As we come to the end of February most of the work we are involved in at this price level is off market or pre market – meaning not advertised or not yet advertised (and may not be). However two really good properties, currently beginning public selling campaigns (we have been through and rated), should provide a very good indication of where the market is at to the general public are:
- Hawthorn – 29 Kooyongkoot Road – asking $6m plus with Michael Armstrong of Kay and Burton. James Home Rating 842/1000
- Malvern East – 11 Bates Street – asking $6m plus with Jeff Gole and Tim Derham of Abercromby’s. James Home Rating 838/1000
If you have any interest in these properties we have far more detailed notes and pricing which is not up on our public Ratings site.
February 25th the day everything big passed-in
Despite the rest of the market having some bounce it was very flat at the Top End with the Top 8 Sales all passing-in
- Hawthorn East – 2 Laurel Court – passed-in $3,900,000
- East Melbourne – 125 Gipps St – passed-in $3,850,000
- Williamstown – 27 The Strand – passed-in $3,000,000
- Toorak – 24 Heyington – passed-in $2,900,000
- Hawthorn – 54 Glen – passed-in $2,800,000
- Canterbury – 29 Hopetoun – passed-in $2,650,000
- Camberwell – 123 Wattle Valley – passed-in $2,650,000
- Malvern – 119 Stanhope – passed-in $2,600,000
A few biggies that were cleaned up this week (but at lower prices than initially offered):
- 3 Park St Brighton (Jason Gill) – Wrapped up this week at just under $3m after being on the market for a fair while.
- 47-49 Victoria St Sandringham (Julian Augustini) – Big parcel of land, on the market since late last year and sold in the mid $3ms.
- 324 Beaconsfield Parade St Kilda West (Shane Siemers) – Went to auction last year at over $5m and sold, we believe, in the sub $4m range this week.
- 51 Isabella Grove Hawthorn (Jeremy Fox) – been on the market a long time and sold at a second campaign for over $5,500,000. Initial ask was over $6m.
2011 was a year of falling prices with the exceptions of the months of May, September and December. Yes, we finished the year off OK – but it was more a case or arresting the fall rather than any lighting of price rockets.
Last year we saw large drops in market values of homes that started too high on price, with owners who then had to sell. This was particularly the case with properties that were of inferior quality and also those in poor positions. In many cases these drops were 20% and more off the Anzac Day 2010 high. A lot of that fall in value happened in the last quarter of 2011.
Demand being OK can be further supported by our Stale and Stalemate results.
As we went into Christmas we had four key $2m to $3m negotiations in Stalemate in that the Vendor was fixed at X and our buyer was fixed at Y. It was a stalemate as opposed to a momentum negotiation because the vendor felt no compulsion to lower their price and our buyer had no proof as to why they had to increase their bid.
10 weeks later, the results on those negotiations are:
- Burke Road Malvern – Marshall White’s Maddie Kennedy got a surprising near $3m from another buyer. This was a really good home but in a difficult location and the auction only produced a vendor bid of $2.4m
- Victoria St Brighton – Barb Gregory of Marshall White Brighton. Another buyer met the reserve of $3.5m. Not surprising – this was a good home and a fair price.
- Moffat Brighton – Bought after some argy-bargy with Chris Bevan of JP Dixon. This was a brilliant design and build and had been on the market for over a year.
- Camberwell -still in a stalemate negotiation and with other blocks nearby also unsold. It’s hard to tell when or even if something may happen on this.
Early 2012 Private Sales
- Brighton East, 181 Were St – Kate Strickland – Over $3m – Cutting edge home – Big price for East Brighton
- Brighton, 10 Victoria – Barb Gregory – Over $3.5m – Modern 7 yo family home near the water
- Brighton, 17 Huntingfield – Regina Schmidt and Brian Devlin – Over $3.3m – Big family home
- Brighton 2 Collins Brighton– Regina Schmidt and Brian Devlin – Over $3m – Townhouse, one of a pair
- Brighton 26 Moffat Brighton – Chris Bevan – Cutting edge family home
- Balwyn, 15 Boston – Mark Rathgeber – $3,300,000 – Big family home
- Hawthorn, 58 Kooyongkoot – Scott Patterson – Over $3m – Family home
- Prahran, 22 Murray – Tim Wilson – Over $3m – Big land
- Kew, 65 Stevenson – Paul Richards – Bekdon Richards – $3,000,000 – Big period home