Lesser quality on offer today and more pass-ins. But properties are selling if the vendor wants to sell.
All four of the Boroondara auctions I attended today were supported well by crowd numbers, but bidders were few and far between. Did the recent financial news of Greece have an impact, or was it merely the quality of stock on offer. Perhaps the truth lies somewhere in the middle.
35 Monomeath Avenue Canterbury (Doug McLauchlan, Marshall White) did sell afterwards for an undisclosed amount. For the sake of the exercise let’s say it sold for $4,200,000. Although livable, many would see little (if any) value in the house (dated style, sitting down from the street and a floor plan which was a little tricky) but say that was worth $300,000. Given the land was around 1300m2 – that puts land at around the $3000/m2 mark (say $3,900,000) and for one of Melbourne’s best streets, a pretty fair result, one would say.
15 Evans Court Kew (Richard Winneke, Jellis Craig) was another solid result, and very much in line with other recent property sales in the precinct. 3 bidders at this auction, and the property sold under the hammer for $2,270,000. Again factoring little for the house, and land in this part of the world works out to be around $2,800/m2.
Next week is looking similar to this week in terms of numbers, but June 2 seems to have more properties (and better ones overall) on offer.
Until next week,
talk about the market, values, negotiation, alternative homes or your needs from a buyer’s perspective.
basis – all in that specialist $M+ price range.