BY GUY ANGWIN 2nd June 2012
There were only five $1m plus auctions in Port Phillip this weekend. So I compared it with the same weekends in 2011 and 2010. It turns out there were 13 auctions scheduled for those weekends, representing a decline of about 38%. To get some clarity on where the real estate market is heading I spoke to Andrew Macmillan from Bennison Mackinnon Real Estate who said “this market will be with us for some time to come and buyers and vendors alike will have to adjust their thinking.”
If you are looking for a project, Michael Szulc from Geoff Cayzer Real Estate has just listed 75 St Vincent Place Albert Park: a two storey Victorian terrace on approximately 480 sqm of land in one of Melbourne’s most highly regarded streets. Price expectations are in the high two millions, advertising campaign will start shortly.
This week I was in the city and got a quick bite to eat in Centre Place (just off Flinders Lane) it was an eclectic world of little shops and cafes surrounded by graffiti. The place was on fire and had an amazing buzz for such an offbeat location.
Biggest Sale: ALBERT PARK, 46 OGrady St
Michael Szulc (Cayzer); After Auction, Bought range: $973,385 - $1,070,825 - 0 Bidders "The early morning chill was now gone and with only a slight breeze the scene was set for Michael Szulc to whip up an auction storm. After opening on a vendor bid of $1,000,000 and calling for bids, the silence was only broken by children playing in the adjoining lane. After a quick half time break, the property was re-offered to the market with the same deathly silence following. Passed in on the original vendor bid of $1,000,000. Bought after for an undisclosed amount." (Guy Angwin)
Biggest Pass In: ELWOOD, 58 Foam St
Jason Gill (Hodges); Passed In: $1,700,000 - 0 Bidders "“A complete package” that “doesn't get better than this” were the passionate words of auctioneer Jason Gill to the 50 people that had gathered to witness the auction of this Elwood property. Additionally, Mr Gill explained, there could never be a better time to buy. Proceedings were opened with a vendor bid of $1,660,000 and Mr Gill looked for $20,000 rises. Despite Mr Gill’s best efforts to entice bidding, all in attendance stood silently and the property was passed in on a vendor bid of $1,700,000." (Kate Agnoleto)
$1M+ port phillip Featured Auctions
615
BOUGHT RANGE*: $973,385 - $1,070,825
UNDISCLOSED
JAMES HOME RATINGS
PASSED IN: $1,700,000
port phillip Scheduled Auctions
| ADDRESS | RESULT | PRICE | IMPROVED $/SQM | BOUGHT |
|
| ALBERT PARK |
| 46 OGrady Street | Bought | R: $973,385 - $1,070,825 | $5,659 - $6,226 | 2012-06-02 |
|
| ELWOOD |
| 58 Foam Street | Passed In | PI: $1,700,000 | $5,659 - $6,226 | 2012-06-02 |
|
| PORT MELBOURNE |
| 96 Ross Street | Passed In | PI: $960,000 | | |
|
| ST KILDA |
| 102 Inkerman Street | Not Reported | | | |
port phillip Private Sales
ALBERT PARK, 46 OGrady St | Michael Szulc (Cayzer)
After Auction: Bought range: $973,385 - $1,070,825 - 0 Bidders (Photo: Guy Angwin)
