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An up and down end to 2013

One of the biggest sales of the day: Tim Derham (Abercromby's) sells 17-19 Alexandra Avenue, South Yarra, after auction, $4,825,000, 2 bidders

At 6.00pm on Super Saturday the James Clearance Rate for Melbourne’s $M+ was 62% on the 43 auctions we covered. The Weekly Review Bidderman, our bidders per auction measurement, was at 1.8 – down on last week.

  • Ducks (no bidder auctions) – 24%
  • Lone Rangers (1 bidder auctions) – 18%
  • Norms (2-3 bidder auctions) – 45%
  • Volcanoes (4+ bidder auctions) –13%

A win to the Norms!

Market Summary for our last reporting week of 2013

Since the Melbourne Cup, Bidderman and clearance rates have been up one week down the next, which shows a market  fracturing under the heavy weight of lots of stock.

Is this due to a significant market sentiment change, or is this just a late spring thing that happens most years?

February 2014, when our next edition is out, will begin to tell us the answer.

I would like to take this opportunity to thank all agency principals, agents, buyers and sellers who allow us to report the auctions week in, week out.

Without their co-operation we would not be able to bring you James Market News each week.

Just to let you know, although this is our last edition of Market News for 2013, James Buyer Advocates is still open until December 19. For more specific market information, please read our local council blogs.

Takes two to tango: 31 Fellows Street, , Alastair Craig (Jellis Craig), under hammer, $2,860,000, 3 bidders

Biggest Auctions:

  • Port Melbourne, 25 Beach Street, Oliver Bruce (), after auction, $5,175,000, 4 bidders
    Over 80 people poured into the kitchen/living area of 25 Beach street, Port Melbourne today to see Oliver Bruce put the home to auction…(See More in Auction Reports)
  • South Yarra, 17-19 Alexandra Avenue, Tim Derham (Abercromby’s), after auction, $4,825,000, 2 bidders
    About 30 people gathered in the backyard of 17-19 Alexandra avenue in “Sunny South Yarra” today…(See More in Auction Reports)
  • Kew, 31 Holroyd Street, Hamish Tostevin (Marshall White), after auction, undisclosed above $3,400,000, 2 bidders
    Free coffee! Now that’s a good way to welcome a crowd and encourage bidding…(See More in Auction Reports)
  • , 7 Sargood Street, Andrew Hayne (Marshall White), under hammer, $3,285,000, 3 bidders
    An interesting auction at 7 Sargood Street Toorak saw auctioneer Andrew Hayne conduct proceedings…(See More in Auction Reports)

Bidderbuzz:

  • Camberwell, 6 Crellin Grove, Andrew Gibbons (Marshall White), under hammer, $1,470,000, 7 bidders
    Some of the neighbours couldn’t have been out of pyjamas too long this morning…(See More in Auction Reports)
  • Malvern East, 36 Ferncroft Avenue, Iain Carmichael (Jellis Craig Bennison Mackinnon), under hammer, $2,405,000, 5 bidders
    At the of a gently sloping dead-end street, Iain Carmichael suggested a $1,850,000 start for the faded period home…(See More in Auction Reports)
  • Brighton East, 70 Comer Street, Nick Johnstone (Nick Johnstone), passed in, $2,482,500, 4 bidders
    As at least 60 of us gathered in the sun-drenched rear garden of this five-bedroom, two-bathroom home…(See More in Auction Reports)
  • Mentone, 55 Beach Road, Rod Richardson (Hocking Stuart), under hammer, $1,589,000, 4 bidders
    The sun was shining, the palm trees were blowing in the slight breeze and the bay across Beach Road was gleaming…(See More in Auction Reports)

Biggest Pass Ins:

  • Brighton, 27 Bay Street, passed in, $3,310,000, 3 bidders
    The huge spreading limbs of the delightful liquid amber tree in the cool, shady front garden made for just the right atmosphere at the auction…(See More in Auction Reports)
  • Toorak, 1 Montalto Avenue, passed in, $3,250,000, no bidders
    A sunny poolside position for this auction as a crowd gathered around the garden edge and made use of the comfortable deck chairs…(See More in Auction Reports)
  • Kew, 5A MaCartney Avenue, passed in, $3,250,000, no bidders
    A brisk Melbourne morning greets me and about 40 others for the auction of this well renovated home on 853m2 of prime north facing land…(See More in Auction Reports)
  • East, 486 Barkers Road, passed in, $2,900,000, no bidders
    A small crowd gathered in the backyard which smelled quite lovely with all the herbs growing in the garden…(See More in Auction Reports)

The Year That Was…

Glen Coutinho ( , Kew): “The last 12 months have been brilliant for all agents and vendors. Properties that had been on the market for 3-4 months in the past have all been selling. The market seems to still have confidence and the last 12 months has given of 10-15 %. This upward swing has allowed people to easily sell and move forward with their life plans.”

Torsten Kasper (Chisholm & Gamon, Elwood): “After a slow start to 2013, the 3rd and 4th quarters of the year have shown a pleasing turnaround with buyer depth increasing in most market segments. We have seen clearance rates consistently remain between 90 – 95%  and we feel this momentum will continue to the end of the year.”

Jenny Dwyer (Hocking Stuart, ): “As we wind our way towards the end of 2013, we can sum up this year as the return of confidence and optimism in the residential housing market. The year commenced with a marked improvement in confidence after a challenging 2012 and as the year progressed, and the Federal election was done and dusted, the flames were ignited and a healthy spring market has been the order of the day over the latter part of this year. Vendors who have been (reluctant) in recent years have finally taken the plunge to sell and are ‘in the main’ being rewarded with solid results provided they are in tune with market expectations. Buyers are voting with a show of hands If the property meets their needs but they continue to remain cautious if vendors expectations are too high or if the property is not deemed to be ‘A’ grade. We believe 2014 will see these conditions continue, overall a healthy market with strong clearance rates and the opportunity for vendors and buyers to realise their dreams.”

Gerald Delany (Kay & Burton, South Yarra): “The 2013 property year has ended with a very positive fourth quarter activity. We have seen the market gain momentum from the 30th of June with a very strong finish to the year in both activity and sales. All sectors of the market have benefited with high clearance rates, with high volumes, and this activity has benefited the full spectrum of the market with all value areas outperforming the previous two years. The Melbourne activity has been mirrored by early sales on the Mornington Peninsula, and the high selling season that we traditionally experience through to Easter is expected to follow the same pattern as the last quarter in Melbourne.”

Mark Wridgway (RT Edgar, Toorak): “2013 was characterised by a moderate increase in property prices right across the price spectrum, helped along by a continuing easing in monetary policy and declining interest rates throughout the year. The market became very buoyant in the second half of the year as a change of government became ever more likely resulting a significant boost in buyer / business confidence and activity (especially at the top end) once the government actually changed.”

Hamish Tostevin (Marshall White, Hawthorn): We all started the year with some caution as to how the year was going to actually pan out……and I think most agents were pleasantly surprised with the mood and buyer demand in the first quarter! This seemed to gain some tremendous momentum throughout the balance of the year, with auction success rates for our company maintaining in excess of 80% for many of the weekends. There have been sales this year that have comfortably exceeded owners expectations and we have seen some auctions with in excess of 5 bidders on them. The momentum has also lead to some wonderful homes coming onto to the market. It has resulted in a very busy Spring selling period, one which has now spread the buyer base due to this increase in volume and it all culminates in a very big weekend on November 30th! We hope to finish the balance of the year off well and this mood in the market certainly continues into 2014!

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