BY GINA KANTZAS 28th April 2012
This week I was looking forward to being back producing Market News after a 3 week hiatus. But this break was not only due to school holidays, it was due to low stock levels of quality homes.
During recent weeks, our enquiry levels for our buyer advocacy service have been solid. Within Bayside, the people I have been speaking with seem to be having difficulty finding the right property and are beginning to discuss which compromises they are prepared to accept.
I pondered on the idea that if you only consider current market conditions, that is, the low stock levels we’re seeing now and for the foreseeable future (autumn and winter) it can cause doubts as to how to assess whether a property is any good and how to much to pay.
To summarise our reported auctions sample: 3 out of 6 auctions had 0 bidders and 1 sold – but 3 sold after.
Only one of our reported auctions in Bayside sold under the hammer on the weekend, a property we had visited and rated (605) early in the campaign – 54 Vincent St Sandringham with Mark Earle of Buxton.
Four bidders vied for this smaller, renovated period home with a practical layout for families. These elements combined with reasonable quoting/vendor expectation, produced a good result for vendor and buyer alike – see our Bidderbuzz Auction report below.
SANDRINGHAM, 54 Vincent St | Mark Earle (Buxton)
Under Hammer: $1,253,000 - 4 Bidders (Photo: Jen Milligan)
Bidderbuzz Auction
"This was one of the most entertaining auctions I had been to for a while! Mark Earle was our master of ceremonies and he stepped out onto golden, autumnal Vincent St to find a big crowd of around 80 chatting happily - children playing in the fallen autumn leaves and, as it turned out, a few prospective bidders in the mix. Initially met with silence (a minute's silence carried forward from Anzac Day perhaps, Mr Earle quipped), a genuine opening bid of $1,000,000 came from the crowd. We soon had a two, then three-way battle. At $1,140,000 Mr Earle announced that the property was indeed on the market. Bidder 2's young son wanted his mother to keep bidding, much to the delight of the crowd and Mr Earle who asked how much the young boy was prepared to pay for the house. When Bidder 2 was the eventual successor at $1,253,000, the crowd clapped and cheered in appreciation - especially, it seemed, for the son who did a little victory dance at the end." (Jen Milligan)
Biggest Sale: HAMPTON, 16 Crisp St
Steve Tickell (Hocking Stuart); After Auction, Bought range: $1,246,700 - $1,371,500 - 2 Bidders "A brilliant morning, a brilliant home, a brilliant location and (dare we say it) a brilliant crowd of more than 80 people to witness the sale of this fine home.
The preliminaries soon over, auctioneer Steve Tickell opened proceedings with a vendor bid of $1,200,000. 0ne bid emerged at $1,220,000 and then it was half time. In the second half another bidder emerged which resulted in the property being passed in for $1,260,000. Bought after for an undisclosed amount." (David James)
Biggest Pass In: BRIGHTON EAST, 5 StFinbars Cr
David Hart (Buxton); Passed In: $1,100,000 - 0 Bidders "My third auction for the day and I was hoping for some excitement but was to be disappointed yet again in Bayside today. A quiet crowd of 25 listened patiently as auctioneer David Hart explained the rules of the game - vendor in the USA, no half time break, the property was being leased and, if the reserve was not met, the property would not be sold. A clear reserve had been set. He then went on to explain that in the event of a pass-in, the highest bidder (and each subsequent bidder) would have only 10 minutes each to make the call during negotiations. I waited to see what would happen. After calling for an opening bid and, with no-one answering that call, David put in a vendor bid of $1,100,00. Despite promising there would be no further vendor bids, not a single crowd bid was heard, and the property passed in." (Gina Kantzas)
$1M+ bayside Featured Auctions
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT: $1,160,000
UNDISCLOSED
JAMES HOME RATINGS
PASSED IN: $1,100,000
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT: $1,290,000
UNDISCLOSED
JAMES HOME RATINGS
PASSED IN: $1,100,000
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT RANGE*: $1,246,700 - $1,371,500
605
BOUGHT: $1,253,000
bayside Scheduled Auctions
| ADDRESS | RESULT | PRICE | IMPROVED $/SQM | BOUGHT |
|
| BLACK ROCK |
| 1 Keating Street | Passed In | PI: $1,040,000 | | |
|
| BRIGHTON |
| 20 Laburnum Street | Bought | $1,160,000 | | 2012-04-28 |
| 11 Maskell Street | Passed In | PI: $1,700,000 | | 2012-04-28 |
|
| BRIGHTON EAST |
| 33 Grant Street | Bought | $1,250,000 | $2,711 | 2012-04-03 |
| 5 StFinbars Crescent | Passed In | PI: $1,100,000 | $2,711 | 2012-04-03 |
| 50 Shasta Avenue | Bought | $1,290,000 | $2,154 | 2012-04-28 |
|
| HAMPTON |
| 28 Passchendaele Street | Bought | $1,366,000 | $2,315 | 2012-04-28 |
| 16 Crisp Street | Bought | R: $1,246,700 - $1,371,500 | $2,906 - $3,197 | 2012-04-28 |
|
| SANDRINGHAM |
| 54 Vincent Street | Bought | $1,253,000 | $2,621 | 2012-04-28 |
bayside Private Sales
| ADDRESS | | BOUGHT PRICE | IMPROVED $/SQM |
| BEAUMARIS | 1/458 Beach Road | Range: $1,054,900 - $1,160,500 | |
| 5 Monaco Crescent | $1,100,000 | $1,698 |
| 34 Victor Street | $980,000 | $1,653 |
| 1/6 Red Bluff Street | Range: $1,208,340 - $1,329,300 | $4,630 - $5,093 |
| BRIGHTON | 16 Lawrence Street | $1,250,000 | $5,531 |
| 737 Hampton Street | Range: $1,534,400 - $1,688,000 | $3,038 - $3,343 |
| 2a Seacombe Grove | Undisclosed | |
| HAMPTON | 65 Raynes Park Road | $922,000 | $1,204 |
| SANDRINGHAM | 11 Medhurst Street | $950,000 | $1,473 |
| 5 Moorabbin Street | $1,730,000 | $2,855 |
HAMPTON, 16 Crisp St | Steve Tickell (Hocking Stuart)
After Auction: Bought range: $1,246,700 - $1,371,500 - 2 Bidders (Photo: David James)
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