Vendors – where are you all? With only two properties listed for auction over $1m in Port Phillip this weekend, there was very little to choose from.
According to Alex Schiavo of Kay and Burton Real Estate, we would normally have more stock this time of the year, “but for some reason clients are delaying putting their properties on the market.” However, Alex is hopeful that things could be looking up soon: “Listings are coming and there will be more auction stock to choose from in mid to late September.”
Looking ahead to auctions in Port Phillip later this month, there are six properties over $1m listed for sale on the 11th of August, eight on the 18th and two on the 25th of August.
Buyers are keeping their powder dry until they find the right property at the right price, as we saw last weekend, when two properties were withdrawn from auction in Elwood (15 Kingsley Street and 38 Byrne Street) only minutes before the auction due to lack of interest. Despite it being a buyer’s market, there is no evidence to suggest buyers are snapping up everything that comes along. In fact it seems to be the opposite case, where buyers seem to be happy to bide their time and wait for that special property that ticks all the right boxes.
The chill in Port Phillip continued this weekend. A pretty double-fronted Victorian at 19 Canterbury Road, Albert Park, that could do with an upgrade down the track, was passed in under Hocking Stuart’s David Wood on a vendor bid of $3,250,000. The other was a basic Mediterranean Villa needing work, a Biggin and Scott property with Claudio Perruzza, that passed in on a vendor bid of $1,400,000.