BY ADAM WOLEDGE 16th June 2012
There were pass-ins galore this weekend in Boroondara. While numbers at auctions were reasonable, with many perhaps keen to witness for themselves the train wreck that is the Melbourne auction market right now, actual buyers were scarce. Maybe this is reflective of the stock on offer, and there really were no stellar properties out there. Or maybe it was high vendor expectation or high initial price quotes that prevented most from selling.
Of the 9 auctions we covered, 8 passed-in and Boroondara Bidderman sat at 1.6, slightly above the Melbourne average. Of the 20 overall that we monitored in the Million Dollar Plus market, 9 sold, giving a clearance rate of 45%. Compare this to Stonnington (80%) and Bayside (67%), and it certainly was not the best weekend to sell a property in Melbourne’s leafiest council.
Now, two that did sell – 21 Barton Street Surrey Hills (Julian Tonkin, Jellis Craig) and 17 Hunter Street Kew (James Tostevin, Marshall White) – had some distinct similarities. Both were ready-made homes to live in: low-maintenance, period reproduction-style homes about 10 years old, on reasonable land in good positions and quoted in the low $1m range. These properties were not perfect, but this market continues to perform well for properties like this. It also just goes to show that if you have a good agent (and listen to them), then you should be able to sell OK on the day.
Next week we will see more auctions (27), yet the quality on offer is similar. Interestingly, most of my discussions with agents in relation to upcoming dates for selling properties show that most are talking about August. July auction dates are practically non-existent. There really seems to be very little happening in the next 6 weeks or so. Apart from this being a traditionally slow time of the year, with such uncertainty abroad and school holidays pending, it just seems a logical time to take a break.
What is certain though, I believe, is that the faces are becoming more and more familiar at opens at auctions. There are clearly many people out there who have been looking to buy for a long, long time. Which is even more reason now not to buy just anything to get into the market but rather to hold your nerve and, when the right one comes along, make doubly sure that you are in the box seat to buy it.
Design Smart
KEW, 9 College Pde | Gerald Delany (Kay & Burton)
Passed In: Bought range: $3,135,930 - $3,449,850 - 3 Bidders (Photo: Adam Woledge)
Bidderbuzz Auction
"Always great to turn up to an auction and see Gerald Delany conducting proceedings. No-fuss, respectful and concise with the preamble. In front of a very good crowd of 120 people, a crowd bid of $2,500,000 was offered yet this was rebutted with a vendor bid of $2,900,000. Bidder one entered the fray at $2,910,000 and the auction was off and racing, mainly between 2 bidders. The half-time break was taken at $3,050,000 and then a further bidder come in to play. Not long after the bidding reached $3,120,000 and was passed-in at this level. Interesting property this one - very well renovated home - no question, yet the street is a mixed bag and the Cape-Cod style could have raised questions with some. That all said there is not too much wrong here - the crowd was one of the strongest of the day and there were multiple bidders. Would expect campaign agents Sam Wilkinson and Ross Savas to put this one away in the not too distant future. " (Adam Woledge)
Biggest Sale: CANTERBURY, 21 Golding St
James Tostevin (Marshall White); Under Hammer, Bought range: $1,539,195 - $1,693,275 - 2 Bidders ""Nice day for an auction," was the greeting I got as I walked towards 21 Golding and "always a nice day for an auction," was my retort. A quaint little period home in a street that looks straight out of an old Sullivan's TV show greets the crowd of around 60 with the lead actor James Tostevin conducting proceedings.
After his usual ebullient spiel on all things connected with this property we are away with a crowd bid of $1,300,000.
James calls for rises of $20,000's and bidder 2 obliges but we are quickly into $10,000s
And it's on the market at $1,400,000. well done - fair auctioneering and the bidders' respond to this.
Bidder 2 is starting to hesitate at $1,460,000 but we still get over $1,500,000
and when the heads start dropping from bidder 2, bidder 1 responds to become the buyer. Another James Tostevin, under the hammer, solid result.
" (Mal James)
Biggest Pass In: KEW, 9 College Pde
Gerald Delany (Kay & Burton); Passed In: $3,120,000 - 3 Bidders "Always great to turn up to an auction and see Gerald Delany conducting proceedings. No-fuss, respectful and concise with the preamble. In front of a very good crowd of 120 people, a crowd bid of $2,500,000 was offered yet this was rebutted with a vendor bid of $2,900,000. Bidder one entered the fray at $2,910,000 and the auction was off and racing, mainly between 2 bidders. The half-time break was taken at $3,050,000 and then a further bidder come in to play. Not long after the bidding reached $3,120,000 and was passed-in at this level. Interesting property this one - very well renovated home - no question, yet the street is a mixed bag and the Cape-Cod style could have raised questions with some. That all said there is not too much wrong here - the crowd was one of the strongest of the day and there were multiple bidders. Would expect campaign agents Sam Wilkinson and Ross Savas to put this one away in the not too distant future. " (Adam Woledge)
$1M+ boroondara Featured Auctions
UNDISCLOSED
JAMES HOME RATINGS
PASSED IN: $1,220,000
UNDISCLOSED
JAMES HOME RATINGS
PASSED IN: $1,725,000
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT*: Undisclosed
690
PASSED IN: $1,700,000
700
PASSED IN: $1,560,000
635
PASSED IN: $1,785,000
780
PASSED IN: $3,120,000
UNDISCLOSED
JAMES HOME RATINGS
PASSED IN: $1,980,000
boroondara Scheduled Auctions
| ADDRESS | RESULT | PRICE | IMPROVED $/SQM | BOUGHT |
|
| BALWYN |
| 20 Bevan Street | Passed In | PI: $2,425,000 | | |
| 41 Winmalee Road | Passed In | PI: $1,400,000 | | |
| 10 Burroughs Road | Bought | $1,050,000 | $1,421 | 2012-06-16 |
|
| BALWYN NORTH |
| 14 Robert Street | Passed In | PI: $1,220,000 | $1,421 | 2012-06-16 |
|
| CAMBERWELL |
| 1 Moorhouse Street | Passed In | PI: $1,725,000 | $1,421 | 2012-06-16 |
| 4 Glyndon Road | Bought | $1,300,000 | $2,686 | 2012-06-16 |
|
| CANTERBURY |
| 21 Golding Street | Bought | Undisclosed | | 2012-06-16 |
| 43 Wattle Valley Road | Passed In | PI: $1,700,000 | | 2012-06-16 |
|
| GLEN IRIS |
| 16 Nepean Street | Bought | $1,205,000 | $2,163 | 2012-06-16 |
|
| HAWTHORN |
| 23 Elm Street | Passed In | PI: $1,675,000 | $2,163 | 2012-06-16 |
|
| HAWTHORN EAST |
| 25 Harts Parade | Passed In | PI: $1,560,000 | | |
|
| KEW |
| 17 Hunter Street | Bought | R: $1,227,520 - $1,350,400 | $2,016 - $2,217 | 2012-06-16 |
| 7 Byron Street | Passed In | PI: $1,785,000 | $2,016 - $2,217 | 2012-06-16 |
| 6 White Lodge Court | Bought | R: $1,304,240 - $1,434,800 | $2,041 - $2,245 | 2012-06-16 |
| 9 College Parade | Passed In | PI: $3,120,000 | $2,041 - $2,245 | 2012-06-16 |
| 1/50 Adeney Avenue | Bought | $1,210,000 | $3,941 | 2012-06-16 |
| 121 Brougham Street | Bought | $1,270,000 | $4,247 | 2012-06-16 |
|
| MONT ALBERT |
| 9A Hotham Street | Passed In | PI: $1,900,000 | $4,247 | 2012-06-16 |
|
| SURREY HILLS |
| 21 Barton Street | Bought | R: $1,208,340 - $1,329,300 | $2,031 - $2,234 | 2012-06-16 |
| 760 Canterbury Road | Passed In | PI: $1,980,000 | $2,031 - $2,234 | 2012-06-16 |
boroondara Private Sales
| ADDRESS | | BOUGHT PRICE | IMPROVED $/SQM |
| BALWYN | 12 Henley Street | Undisclosed | |
| 22 Bennett Street | Undisclosed | |
| BALWYN NORTH | 19A Severn Street | $1,200,000 | $4,000 |
| CAMBERWELL | 36 Lynden Street | Range: $1,246,700 - $1,371,500 | $1,751 - $1,926 |
| GLEN IRIS | 2 Ruskin Court | $1,047,000 | $1,702 |
| HAWTHORN EAST | 3 Victoria Road | Undisclosed | |
| 43A Pleasant Road | Undisclosed | |
| 4/2 Myrniong Grove | Range: $982,975 - $1,081,375 | $6,342 - $6,977 |
| KEW | 11 Parkhill Drive | $1,090,000 | |
| MONT ALBERT | 18 St James Avenue | Range: $1,198,750 - $1,318,750 | $2,383 - $2,622 |
| SURREY HILLS | 31 Pembroke Street | Undisclosed | |
SURREY HILLS, 760 Canterbury Rd | James Tostevin (Marshall White)
Passed In: Bought range: $2,095,415 - $2,305,175 - 3 Bidders (Photo: Joshua Bong)
