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Over Half! Yes over half the auctions today were Volcanoes.

Camberwell, 57 Broadway, Massive crowd of 300, James Tostevin, Under the Hammer, $6,350,000, Volcano.

, 57 Broadway, Massive crowd of 300, James Tostevin, Under the Hammer, $6,350,000, Volcano.

At 6.00 pm on Saturday, the James Clearance Rate for Melbourne’s $M+ property was 92% on the 26 auctions we covered. The Weekly Review , our bidders per auction measurement was at 3.4.

Market Summary

The overall market is clear at the start of the May run. The strongest James Bidderman and James $M+ Clearance Rate combination we have ever recorded. Let’s see what we are saying at the end.

Overall Summary of Melbourne’s Million Dollar-Plus Auctions:

  • Ducks ($M+ auctions with no bidders) 8%
  • Lone Rangers ($M+ auctions with one bidder) 0%
  • Norms ($M+ auctions with 2 or 3 bidders) 40%
  • Volcanoes ($M+ auctions with 4 or more bidders at auction) 52%

Over Half! Yes, over half the auctions today were Volcanoes. No one bidder auctions – the only two that passed in were the only two that had no bidders.

Bigger Auctions:

  • Camberwell, 57 Broadway (James Tostevin, ) under hammer, $6,350,000, 4 bidders
    A whole cast of Marshall White agents were present at this auction as they needed all the manpower they could get to field enquiries from the massive crowd of 300 … (See more in Auction Reports)
  • Toorak, 7 Power Avenue (Gowan Stubbings, Kay & Burton) under hammer, $4,600,000, 2 bidders
    A prestigious property on offer here today as auctioneer Gowan Stubbings, before a crowd of 60, outlines the many attractions of this home and locale … (See more in Auction Reports)
  • , 67 St Vincent Place (Warwick Gardiner, Greg Hocking Holdsworth) under hammer, $4,210,000, 2 bidders
    Fast, competitive, exhilarating and knockout are all the adjectives I would use to describe this firecracker of an auction … (See more in Auction Reports)
Opening Bid $2,200,000, On the Market $2,500,000, Bought under Hammer $4,210,000, Albert Park, 67 St Vincent Place, Warwick Gardiner, Bidderman 2.

Opening Bid $2,200,000, On the Market $2,500,000, Bought under Hammer $4,210,000, Albert Park, 67 St Vincent Place, Warwick Gardiner, Bidderman 2.

Bidderbuzz:

  • Camberwell, 12 Athelstan Road (Andrew Gibbons, Marshall White) under hammer, $2,300,000, 11 bidders
    It was hard to find a park as about a 100 people descended onto this auction … (See more in Auction Reports)
  • North, 36 Tower Road (Paul Williamson, Jellis Craig) under hammer, $2,401,000, 6 bidders
    Road closures in the area caused auctioneer Paul Williamson to be late but it did not dampen the spirits of the 80-plus crowd … (See more in Auction Reports)
  • , 27 Horace Street (, Marshall White) under hammer, $2,723,000, 6 bidders
    Despite a chill and overcast morning, a good turnout of some 130 came to see the auction of this renovated four-bedroom timber home … (See more in Auction Reports)
  • Malvern, 36 Cawkwell Street (Philippe Batters, Williams Batters) under hammer, $1,910,000, 6 bidders
    Auctioneer Philippe Batters gave us a smattering of local history when he informed the crowd of 110-plus that… (See more in Auction Reports)
Huh an Auction Suit. Where can you get one. Well it works! Hawthorn 13 Glen,  Richard Earle, Under hammer, Volcano, $3,165,000

Huh, an Auction Suit. Where can you get one? Well it works! 13 Glen, Richard Earle, Under hammer, Volcano, $3,165,000

Inner Melbourne $3M+ Values Round Up

Read the latest on many of the BIG BUYS over the last month with some critiques and comments on individual sales in OUR $3 Million Dollar Plus Market News.

Click Here for full James $3M+ article. 

As we kick into May and look back on April you can see the TOP END is still very healthy – sure some are not selling and some are being withdrawn but its not only Saturday Auctions that are getting the job done. Expressions of Interest, Private Sales and Private Auctions are attracting buyers and results.

Boroondara

5 Narveno Court Hawthorn (Matt Davis). Had some specific interest in this one as it was next door to one we had bought in 2013 at auction for about half the price (ours needed a reno or rebuild). ………….

Click Here for full James $3M+ article.

Bayside

67 St. Vincent Place Albert Park (Warwick Gardiner). Enough said in the media on this one.  At the auction we reported what a dogfight looks like. Opened at $2.2m. On market at $2.5m. Fought on and on by two bidders to sell at $4.21m. Maaaate that was solid…………….

62 Wright St McKinnon. I admire the persistence of the owners on this home which finally sold………………

Click Here for full James $3M+ article.

Stonnington

86 Park Street South Yarra (Carla Fetter). The value of a good cosmetic renovation on an Inner Melbourne terrace. My notes in 2010 then 2012 were very different the sale this week in 2015. Notes from my earlier rating “The property is liveable as is, yet offers an opportunity to improve the kitchen/family room in particular. Main concerns for buyers will be lack of an ensuite to the master bedroom” These were addressed in the latest reincarnation saw the price jump a very solid 75% in 3 years since it was last sold. That appears on the face of it to be smart money by the seller.

Park

Click Here for full James $3M+ article.

Apartments

A few sales in April with 3/24-26 Bruce Street Toorak amd 2/126 Walsh St (Marcus Chiminello) putting sqm prices in the area on interesting footings. The former being over $4,000,000 and the later over $5,000,000. Apartments are widely regarded as not as solid as the rest of the market, but

Click Here for full James $3M+ article.

The Stress Fog:

You’re over The Block, you’ve turned off your Domain app, you’re past looking at over realestate.com.au alerts and you didn’t go to the letterbox to retrieve The Weekly Review. In fact, you’re not even sure why you’re reading James Market News anymore.

You’re in a Stress Fog.

The Stress Fog – Is this a good price to sell?  Knock Knock? Who’s there? Agent with Big Offer from a faraway place. What do you do? You fear ringing another agent for a second opinion lest you lose the offer. It seems so much more than what you thought – but …………..

The Stress Fog – Advice and Advisors. The quantity of property advice and the number of sources from which it is coming from is mind-numbing. Can there be that many different property experts in this world?

The Stress Fog – Do I wait ‘till it eases and then try and buy? Has that ever, ever worked in the past? Yes it has, but more often, No it hasn’t.

The Stress Fog – Pricing has gone crazy – how much is real market value, what is market value, the agents are totally untrustworthy and the buyer advocates are only in it for themselves. I hate this.

Whoa…

Today on the four auctions our clients were involved in (auctioneers John Morrisby, Nick Johnstone, Dien Tran, Mark Wridgway) we gave and we received a barrage of wet fish slaps in the argy bargy that is The Inner Melbourne $M+ Market of today. Our clients cheered and they cried; BUT on all occasions we stuck to Property, Pricing and Negotiation fundamentals.

No you can’t buy everything you go after in this market, but yes you can buy quality and yes you can buy what you want.

When all those around you are losing their perspective, we encourage our clients to keep there’s. Keep to the fundamentals of good property buying.

And what are they?

What everybody else says you should get. NO. It’s what you really want. What are your “now” and what are your five year goals, financially and emotionally.

Stick to the Fundamental PPP’s –  ie, Price, Property and Position.

When the market is this hot everything that sells, sells incredibly!!! Or so it seems. And much of it sells at roughly the same incredible price.

If you have to pay the price, pay the Incredible Price on an Incredible Position with an Incredible Property (land + building). Don’t pay the Incredible Price on something that’s not Incredible.

Good Quality always maintains its place in the scheme of things – poor quality does not – it fades and becomes lost.

When you’re in The Stress Fog and you have nothing left to hold onto, then hold onto the fundamentals.

  • What do you really want?
  • What is best for you now and in the longer term?
  1. Is it a good position?
  2. Is it good land?
  3. Is it a good building?
  4. Is this a price that makes sense compared to others?

words experts graphicAgent_May-2_2015

Agent Survey: Have you found April extremely quiet compared with early in the year and how is May shaping up in terms of activity?

John Morrisby (Jellis Craig, )
Our Agency has found activity to be more buoyant in volume during April than previous years which has led to an exceptionally busy May – to look forward to for both Purchaser & Seller, with some excellent properties to peruse and consider.

Kate Strickland (Marshall White, Brighton)
April was a month for matching buyers with properties that had either not come on the market yet, had not been sold at Auction in March, or those vendors wanting to capitalise on a strong market and high buyer . May is predicted to be a stronger month than March with regard to the number of auctions and prices achieved as buyers make a big push prior to the winter months.

(Marshall White, Hawthorn)
Well we knew April was going to be a month which was going to combine heavy ground work setting up the next couple of months and a chance to try and sell whatever we could quietly off market. The auctions that did occur were again very successful, with great attendances and bidder numbers still up! Enquiry levels have continued to be very strong, with many May auction campaigns now in full swing. And there are plenty of people out and about chasing property – so all in all, April was a busy time!

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