oc | Tuesday 18th December
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Is this the real Inner Melbourne market right now?

Below are three homes we visited for clients, but didn’t bid on.

We chose them in advance to cover at auction this weekend, from about 50 we had rated.

One in each area, one with each key agency, and all in the circa $3 million range.

We thought it could be a little taster until next week’s continuing 100 Auction Pre-Xmas Market Test.

So is this the real Inner Melbourne market right now?

Bidders: 0

57 Macgregor Street Malvern East - Andrew Wilkie Jellis Craig

Stonnington8

57 Macgregor Street,

(James Q-rate of this home)

Opening Bid: $2,850,000 vendor bid

Passed in: $2,900,000 vendor bid

Bidders: 0

Crowd Number: 60

A decent crowd gathered, but all stood silent. The auctioneer opened the auction at $2,850,000 and called for a rise of $50,000. Half time was called – upon return a further vendor bid of $2,900,000, with no forthcoming bids the home was passed in.

11 Highfield Grove Kew

InnerEast2

11 Highfield Grove, Kew

(James Q-rate of this home)

Opening Bid: $3,000,000 vendor bid

Passed in: $3,050,000 vendor bid

Bidders: 0

Crowd Number: 50

A sunny morning and a fair crowd with some regular auction-goers in attendance. The auctioneer looks for $3,000,000, chalking it up as a vendor bid as the crowd sits back. A break and a second vendor bid to $3,000,050 is all that happens before the auction closes out.

42a Roslyn Street Brighton

Bayside10

42a Roslyn Street, Brighton

(James Q-rate of this home)

Opening Bid: $2,800,000 vendor bid

Sold: After auction, undisclosed amount

Bidders: 0

Crowd Number: 60

The auctioneer takes to the street suggesting someone opens bidding with $2,800,000 before he does. . . with silence surely enough the auctioneer placed the vendor bid and called for $50,000 in the rise. A break was had – no bids from the crowd and the home was passed in.

So is above the real Inner Melbourne Market right now?

SpringIJ2018

Or is this the real Inner Melbourne market right now?

Since our last article, we have been involved in 2 on-market buys (May Street, Brighton – Ian Jackson – 5 bidders? – (James Home Rating 853) and Orrong Crescent, Camberwell – Stuart Evans and Duane Woloweic – 2 bidders? (James Home Rating 734) and 2 on-market sells Cadby Street, Brighton (Matthew Pillios and Stephen Smith – 2 bidders) and Melville Street, Hawthorn (Geordie Dixon and Michael Hingston – 2 bidders).

Making 24 from 24 for the managing of the sale processes for buy/sells this year. Yes, all 24 homes we have been asked to manage the sale of – have been sold – certainly not all were easy and some downright difficult – but all have now been sold.

Please note: our primary business is still buying homes for clients and we buy considerably more than we arrange the selling of, both on and off-market.

James BUY

The above picture was of clients whom we bought for a few months ago in .

James SELL

Below is the start of their auction to sell their previous property yesterday in Hawthorn and complete the changeover.

Client text yesterday after some tense but fertile post-auction negotiations. soldhappy

So is above the real Inner Melbourne market right now?

SOM

Wow, haven’t the headlines been great for the property market in the last few weeks?

Are those headlines the real Inner Melbourne Market right now?

There is nothing unexplainable happening in the Inner Melbourne Market right now.

It’s pretty simple – the real Inner Melbourne Market is demand and supply = price.

Demand = Cash + People

Supply = Land + Building

Price = Demand / Supply or Cash + People / Land + Building

Price is going down as best evidenced by the dropping James Bidderman (bidders per auction), because the market has less cash due to bank tightening and fewer overseas buyers.

Here’s another – Is this the real Inner Melbourne Market RIGHT NOW?

This is a good article by the Reserve Bank – yes, it’s a bit academic and the graphs a bit confusing for a plod like me but it gives you the gist of what is also happening right now in Inner Melbourne and the article is three years old.

Click on an oldie but a goodie

Click on an oldie but a goodie

Why all the differences in the perspectives of what is the real Inner Melbourne housing market right now?

1) Your time perspective – short or long

time

2) Your depth perspective – surface or deep

depth2

3) Your experience bias perspective

For instance, here is my experience bias perspective: In my lifetime I cannot remember a time when for any family buying a home (good land) would have been better or cheaper waiting ’till the end of their children’s teenage years compared to buying at the start of their secondary schooling. This is my experience and positive bias towards family homes with good PPP’s irrespective of the market.

Womenthinking2

So what is happening in the Melbourne Market right now?

All of the above and more and ain’t it good fun, hey!

Nextweek

Pre-Xmas 100 Auction Test continues AND;

This is a good market to be a doctor and trading up because you have less competition on the home you want,  at a lower price than last year, banks still love you and your current “trade-in” home (at the lower price level) will still sell if managed correctly.

True Story: We have one bet a year on the Melbourne Cup and each family member gets a $10 each way. I was told by my daughter Maddie to back Yucatan. No. 11 I think – but I stupidly backed the horse’s barrier draw No. 23 in error – which just happened to be – yep, you guessed it…… Cross Counter. So as I say to all my clients who engage us – if you can’t get smart, get lucky!

WWD16

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