BY ADAM WOLEDGE 25th August 2012
On Saturday I attended four auctions in Boroondara and all four sold – yet only one of these was under the hammer. In a word, the market is very ‘mixed’ right now and with the Grand Final only five weeks away, pickings remain slim.
This week I attended the Jellis Craig 2012 Client Seminar (thanks to the two Richards – Winneke and Earle), which was hosted by the internationally recognised trend forecaster, Bernard Salt. A resident of Boroondara himself, Bernard gave some really interesting insights into where things could go for the inner eastern suburbs in the next 10-20 years. Two key points relative to the Boroondara property market were -
- Increasing life expectancy is creating new stages of the lifecycle; and with that, more people are likely to sell the big family home (as superannuation may not suffice their lifestyles, post-retirement) and remain in the area in smaller scale houses/units.
- There has been a huge influx of Chinese and Indian migrants to Melbourne over the past 10 years (2009 saw the peak), concentrating around the eastern fringe of Boroondara (i.e. Mt Waverley, Balwyn and Doncaster).
According to Salt, in time these demographics will have a big influence on property values in the Boroondara heartland.
Renovation of the week – 4 Queen Street, Kew (Greg Toogood / Steve Abbott, Jellis Craig). Quoted at $2,500,000 plus, this original double-fronted Edwardian has been totally transformed and has all the bells and whistles, with a very functional floor plan and perhaps the biggest main bedroom dressing room I can remember ever seeing. I really liked the treatment of the garage – an understated ‘black box’ which sits off to the side of the house and does not compete with the original façade or try to blend in. Of course there are some possible concerns from a buyer’s perspective (no bath upstairs, limited acoustic separation, bleak outlook from the first floor), however overall this property should go well, one would think.
A key land sale of note –
28 Sackville Street, Kew (Paul Pfieffer, RT Edgar) – 765m2, sold for a tad over $2,000,000 (equating to around $2700/m2), pre-auction.
In terms of coffee it was good to get back to The Oak Room (4/305 High Street Ashburton) this week. A year or so on and the business looks like it is still humming along very well, and the service as friendly as ever. Keep up the good work guys – the area needs you!
Until next week,
Design Smart,
Architect Adam
GLEN IRIS, 20 Hillcrest Rd | Daniel Wheeler (Marshall White)
Under Hammer: $1,655,000 - 5 Bidders (Photo: Joshua Bong)
Bidderbuzz Auction
"The slivers of sunlight brought little relief from the cold as a crowd of 60 gathered to watch the auction of this family home built 15 years ago. Offering the property as a great proposition for the families in attendance, auctioneer Daniel Wheeler did not have to wait long for bids as a strong $1,350,000 was immediately accepted as an opening bid. Two more bidders joined in not long after this and it was clear that some of the bidders wanted to raise their new families in the area with the bids intensifying and rising fast. An on the market question was asked and accepted by Mr Wheeler at $1,540,000 and this is where things started to get interesting, with another two more bidders joining in. Five bidders in total fought it out for the property with each one declaring they were out and then jumping back in which brought a lot of chuckles from the crowd. With the bids slowly trickling to $500 bids the crowd were starting to wonder when the auction would end. 40 minutes later, after countless bids the property was finally knocked down to the delight of the winning bidders at $1,655,000." (Joshua Bong)
Biggest Sale: CANTERBURY, 22 Victoria Av
Alastair Craig (Jellis Craig); After Auction, Bought range: $4,675,125 - $5,143,125 - 1 Bidders "A strong crowd of 100 turned up to watch auctioneer Alastair Craig introduce the period home he described as, ‘One of the best Victorian era homes to come on the market in a long time’. The chatter from the crowd revealed an audience also taken with the property and a sense of anticipation was building for this auction. Mr Craig had to pinch himself and cut short the long list of superlatives - there was business to be done. With formalities out of the way, a vendor bid of $4,600,000 was announced. The crowd sat tight, another vendor bid of $4,700,000 was lodged, and a half time break called upon. Back for the second half, and still nobody emerged as a contender, this prompted Mr Craig to start counting a pass in, ‘A one, a two … and … a …’ Yes! One crowd bid of $4,800,000 sneaks in at the close and secures post-auction negotiation rights. Bought after auction for an undisclosed amount." (Randall Smith)
Biggest Pass In: KEW, 30 Walpole St
Richard James (Jellis Craig); Passed In: $3,600,000 - 0 Bidders "When auctioneer Richard James suggested that a good start to this auction would be near the quoted range of $3,500,000, the members of the crowd were amused when, in a confident voice, a young girl offered 10 cents! With the ice broken it was down to business as Richard called for the real players to engage in the process.
Still no bids and Richard increased the vendor bid to $3,600,000 before he called for half time. The break had little affect on the crowd as they still had their hands firmly placed in their pockets and the property was passed in at $3,600,000. There was still hope, however, as an interested party had gone in to negotiate" (Guy Angwin)
$1M+ boroondara Featured Auctions
612
PASSED IN: $1,620,000
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT: $0
No report
691
BOUGHT RANGE*: $1,745,380 - $1,920,100
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT: $1,800,000
664
BOUGHT RANGE*: $4,675,125 - $5,143,125
UNDISCLOSED
JAMES HOME RATINGS
BOUGHT: $1,655,000
662
BOUGHT*: Undisclosed
706
BOUGHT: $3,300,000
621
BOUGHT: $1,870,000
UNDISCLOSED
JAMES HOME RATINGS
PASSED IN: $2,700,000
UNDISCLOSED
JAMES HOME RATINGS
PASSED IN: $3,600,000
605
BOUGHT: $1,237,000
boroondara Scheduled Auctions
| ADDRESS | RESULT | PRICE | IMPROVED $/SQM | BOUGHT |
|
| BALWYN |
| 7 Parring Road | Bought | R: $1,649,480 - $1,814,600 | $1,416 - $1,558 | 2012-08-25 |
|
| BALWYN NORTH |
| 14 Aquila Street | Bought | $1,450,000 | $2,037 | 2012-08-25 |
| 13 Hood Street | Bought | R: $1,244,782 - $1,369,390 | $1,939 - $2,133 | 2012-08-22 |
|
| CAMBERWELL |
| 6 Pine Avenue | Bought | R: $1,620,710 - $1,782,950 | $1,854 - $2,040 | 2012-08-25 |
| 36 Currajong Avenue | Passed In | PI: $1,620,000 | $1,854 - $2,040 | 2012-08-25 |
| 12 Fairview Avenue | Passed In | PI: $1,005,000 | | |
| 31 Russell Street | Bought | $1,655,000 | $2,687 | 2012-08-20 |
| 1 Athelstan Road | Bought | R: $925,435 - $1,018,075 | $1,383 - $1,522 | 2012-08-25 |
|
| CANTERBURY |
| 62 Wentworth Avenue | Bought | R: $1,726,200 - $1,899,000 | $2,245 - $2,469 | 2012-08-25 |
| 22 Victoria Avenue | Bought | R: $4,675,125 - $5,143,125 | $2,635 - $2,899 | 2012-08-25 |
| 9 Gascoyne Street | Passed In | PI: $1,830,000 | $2,635 - $2,899 | 2012-08-25 |
| 43 Chaucer Crescent | Bought | R: $1,745,380 - $1,920,100 | $2,020 - $2,222 | 2012-08-25 |
| 23 Hopetoun Avenue | Bought | $1,800,000 | $2,449 | 2012-08-25 |
|
| GLEN IRIS |
| 49 Iris Road | Bought | $1,365,000 | $3,438 | 2012-08-25 |
| 8 Prosper Parade | Bought | R: $911,050 - $1,002,250 | $911 - $1,002 | 2012-08-25 |
| 51 Pascoe Street | Passed In | PI: $1,185,000 | $911 - $1,002 | 2012-08-25 |
| 20 Hillcrest Road | Bought | $1,655,000 | $2,292 | 2012-08-25 |
| 53 Rowen Street | Bought | Undisclosed | | 2012-08-25 |
|
| HAWTHORN |
| 11a Elmie Street | Bought | $3,300,000 | $3,938 | 2012-08-25 |
| 67 Manningtree Road | Bought | $1,870,000 | $2,562 | 2012-08-25 |
| 23 Burton Avenue | Bought | $1,360,000 | $2,682 | 2012-08-25 |
| 18 Hunter Street | Bought | $1,000,000 | $3,861 | 2012-08-25 |
| 36 Henrietta Street | Bought | $1,066,500 | $3,047 | 2012-08-25 |
|
| HAWTHORN EAST |
| 63 Harcourt Street | Passed In | PI: $1,490,000 | | |
|
| KEW |
| 264 Cotham Road | Passed In | PI: $2,700,000 | | |
| 30 Walpole Street | Bought | Undisclosed | | 2012-08-25 |
| 215 Brougham Street | Bought | $1,190,000 | $4,146 | 2012-08-25 |
|
| MONT ALBERT |
| 12 Barloa Road | Bought | $1,237,000 | $1,725 | 2012-08-25 |
|
| SURREY HILLS |
| 3 Boronia Street | Bought | R: $800,765 - $880,925 | $1,117 - $1,229 | 2012-08-25 |
| 2/5 Payne Street | Bought | R: $867,895 - $954,775 | $2,243 - $2,467 | 2012-08-25 |
boroondara Private Sales
| ADDRESS | | BOUGHT PRICE | IMPROVED $/SQM |
| BALWYN | 2 Liboria Street | $1,620,000 | $1,998 |
| BALWYN NORTH | 42 Stephens Street | Range: $1,563,170 - $1,719,650 | $2,025 - $2,228 |
| 13 Lansdown Street | Undisclosed | |
| CAMBERWELL | 5 Bethela Street | Undisclosed | |
| 24 Range Street | $1,785,000 | |
| CANTERBURY | 22 Victoria Avenue | Undisclosed | |
| 43 Wattle Valley Road | $1,585,000 | $1,617 |
| 9 Selwyn Street | Range: $1,534,400 - $1,688,000 | $2,557 - $2,813 |
| HAWTHORN | 14 Glen Street | $1,452,500 | $2,946 |
| HAWTHORN EAST | 19 Bethune Street | Undisclosed | |
| 19 Selwood Street | Range: $1,294,650 - $1,424,250 | $2,354 - $2,590 |
| KEW | 28 Sackville Street | Undisclosed | |
| 23 Queen Street | Range: $2,085,825 - $2,294,625 | $4,564 - $5,021 |
| 28 Sackville Street | Range: $1,989,925 - $2,189,125 | $2,594 - $2,854 |
| 405 Barkers Road | Range: $2,464,630 - $2,711,350 | $1,649 - $1,814 |
| SURREY HILLS | 225 Prospect Hill Road | Range: $1,323,420 - $1,455,900 | $1,830 - $2,014 |
| 11 Sunbury Crescent | $1,050,000 | $774 |
MONT ALBERT, 12 Barloa Rd | Maurice Di Marzio (Hocking Stuart)
Under Hammer: $1,237,000 - 4 Bidders (Photo: Adam Woledge)
