington Scheduled Auctions
| ADDRESS | RESULT | PRICE | IMPROVED $/SQM | BOUGHT |
|
| ARMADALE |
| 8 Moorhouse Street | Bought | R: $1,707,020 - $1,877,900 | $6,097 - $6,707 | 2011-03-22 |
| 9 Bailey Avenue | Bought | R: $2,119,390 - $2,331,550 | $4,638 - $5,102 | 2011-03-16 |
|
| GLEN IRIS |
| 30 Aintree Road | Bought | $1,256,000 | $3,913 | 2011-04-02 |
| 1/292 Tooronga Road | Passed In | PI: $975,000 | $3,913 | 2011-04-02 |
|
| KOOYONG |
| 1/17 Talbot Crescent | Bought | R: $1,271,634 - $1,398,930 | $4,781 - $5,259 | 2011-03-30 |
|
| MALVERN |
| 4 Beamsley Street | Bought | $2,710,000 | $3,305 | 2011-04-02 |
| 5 Harvey Street | Bought | $2,535,000 | $3,717 | 2011-04-02 |
| 9 Dixon Street | Bought | $1,650,000 | $3,044 | 2011-04-02 |
| 24 Silver Street | Bought | R: $2,761,920 - $3,038,400 | $3,896 - $4,285 | 2011-04-02 |
|
| MALVERN EAST |
| 54 Boston Avenue | Bought | R: $1,006,950 - $1,107,750 | $2,203 - $2,424 | 2011-04-02 |
| 63 Millewa Avenue | Passed In | PI: $1,030,000 | | |
| 60 Repton Road | Bought | $1,342,000 | $1,843 | 2011-04-02 |
|
| PRAHRAN |
| 2 Westbourne Street | Bought | $1,080,000 | | 2011-04-02 |
|
| PRAHRAN EAST |
| 16 Errol Street | Passed In | PI: $1,503,205 | | 2011-04-02 |
| 5 Pickford Street | Bought | $1,010,000 | $4,489 | 2011-04-02 |
|
| SOUTH YARRA |
| 7 Oban Street | Bought | R: $2,061,850 - $2,268,250 | $4,482 - $4,931 | 2011-04-02 |
| 66 Hawksburn Road | Bought | R: $2,339,960 - $2,574,200 | $4,270 - $4,697 | 2011-04-02 |
|
| TOORAK |
| 16 Sargood Street | Passed In | PI: $2,590,000 | | |
| 1/47 Grange Road | Bought | R: $1,246,700 - $1,371,500 | | 2011-04-02 |
| 5A Irving Road | Passed In | PI: $2,800,000 | | 2011-04-02 |
| 5 Dalriada Street | Bought | $2,450,000 | | 2011-04-02 |
stonnington Private Sales
| ADDRESS | | BOUGHT PRICE | IMPROVED $/SQM |
| ARMADALE | 2 Avondale Road | Undisclosed | |
| MALVERN EAST | 30 Nott Street | Range: $2,013,900 - $2,215,500 | $2,489 - $2,739 |
| PRAHRAN | 38 Wrights Terrace | Range: $1,524,810 - $1,677,450 | $5,332 - $5,865 |
| 690 High Street | Range: $834,330 - $917,850 | $2,311 - $2,543 |
| 28B Commercial Road | $1,120,000 | $5,833 |
| SOUTH YARRA | 103 Caroline Street | | $5,833 |
| 60 Cromwell Road | Undisclosed | |
| 21B Avoca Street | Range: $1,222,725 - $1,345,125 | |
| TOORAK | 60 Canterbury Road | Undisclosed | |
| 10 Woodside Crescent | Range: $1,870,050 - $2,057,250 | $3,369 - $3,707 |
| 1/47 Grange Road | Range: $1,246,700 - $1,371,500 | |
MALVERN, 5 Harvey St | Iain Carmichael (Jellis Craig Bennison Mackinnon)
Under Hammer: $2,535,000 - 4 Bidders (Photo: Daniel Ehrenreich)
