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The correctly priced good home/period home auction clearance rate would be nearly 100% in Stonnington right now

, 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 () 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 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

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 : of – 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.
  • – The Caroline Coachhouse – they were looking for $3m ish for a very long time (eg in the years) and now Mike Gibson – has got it away.

Justin Long, Marshall White, : “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
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
9 Bailey Avenue
BOUGHT RANGE*: $2,119,390 - $2,331,550
No report
UNDISCLOSED
JAMES HOME RATINGS
1/292 Tooronga Road
PASSED IN: $975,000
607
/1000
JAMES HOME RATINGS
4 Beamsley Street
BOUGHT: $2,710,000
703
/1000
JAMES HOME RATINGS
5 Harvey Street
BOUGHT: $2,535,000
UNDISCLOSED
JAMES HOME RATINGS
2 Westbourne Street
BOUGHT: $1,080,000
773
/1000
JAMES HOME RATINGS
66 Hawksburn Road
BOUGHT RANGE*: $2,339,960 - $2,574,200
716
/1000
JAMES HOME RATINGS
7 Oban Street
PASSED IN: $1,825,000
613
/1000
JAMES HOME RATINGS
16 Sargood Street
PASSED IN: $2,590,000
Stonnington Weekly
stonnington Scheduled Auctions
MALVERN
4 Beamsley Street, MALVERN
Bought $2,710,000
4 BEAMSLEY STREET
PRAHRAN EAST
16 Errol Street, PRAHRAN EAST
Bought undisclosed
16 ERROL STREET
PRAHRAN EAST
5 Pickford Street, PRAHRAN EAST
Bought $1,010,000
5 PICKFORD STREET
PRAHRAN
2 Westbourne Street, PRAHRAN
Bought $1,080,000
2 WESTBOURNE STREET
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
ARMADALE
8 Moorhouse StreetBoughtR: $1,707,020 - $1,877,900$6,097 - $6,7072011-03-22
9 Bailey AvenueBoughtR: $2,119,390 - $2,331,550$4,638 - $5,1022011-03-16
GLEN IRIS
30 Aintree RoadBought$1,256,000$3,9132011-04-02
1/292 Tooronga RoadPassed InPI: $975,000$3,9132011-04-02
KOOYONG
1/17 Talbot CrescentBoughtR: $1,271,634 - $1,398,930$4,781 - $5,2592011-03-30
MALVERN
4 Beamsley StreetBought$2,710,000$3,3052011-04-02
5 Harvey StreetBought$2,535,000$3,7172011-04-02
9 Dixon StreetBought$1,650,000$3,0442011-04-02
24 Silver StreetBoughtR: $2,761,920 - $3,038,400$3,896 - $4,2852011-04-02
MALVERN EAST
54 Boston AvenueBoughtR: $1,006,950 - $1,107,750$2,203 - $2,4242011-04-02
63 Millewa AvenuePassed InPI: $1,030,000
60 Repton RoadBought$1,342,000$1,8432011-04-02
PRAHRAN
2 Westbourne StreetBought$1,080,0002011-04-02
PRAHRAN EAST
16 Errol StreetPassed InPI: $1,503,2052011-04-02
5 Pickford StreetBought$1,010,000$4,4892011-04-02
SOUTH YARRA
7 Oban StreetBoughtR: $2,061,850 - $2,268,250$4,482 - $4,9312011-04-02
66 Hawksburn RoadBoughtR: $2,339,960 - $2,574,200$4,270 - $4,6972011-04-02
TOORAK
16 Sargood StreetPassed InPI: $2,590,000
1/47 Grange RoadBoughtR: $1,246,700 - $1,371,5002011-04-02
5A Irving RoadPassed InPI: $2,800,0002011-04-02
5 Dalriada StreetBought$2,450,0002011-04-02
stonnington Private Sales
PRAHRAN
28B Commercial Road, PRAHRAN
Bought: $1,120,000
28B COMMERCIAL ROAD
MALVERN EAST
30 Nott Street, MALVERN EAST
Bought: undisclosed
30 NOTT STREET
TOORAK
60 Canterbury Road, TOORAK
Bought: undisclosed
60 CANTERBURY ROAD
SOUTH YARRA
60 Cromwell Road, SOUTH YARRA
Bought: undisclosed
60 CROMWELL ROAD
ADDRESSBOUGHT PRICEIMPROVED $/SQM
ARMADALE2 Avondale RoadUndisclosed
MALVERN EAST30 Nott StreetRange: $2,013,900 - $2,215,500$2,489 - $2,739
PRAHRAN38 Wrights Terrace Range: $1,524,810 - $1,677,450$5,332 - $5,865
690 High StreetRange: $834,330 - $917,850$2,311 - $2,543
28B Commercial Road$1,120,000$5,833
SOUTH YARRA60 Cromwell RoadUndisclosed
21B Avoca StreetRange: $1,222,725 - $1,345,125
TOORAK60 Canterbury RoadUndisclosed
10 Woodside CrescentRange: $1,870,050 - $2,057,250$3,369 - $3,707
1/47 Grange RoadRange: $1,246,700 - $1,371,500
MALVERN, 5 Harvey St
MALVERN, 5 Harvey St | Iain Carmichael (Jellis Craig Bennison Mackinnon)
Under Hammer: $2,535,000 - 4 Bidders (Photo: Daniel Ehrenreich)

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Mal's Latest Ratings
54 MASON STREET
731
/1000
SOUTH YARRA
25 HENDERSON AVENUE
654
/1000
MALVERN
44 MATHOURA ROAD
637
/1000
TOORAK
43 ERIN STREET
673
/1000
RICHMOND
1 ROTHERWOOD ROAD
625
/1000
IVANHOE EAST
589 RIVERSDALE ROAD
620
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CAMBERWELL
20 RAVEN STREET
616
/1000
KEW
16 ISABELLA GROVE
661
/1000
HAWTHORN
56 METUNG STREET
703
/1000
BALWYN
30 MALING ROAD
611
/1000
CANTERBURY
19 GRANGE ROAD
830
/1000
KEW
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