BY GINA KANTZAS 18th August 2012
This week our discussions were about uncertainty and how it can affect buyer decisions. At the moment there is uncertainty about the new stock levels coming on to the market (we’re hoping for more choice in Spring), there is increasing uncertainty regarding banks’ preparedness to lend (see our Market Insight article); and there may also be uncertainty with the property itself, such as heritage restrictions and Council planning approvals.
If in doubt, you’re better off letting the opportunity go by. But what if you are certain you need to buy now? Buyers need to balance the uncertainties associated with an impending purchase with the need for certainty because of things such as a job move or a baby due. Information from reliable sources will support the process of making informed decisions.
An example of a property with some uncertainty was 1 Fernhill Rd North Sandringham, which we gave a Home Rating of 654. This sold this weekend after auction – see auction report below. Campaign manager Jenny Dwyer and her Hocking Stuart team had communicated in an upfront manner throughout the campaign about a heritage application on the home and about the multi-dwelling development next door. A healthy crowd of 60 watched as two, seemingly informed, bidders competed for the potential of this period home.
There was further positivity in Bayside today, with 5 out of the 6 auctions we covered selling in front of good sized crowds, considering the miserable weather. Hooray finally some better news at auction!!!! The Bayside Bidderman on these auctions was 2.5.
There is a slight increase in numbers of auctions in Bayside next week and one to watch that has potential uncertainty is 6 Maysbury Ave Brighton (Kate Strickland of Marshall White). It is a good family home but the underground train noise may well need some consideration.
BRIGHTON EAST, 28 Ferguson St | Halli Moore (Buxton)
Under Hammer: $1,280,000 - 4 Bidders (Photo: Jen Milligan)
Bidderbuzz Auction
"With a break in the wet weather, Halli Moore decided to brave the winter chill and hold the auction outside. Around 40 people, who were getting cosy in the warm living area, headed outdoors and huddled around Halli as he commenced proceedings. A genuine offer came from the crowd at $1,150,000 and the auction was underway. A second, then third and eventually fourth bidder entered the fray and Halli soon had a bidding war on his hands. At $1,280,000 Halli announced that the property was on the market. Without attracting any more bids on the day, the hammer came down at this price soon after to the very happy couple who laughed and embraced as the crowd showed its appreciation." (Jen Milligan)
Biggest Sale: BRIGHTON EAST, 1 Clive St
Paul Sutherland (Hodges); Under Hammer, $2,665,000 - 3 Bidders "The auction of this grand Victorian home, complete with 3 storey tower, attracted a huge crowd of more than 150 people who filled the large dining and living areas at the rear of the house, and spilled into the kitchen and down the hall way - all trying to see auctioneer Paul Sutherland (Sutherland Farrelly in conjunction with Hodges) who was our master of ceremonies for the day. Paul gave a thorough and entertaining preamble as the rain poured down outside - luckily the home was large enough to fit everyone in on such a wet day! Paul suggested a start of around $2,000,000 and that is exactly where the bidding commenced as an offer came quickly from the crowd. There were soon three bidders in the mix and after a short referral with the owner, it wasn't long before Paul announced that the property was indeed on the market at $2,550,000. The bidding war continued and the three parties involved were both strong and entertaining, more than once drawing chuckles from the large crowd. When the hammer finally came down at $2,665,000, the crowd showed its appreciation by applauding heartily. A great auction by Paul and strong bidding throughout." (Jen Milligan)
Biggest Pass In: BLACK ROCK, 41 Bayview Cr
Steve Tickell (Hocking Stuart); Passed In: $1,400,000 - 1 Bidders "Judging from the number of shoes at the front door when I arrived, there were around 30 people at this auction, all of whom were grateful to Steve Tickell for holding proceedings indoors as the rain poured down outside. Steve gave a thorough preamble and called for opening bids. A man ducked his head around the corner and offered $1,400,000, and the auction was away. Steve had a quick referral to his vendor and upon his return called for some more crowd participation. Unable to secure any more bids on the day, the property was passed in to the lone bidder for further negotiations." (Jen Milligan)
$1M+ bayside Featured Auctions
UNDISCLOSED
JAMES HOME RATINGS
PASSED IN: $1,400,000
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT: $1,273,500
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT RANGE*: $1,361,780 - $1,498,100
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT: $2,665,000
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT: $1,280,000
654
BOUGHT: $1,600,000
bayside Scheduled Auctions
| ADDRESS | RESULT | PRICE | IMPROVED $/SQM | BOUGHT |
|
| BEAUMARIS |
| 8 Hornby Street | Bought | Bought (2012-08-25) - $1,405,000 | $2,810 | 2012-08-25 |
|
| BLACK ROCK |
| 41 Bayview Crescent | Passed In | PI: $1,400,000 | $2,810 | 2012-08-25 |
|
| BRIGHTON |
| 133 Were Street | Bought | R: $1,361,780 - $1,498,100 | $2,003 - $2,203 | 2012-08-18 |
| 48 Ebden Street | Bought | $1,273,500 | $2,901 | 2012-08-18 |
|
| BRIGHTON EAST |
| 1 Clive Street | Bought | $2,665,000 | $1,607 | 2012-08-18 |
| 28 Ferguson Street | Bought | $1,280,000 | $2,215 | 2012-08-18 |
|
| SANDRINGHAM |
| 1 Fernhill Road North | Bought | $1,600,000 | $1,472 | 2012-08-18 |
bayside Private Sales
| ADDRESS | | BOUGHT PRICE | IMPROVED $/SQM |
| BEAUMARIS | 96 Tramway Parade | $1,200,000 | $1,247 |
| BLACK ROCK | 441 Beach Road | Undisclosed | |
| BRIGHTON | 4 Avonbury Court | Undisclosed | |
| 2 Were Street | Undisclosed | |
| 1 Wellington Street | Range: $6,808,900 - $7,490,500 | $2,641 - $2,906 |
| BRIGHTON EAST | 5 StFinbars Crescent | Undisclosed | |
| 5 Churchill Court | Undisclosed | |
| 5 St Finbars Crescent | $1,087,500 | $1,478 |
BRIGHTON EAST, 1 Clive St | Paul Sutherland (Hodges)
Under Hammer: $2,665,000 - 3 Bidders (Photo: Jen Milligan)
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