Ivanhoe, 9 Nyorie Crt, David Oster (Jellis Craig); Bought after auction, $3,100,000, 2 bidders

Around the Grounds:
Parkville, 543 Royal Pde, Craig Shearn (Jellis Craig);
“The auction of this Royal Parade home had all the makings of an entertaining event, with a picturesque location, a lively crowd in attendance and just the right amount of sunshine in which those gathered could bask. Auctioneer Craig Shearn competed valiantly with the noise of the passing Saturday traffic as he commenced his preamble prior to the main event. However when Mr Shearn asked the 40+ onlookers for some audience participation there was distinct silence, prompting an opening vendor bid of $1,500,000. This, being the only bid of the auction, the property was passed in, leaving the crowd to slowly disperse.” (Nikki Hills)

Richmond, 177 Brighton St, Andrew Macmillan (BenMac);
“Andrew Macmillan of Bennison Mckinnon gave the neighbours of Brighton Street a lesson in history before the auction commenced at number 177. Unfortunately this failed to generate any action or interest from the crowd and the property passed in on a vendor bid of $1,050,000.” (David McMillan)

Ivanhoe, 9 Nyorie Crt, David Oster (Jellis Craig);
“All the stars were aligned here – the most magnificent day Melbourne could produce, approximately 4,000 square feet of land fronting the Yarra river and crowd of 120 people all in shock over this amazing property. Auctioneer David Oster starting proceedings with a vendor bid of $2,600,000 to get things started which it did and two bidders took the price to $2,950,000 before the the property was passed in. Bought after for $3,100,000.” (Guy Angwin)

Richmond, 177 Brighton St, Andrew Macmillan (BenMac); Passed in, $1,050,000, no bidders.

Ivanhoe 20 Robbins: David Oster and Rod Watson of Jellis Craig: Bought After Auction $1,378,750: 2 bidders

Biggest

• Clifton Hill 12 North Terrace Steve Earl of Harringtons was bought at auction for $4,115,000

Around the grounds

Alphington 6 Bennett: Peter Egan Nelson Alexander: Passed In for $1,000,000: No Bidders

It could only be described as scenes from an unfortunate comedy skit – one I’m sure auctioneer Peter Egan had not foreseen when commencing the auction of the Bennett Street property. The crowd of more than 80 onlookers bore witness to a series of natural and man-made interuptions during the proceedings. A swarm of bees passing overhead prompted Mr Egan to joke: “I’ve heard of an auction with a buzz about it but I haven’t experienced this before!” Adding to the crowd’s entertainment, and Mr Egan’s chagrin, was an animatedly barking dog and wailing baby, which was efficiently whisked away from the location. Just as all appeared to be back on track and the focus returned to the job at hand, a bus noisily pushed through and subsequently became stuck in the middle of the street, once again taking the crowd’s attention. Mr Egan valiantly pushed on, humorously making light of the obstacles and with a vendor bid of $1,000,000 attempted to secure a sale. Despite his best efforts, the property was passed in on a vendor bid. And, despite the outcome, it made for an extremely entertaining auction….one that Mr Egan could really only describe as “one of those days”! (Nikki Hills)

Ivanhoe: 20 Robbins Street: David Oster Jellis Craig: Bought After for $1,378,750: 2 bidders

A generous crowd of mainly neighbours turned out for the Robbins Street auction. A row of sensible onlookers took their seats early, perching on the brick wall opposite the action, comfortably bathed in dappled Spring sunshine. Following the opening remarks, auctioneer David Oster looked hopefully to the audience for an opening bid. Although Mr Oster wasn’t put out of his misery straight away, a strong $1,200,000 bid was eventually received from the audience to start the action. A two way tussle followed until the $1,375,000 mark, at which both bidders were keen to know if the property was in fact on the market. A brief interlude, whilst the auctioneer sought instruction inside from his vendors, allowed the crowd to catch up on their neighbourly chit chat. However with the property not yet on the market, the bidding dried up and the home was unceremoniously passed in, prompting the locals to stroll back from whence they came! Bought after for an undisclosed amount. (Nikki Hills)

Essendon 25 McCracken: Milo Rasinac Nelson Alexander: Passed In $1,625,000: No Bidders

What a beautiful afternoon this was. As auctioneer Milo Rasinac worked his theatrical magic on this medium sized crowd of 50 you might have expected that something special was about to happen. Mr Rasinac continued to toil in the afternoon sun looking for that first bid, so necessary to get the ball rolling, but this didn’t eventuate and the property was passed in. (Guy Angwin)

Clearance Rates

Results

Big Crowds on Canterbury: 42 Wattle Valley. Bought After: Richard Winneke: Over $3,426,000: Photo courtesy Jellis Craig.

September Executive Summary:

Demand: Solid and increasing

• Reported Boughts: 46
• Bidderman: Substantial improvement in bidders per auction at the higher level. Random cross section of bidders. 1/3/2/1/3/1/3/2/2/3/3/3/2/1/0/0 for a month average of 1.875

Supply: New Stock Low

• Overhang from May however new stock is still light on at end of September and that which comes on at a reasaonble price is mostly being bought.

Price: Firming

• A number of stales (on market over 3 months) were purchased in Bayside reducing overhang – this will have an upwards effect on price if demand remains constant.
• Some new properties coming onto the market but new stock is still limited in Boroondara and Stonnington also encouraging price in an upwards direction.

Quote of the month: Stewart Lopez of Kay and Burton ” In this improving Upper End market, sellers are getting back the control that they lost with the stock splurge in May”

Highlights
Over $9 million
Hawthorn 24 Coppin: Jock Langley: Around $9,000,000 Private Sale. This basic house, on an acre on the river in Hawthorn’s river precinct, has been on the market for well over a year and had quotes at $15m then 12m and then…. A number of agents have worked on this. I went through this home last year and finally Jock Langley has got a sale through under $10m. It is a great block, its only fault until today was its price tag.
Brighton 292 New: Brian Devlin and Regina Schmidt: Around $9,000,000 Private Sale. Up for sale for less than a month, this grand looking home was purchased today for around $9,000,000. A very impressive block just down from Brighton Grammar.
Over $7 million
Toorak 11 Cole: Ross Savas: Private Sale: Quote $8,000,000 plus reported as bought for above that figure
Undisclosed Rating: http://www.james.net.au/rating/11-Cole-Court-TOORAK
Hawthorn East 49 Harcourt: James Tostevin: Bought After: Over $7,200,000: Bidderman 2
James Auction Report: http://www.marketnews.com.au/auction-reviews/8661/49-Harcourt-Street-HAWTHORN_EAST/
Brighton 6 Head: Jeremy Fox: Sold well after auction: Around $7,000,000
Full Rating: http://www.james.net.au/rating/6-Head-Street-BRIGHTON

Bidderbuzz Auction of the Month
24 Somers Malvern: Jeremy Fox: Under the hammer: $6,160,000: Bidderman 3
James Auction Report and Rating: http://www.marketnews.com.au/auction-reviews/8705/24-Somers-Avenue-MALVERN/
The sunfilled courtyard was a perfect setting for the Somers Avenue auction, with the lovely weather attracting a generous crowd of interested parties and onlookers alike. Auctioneer Jeremy Fox asked the crowd for an opening bid, but was disappointed with silence. It wasn’t long before a confident bid of $5,000,000 soon had the ball rolling though. Two parties continued with strong bidding, as the crowd watched on with baited breath. It was at $5,650,000 when another bidder keenly entered the fray, enquiring if the house was in fact yet ‘on the market’. There was clear buzz of anticipation amongst the crowd, as Mr. Fox conferred with the vendors, and finally confirming in the positive. Bidding continued fast and furiously between bidders, whilst the crowd remained captivated. The final knock-out bid brought on a genuine look of relief to the successful bidder. A truly entertaining auction, as you could hear echoed amongst the departing onlookers. (Nikki Hills)

Late Entries (Not Included in Stats)
Brighton Black St: Peter Bourbaud and Barb Gregory: Off Market: James Home Rating 852/1000. Price Undisclosed
Toorak 5 Myrnong: Darren Krongold and Sally Zelman: Private Sale: Price Undisclosed
James Rating: http://www.james.net.au/rating/5-Myrnong-Crescent-TOORAK
Armadale 23 Moorhouse: Gowan Stubbings: Expressions of Interest: Price over $5,000,000
James Rating: http://www.james.net.au/rating/23-Moorhouse-Street-ARMADALE

Apartments:
East Melbourne 144 Jolimont Road: Marcus Chiminello: Penthouse $3,250,000
Melbourne 301/401 St Kilda Road: Marcus Chiminello: Lucient $3,100,000

Albert Park
Albert Park 62 Beaconsfield: Kaine Lanyon: Quote $3,500,000 to $3,750,000: James Home Rating 655/1000: At Auction: Over $3,300,000
James Rating: http://www.james.net.au/rating/62-Beaconsfield-Parade-ALBERT_PARK

Armadale
81 Rose: Tim Derham: Bought Over $3,300,000. A  terrace home that needed a fair bit of work but did have rear access and was north facing to rear. Solid result.
James Undisclosed Rating: http://www.james.net.au/rating/81-Rose-Street-ARMADALE
21 Adelaide: John Bongiorno auctioned this “bulldozer or significant rebuild” home at 4.30pm today. Bought for $3,130,000 or just over $4,000 per sqm. Bidderman 3. Heather Elder and Rae Tomlinson
James Undisclosed Rating: http://www.james.net.au/rating/21-Adelaide-Street-ARMADALE
28 Seymour: Joanna Nairn: Quote $3,500,000 plus: James Rating 682/1000: Bought After Auction: Around $3,500,000: Bidderman 1
James Auction Report: http://www.marketnews.com.au/auction-reviews/9007/28-Seymour-Avenue-ARMADALE/
1 Myamyn: Andrew Macmillan: Under the hammer: $3,215,000: Bidderman 2
James Auction Report: http://www.marketnews.com.au/auction-reviews/8670/1-Myamyn-Street-ARMADALE/
3 Avalon: Ross Savas: Bought: Reportedly over $7,000,000, but not confirmed:
James Rating: http://www.james.net.au/rating/3-Avalon-Road-ARMADALE

Balwyn
Balwyn 23 Bevan: Richard James & William Chen: Quote $3,300,000 to $3,600,000: James Home Rating 742/1000: Bought After Auction: Around $3,500,000: Bidderman 1
James Auction Report: http://www.marketnews.com.au/auction-reviews/8932/23-Bevan-Street-BALWYN/

Brighton
10 Campbell: Peter Kennett. Private Sale after a Pass-In Auction. In excess of pass-in $3,850,000.
James Undisclosed Rating: http://www.james.net.au/rating/10-Campbell-Street-BRIGHTON
20 Bent: Justin Follett. Private Sale . Within asking price range $3,800,000 – $4,000,000.
James Undisclosed Rating: http://www.james.net.au/rating/20-Bent-Street-BRIGHTON
7 St Ninians: Nick Johnstone. Private Sale. In excess of  $3,500,000.
James Undisclosed Rating: http://www.james.net.au/rating/7-St_Ninians-Court-BRIGHTON
292 New: Brian Devlin and Regina Schmidt: Around $9,000,000 Private Sale. Up for sale for less than a month, this grand looking home was purchased today for around $9,000,000. A very impressive block just down from Brighton Grammar.
James Undisclosed Rating: http://www.james.net.au/rating/292-New-Street-BRIGHTON
22 Tennyson: Marcus Gollings. Private Sale. In excess of $5,000,000.
James Undisclosed Rating: http://www.james.net.au/rating/22-Tennyson-Street-BRIGHTON
3/9 Glyndon: Stewart Lopez: Private Sale: Mid $3,000,000’s
James Rating: Click here http://www.james.net.au/rating/3/9-Glyndon-Avenue-BRIGHTON
6 Head: Jeremy Fox: bought well after auction: Around $7,000,000
Full Rating click here: http://www.james.net.au/rating/6-Head-Street-BRIGHTON
19 Wellington: Stewart Lopez and Sturt Hinton. Private Sale after Auction. Over $4,000,000
James Rating: http://www.james.net.au/rating/19-Wellington-Street-BRIGHTON
3 Wellington: Stewart Lopez and Sturt Hinton. Private Sale after Auction. Around $3,900,000
James Rating: http://www.james.net.au/rating/3-Wellington-Street-BRIGHTON
5/23 St Ninians: Stewart Lopez and Sturt Hinton. Private Sale under $5,000,000
James Rating: http://www.james.net.au/rating/5/23-St_Ninians-Road-BRIGHTON
6 Seacombe: Ian Jackson: Private Sale over $4,500,000
James Rating: http://www.james.net.au/rating/6-Seacombe-Grove-BRIGHTON

Camberwell
8 Canterbury: Peter Mitchell: bought after auction: Around $3,000,000: Bidderman 3
James Auction Report: http://www.marketnews.com.au/auction-reviews/7926/8-Canterbury-Road-CAMBERWELL/

Canterbury
42 Wattle Valley: Richard Winneke: bought after, in excess of $3,426,000: Bidderman 1
James Auction Report: http://www.marketnews.com.au/auction-reviews/8807/42-Wattle_Valley-Road-CANTERBURY/
23 Chaucer: James Tostevin: bought after over $3,850,000: Bidderman 3
James Auction Report: http://www.marketnews.com.au/auction-reviews/8221/23-Chaucer-Crescent-CANTERBURY/

Elwood
31 Ormond: Marcus Gollings: Expressions of Interest: Bought over $4,000,000
James Undisclosed Rating: http://www.james.net.au/rating/31-Ormond-Esplanade-ELWOOD

Hawthorn
2 Berkeley: Rob Vickers-Willis: Bought at Auction: Bought over $3,000,000
James Undisclosed Rating: http://www.james.net.au/rating/2-Berkeley-Street-HAWTHORN
24 Coppin: Jock Langley: Around $9,000,000 Private Sale. This basic house, on an acre on the river in Hawthorn’s river precinct, has been on the market for well over a year and had quotes at $15m then 12m and then…. A number of agents have worked on this. I went through this home last year and finally Jock Langley has got a sale through under $10m. It is a great block, its only fault until today was its price tag.
James Undisclosed Rating: http://www.james.net.au/rating/24-Coppin-Grove-HAWTHORN
36 Chrystobel: Lisa Jarrett: Private Sale after auction: In excess of $3,500,000
James Auction Report: http://www.james.net.au/rating/36-Chrystobel-Crescent-HAWTHORN

Hawthorn East
49 Harcourt: James Tostevin: Bought After, over $7,200,000: Bidderman 2
James Auction Report: http://www.marketnews.com.au/auction-reviews/8661/49-Harcourt-Street-HAWTHORN_EAST/

Ivanhoe
59 Studley: David Oster: Under the hammer: $4,300,000: Bidderman 2
James Auction Report: http://www.marketnews.com.au/auction-reviews/8989/59-Studley-Road-IVANHOE/

Kew
63 Walpole: James Tostevin: Bought Before Auction: In excess of $3,000,000.

Malvern
24 Somers: Jeremy Fox: Under the hammer: $6,160,000: Bidderman 3
James Auction Report: http://www.marketnews.com.au/auction-reviews/8705/24-Somers-Avenue-MALVERN/
15 A Sorrett: Andrew Hayne: Week or so after Auction: Over $3,500,000
James Auction Report: http://www.james.net.au/rating/15a-Sorrett-Avenue-MALVERN
Elizabeth: Marcus Chiminello Off the plan $3,300,000
6 Bonview: John Bongiorno: Bought Afterwards in excess of $3,600,000: Bidderman 3
James Video Auction Report: http://www.marketnews.com.au/video/?vid=305
11 Moorakyne: Michael Gibson: Under the Hammer: $4,000,000: Bidderman: 3
James Rating and Auction Report: http://www.james.net.au/rating/11-Moorakyne-Avenue-MALVERN
17 Thanet: Mark Wridgway: Before Auction: Bought over $3,500,000.
James Home Rating: http://www.james.net.au/rating/17-Thanet-Street-MALVERN

Malvern East
31 Finch St: Andrew McCann: Under the Hammer: $3,360,000: Bidderman 2
James Auction Report: http://www.marketnews.com.au/auction-reviews/8376/31-Finch-Street-MALVERN_EAST/

South Yarra
38 Park: Warwick Anderson: Quote $3,500,000 plus: James Rating 725/1000: Bought After Auction: Above $3,000,000: Bidderman 1
James Auction Report: http://www.marketnews.com.au/auction-reviews/8476/38-Park-Place-SOUTH_YARRA/
19 Acland: Greg Herman: 4 bidders: Bought under the hammer: $3,600,000
James Auction Report: http://www.marketnews.com.au/auction-reviews/6886/19-Acland-Street-SOUTH_YARRA/

St Kilda
Two Block of Flats:
4 Church: Claudio Perruzza: Bought at Auction $3,400,000
16 Charnwood: Adam Joske: Bought at Auction $6,060,000

Toorak
11 Cole: Ross Savas: Private Sale: Quote $8,000,000 plus reported as bought for above that figure
Undisclosed Rating: http://www.james.net.au/rating/11-Cole-Court-TOORAK
2/23 Tintern: Ross Savas: Private Sale: Quote $5,000,000 plus reported as bought for above that figure
Undisclosed Rating: http://www.james.net.au/rating/2/23-Tintern-Avenue-TOORAK
8 Macquarie: Jeremy Fox: Private Sale after auction. $6,400,000.
James Rating: http://www.james.net.au/rating/8-Macquarie-Road-TOORAK
4 Forrest Court: Peter Kudelka and James Scarff: Bought after auction $4,050,000: Bidderman 0
James Auction Report: Click here http://www.marketnews.com.au/auction-reviews/8829/4-Forrest-Court-TOORAK
1 Hopetoun: Justin Long: Bought after auction: Over $5,500,000: Bidderman 0
James Auction Report: http://www.marketnews.com.au/auction-reviews/8671/1-Hopetoun-Road-TOORAK/
803 Orrong: Warwick Anderson: Private Sale $4,500,000
Undisclosed Rating: http://www.james.net.au/rating/803-Orrong-Road-TOORAK
1a Como: Greg Herman: Private Sale: Over $6,400,000

Please Note: The $3m+ market can be a very shadowy one at times with regards to what is bought, if indeed it was actually bought and what price (cash and/or otherwise) was paid. At all times the prices we outline are never truly confirmed until they can be viewed six to nine months later at the Government stamp duties office – however we don’t publish without feeling there is a high degree of truth. This is why as buyer agents when pricing homes we never make decisions on one buy alone and why true land and building values plus an overall knowledge of all buys is vital in calculating correct market value.  At this price level it is also a very private world and we respect that when trying to balance market transparency v individual privacy. We accept we don’t get it right every time but we do try. We never discuss buyer/seller personalities; we do not reveal intimate details to the wider press and we do not disclose full details publicly where the source has asked us not to. Our sources are not just the selling agent, but underbidders, our own advocates, REIV, our auction reporters and other agents not connected with the sale/buy. If you aware of an error or omission please email mal@james.net.au and we will adjust – you will be treated confidentially if you wish.

John Carter (Hocking Stuart) is all smiles at 14 Ruskin St, Elwood. And why wouldn't he be? Bought under the hammer, $1,200,000, 2 bidders and a crowd of 50.

Key Points:

• Stock levels lower than last year.
• A relatively quiet auction day in Port Phillip.
• Ten homes were bought this week over a $million – with 3 in Port Melbourne, South Melbourne and Elwood
• We covered three auctions, with only one selling under the hammer – 14 Ruskin St, Elwood (John Carter, Hocking Stuart), $1,200,000.
• Crowds were down on last week with an average of 50 people at each of the auctions we attended.
• Only 3 bidders across the three auctions.

AgentQ & A: Stock levels and Premierships?
Kaine Lanyon, BenMac, Albert Park: “Stock levels appear to be ‘reasonable’ for October but certainly not at the same levels as this time last year.
A combination of a long lasting election result, market not as buoyant as last year and footy finals, would appear to have many vendors sitting on the fence with a wait and see approach for now. Geelong will win the Grand Final this year as they have the most finals experience when it counts, plus little Gary needs to win one more premiership for the pussy’s before he takes off to Qld (and) line his pockets !!”

Michael Coen, Hocking Stuart Albert Park “Stock is coming on now but still well below last years volume.”

Bidderbuzz Auction of the Day: 14 Ruskin St, Elwood, John Carter, Hocking Stuart, Under the Hammer, $1,200,000, 2 bidders.
“There were more observers than bidders at Ruskin St, with many onlookers casually perched on fences watching as enthusiastic auctioneer John Carter sold the lifestyle of the location. There were two strong bidders, both very keen, and with the property on the market at $1,175,000, the property was bought for $1,200,000.”

Monitor Results:

Stock Levels:

 We Only Buy Homes

Andrew Hayne (Marshall White) basks in the Spring sunshine - and the sale of 24 Netherlee St, Glen Iris. Bought under the hammer, $2,660,000, five bidders.

Key Points:

• We covered seven auctions in Stonnington on Saturday. Of those, four sold under the hammer and two after auction.
• Big crowds across the board, all auctions had in excess of 50 people.

Biggest Auction of the Day: 24 Somers Ave, Malvern, Jeremy Fox, RT Edgar, Under the Hammer, $6,160,000.
“The sunfilled courtyard seemed a perfect setting for the Somers Avenue auction, with the lovely weather attracting a generous crowd of interested parties and onlookers alike. No initial bids when asked.  Auctioneer Jeremy Fox went inside to check with his vendors on two occasions. There was a feeling of anticipation amongst the crowd, until the property was declared ‘on the market’ at $5,650,000.  A real buzz.  Fast and furious bidding between two bidders to the end.  The look of relief was evident on the face of the successful bidder! An exciting end.  A truly impressive auction result!” (Nikki Hills)

Bidderbuzz Auction of the Day: 24 Netherlee St, Glen Iris, Andrew Hayne, Marshall White, Bought Under the Hammer, $2,660,000, 5 bidders
“With the sun poking through on this mild Saturday morning, auctioneer Andrew Hayne kicked off proceedings with a vendor bid of $1,800,000. Within seconds, two bidders began battling for the property and they were joined by several more moments later. There was a jovial atmosphere in the crowd of around 100 people as Mr. Hayne poked fun at the bidders. The bidding came down to two parties who went back and forth, and who alone raised the price by $400,000. There were 5 bidding parties, but only two at the end. The Property was sold for $2,660,000 under hammer, which appeared to be above expectations. The gentleman with the final bid received rousing applause from the crowd and congratulations from his main rival.” (Daniel Ehrenreich)

Agent Q & A: What are your views on pricing?

Andrew Hayne, Marshall White, Armadale:“My view is that across the board all homes have to be competitively priced in order to gain maximum interest from as many buyers as possible. The more buyers that are interested in the property, the greater the opportunity of getting a better price.”

John Bongiorno, Marshall White:“Good family homes always sell well – floor plans can be fixed. It provides exciting opportunities. Always boils down to the position of the property, orientation and workability. People nowadays have a lot of imagination. A lot of houses get rid of the small rooms and now have extended living areas, such as kitchens and family rooms. People aren’t afraid to do the renovations. So long as location is good, people are willing to buy and are happy to renovate if necessary.”

James Connell, Marshall White : “Still good demand for quality positions. If the property has a poor plan and poor location, the market judges it harshly.”

Clearance Rates & Monitor Table:

Forward Auction Bookings:

We only buy homes

McKinnon 20 Jean: Craig Williamson of Buxton directed proceedings in front of the biggest crowd of the day - 140. Two bidders fought it out until $1,315,000.

Given this is our first report back from winter, we are giving you a flavour of what is happening in what is probably, outside of Boroondara, Melbourne’s most dynamic $M+ market. We covered the 5 major Glen Eira auctions yesterday and with an average Bidderman of 2, things have started strongly for Spring.

Results:

James Auction Reports:

17 Twisden Bentleigh:
A very entertaining auction which drew a crowd of around 100 people, who crammed into Twisden Rd to sneak a peek at Nick Renna in action. Opening on a genuine bid of $1,100,000, Mr Renna quickly responded with a vendor bid of $1,300,000. He then fielded bids from three interested parties. Inside at $1,300,600, Mr Renna returned for the business end of the auction. Although the property passed in at $1,420,000, the auction was exciting, fast and entertaining, to say the least. A buyer agent acting on behalf of his client certainly stole the show with his theatrics, but Mr Renna must be commended for his professionalism throughout. Bought after for $1,460,000.

87 Murray St Caulfield:
Bill Stavrakis opened on a vendor bid of $1,100,000 after a great preamble that was unfortunately met with silence. A bidder from the crowd of around 50 people offered another $10,000 that was at first knocked back. But when no other bids were forthcoming, Mr Stavrakis reluctantly accepted the bid in the hope it would kick start the auction. And that it did. Two other parties joined the action, with proceedings finally stopping at $1,200,000 – at which point the property was passed in. Bought after for $1,300,000.

196 Kambrook Rd Caulfield:
Bill Stavrakis did his utmost to elicit some enthusiasm from the big crowd that had gathered to watch the auction of this beautiful Victorian home, but unfortunately no one was prepared to put up their hand. Mr Stavrakis opened on a vendor bid of $1,900,000 but after receiving no bids from the crowd, was forced to pass the property in soon after.

9 Normanby Avenue Caulfield North:
Steven Abbott was ready for action, but I’m sure he didn’t expect the opening bid to come as quickly and strongly as it did. “Wow, that’s what we call a knock-out bid, a punch bid”, exclaimed Mr Abbott when the offer of $1,300,000 came from the crowd of around 50 onlookers. Three bids later the property was on the market at $1,340,000 and quickly sold for $1,380,000 – all within minutes. A good, strong result for Mr Abbott and the Jellis Craig team.

20 Jean St McKinnon:
A crowd of around 140 people spilled down Jean St to watch Number 20 sell under the hammer today. Craig Williamson, as always, delivered a strong, to-the-point, performance culminating in a sale price of $1,315,000. At one point he thought he had another bidder to contend with, but it was only a parent showing his child a helicopter flying overhead, much to the delight of the enthusiastic crowd. A great auction and solid result for the Buxton team

We only buy homes

Bentleigh 17 Twisden: Nick Renna of Hocking Stuart: Another big crowd of 100 and 3 bidders fought it out until bought after for $1,460,000.

Malvern 61 Wheatland: Andrew Hayne and Maddie Kennedy of Marshall White - spruiking the spruik on a crisp but gorgeous winter's day: Bought Afterwards in the very early $2ms: No bidders

Talking with James Connell of Marshall White as he scoots off for a bit of a break, he tells me the market is sound with no real price drops. When you get the figure of 140 sales in May for Marshall White, it’s hard to argue with that.

It’s also hard to argue when Kay and Burton’s Gerald Delany (also off on a break soon) backs up everything James Connell says.  (You can see Gerald voicing his thoughts on our new monthly buyers’ video called G-E-R-A-L-D on our marketnews home page.) In May 2010 K & B handled 80 properties and nearly $250million in sales.

In fact, with more than 25 sales at over a million dollars in Stonnington since our last report (June 6), it’s hard to argue the market is floundering. It seems more accurate to say that the market is finding its equilibrium – even if in our mind it seems as if prices, in many cases, have fallen substantially.

Our evidence

We went to 10 auctions today -  two were bought under the hammer and two more were bought quickly afterwards, leaving 6 unsold without a bid. On that evidence  it doesn’t appear that the market has reached its equilibrium.

Let’s look at Kay and Burton’s three auctions we attended:

1 ELDENE COURT, TOORAK Gerald Delany Passed In $2,400,000 – No bidders
With the wind picking up and the temperature dropping, the cold winter’s afternoon seemed to have a distinct effect on the 40 or so people in the crowd. Auctioneer Gerald Delany attempted to raise some interest in the Toorak property, but no bids were forthcoming. He announced a vendor bid of $2,400,000, which did little to change the mood of the crowd and failed to extract an opening bid. The property was passed in at $2,400,000.

6 AVOCA STREET, SOUTH YARRA Gerald Delany Passed In $4,000,000 – No bidders
This was certainly the biggest auction I have reported on. Close to 180 people were watching on in anticipation. Auctioneer Gerald Delany’s projected voice could be heard from either end of Toorak Road as he endeavoured to extract a bid from the enormous crowd. With no bids forthcoming, Delany put in a vendor bid of $4,000,000. This had little effect on the lively mob of onlookers. After consulting with the vendors, Delany returned to give the crowd one more opportunity to make a bid for this unique and beautiful South Yarra home. However, there were no parties interested in bidding at the auction. With no bids offered, the property was passed in.

23 MAYFIELD AVENUE, MALVERN Jason Scillio Passed In - No bidders
With a very small crowd of less than 40, auctioneer Jason Scillio attempted to raise some interest in this beautiful home in Malvern. Having received no assistance from the crowd, he opened the auction with a vendor bid of $3,000,000. No further bids were forthcoming and the property was subsequently passed in. This was a very lacklustre auction, which was surprising considering the property’s stunning design and stature.

So what to make of it?

Price and Strategy: You need to know both if you are to buy well at this time. There are certainly bargains to be had as long as you, the buyer, have the bottle and the vendor has the need.

What Are Your Needs?

South Yarra v Prahran – a difference of $1.2 million, and the cheaper one was in South Yarra.

• 49 Fitzgerald St, South Yarra (Hugh Hardy Benmac) James Home Rating 806/1000, sold for $2,520,000 post auction. Great home. See our auction report and full rating in this week’s auction reports
• 51 Murray St Prahran (Justin Long and Adam Jack Marshall White) James Home Rating 926/1000, sold for $3,740,000. See our auction report and full rating in this week’s auction reports

Glen Iris – 9 from 10 at auction today – Very Solid

Gasgoine
The market was not exactly full of excitement for us on Saturday in terms of quality.  Malvern’s Gasgoine and nearby had three auctions of less than spectacular homes – all three passed in and one sold post auction at the lower end of the range.

Expressions of Interest – Closed 17^th June – 3 Avalon Road Armadale – Ross Savas of Kay and Burton

James Home Rating 922/1000: “This is the Hampden Road precinct and for big homes in Armadale this is the place to be, as you are in amongst some truly great homes in size and architectural quality and this street is one of the best of those. The look from the street in my opinion does not do this home justice in terms of what is inside. I’m not going to do the salesman job any more than to say the only person who wouldn’t like this home is the bathroom cleaner – there are a lot. For me the highlight is the back garden – the space between indoor living and outdoor garden and then back to an indoor but completely open gymnasium with 1/2 full sized basketball court is a very powerful one. The children who grow up here will remember this for the rest of their lives. The garage, with its entrance from Barnato, seems to defy gravity. But it is separate, unobtrusive and works for me. I think this home is hard to quantify in numbers – the land is north of the 3 and a half million and the house is ……..  Faults – well I’ve got the rose coloured glasses on with this one and I couldn’t find one.”

We will be interested to see this result from a price and a method of sale point of view.

Clearance Rates

45 monitored – 26 bought – 58% clearance rate (last week 65/ week before 69)

Buy happy

Prahran 51 Murray: We loved - we tried - we failed to get. Great home - James Home Rating 926/1000. Bought under the hammer for $3,740,000. 4 bidders. John Bongiorno Marshall White

Bidders were a bit cold, a bit wet and not in the buying mood at 15 Kirkwood Sandringham. Passed In. One bidder. (Nick Johnstone, JP Dixon)

A bit of gloom maybe an understatement.  We covered 10 properties auctioned in Bayside today over $1,000,000 and saw a clearance rate of  zer0!  That’s right, nothing was bought under the hammer today.   6 bidders in total, and Park Road, Sandringham had two of them.   That’s Bidderman at 0.6. 

Properties to pass in today on vendor bids  included 3 Wellington , Brighton at $4,000,000, 5 Avondale, Hampton at $1,650,000, 66 Littlewood, Hampton at $1,220,000, 42 Holyrood, Hampton at $1,820,000, 15 Kirkwood, Sandringham at $2,400,000. (See live video of this auction on the  Market News home page).

Some of the bought properties include 28 Keats Street, Sandringham which Jenny Dwyer and auctioneer, Stephen Tickell, at Hocking Stuart bought post auction for  $100,000 above the pass-in price, for $1,650,000.   326 Beach Road, Black Rock (Mark Earle, Buxtons) was bought today for $2,450,000 and 5 Rippon Grove, Brighton which Justin Follett of Kay & Burton sold mid-week  around $3,500,000 after initially passing in at auction.

Speaking with Gail Pullen of Kay & Burton today, she thought the number of buyers around for this time of year was exceptional, but so were the number of properties currently for sale – perhaps evenly matched, and although properties may not be selling at auction, transactions were still happening.  This supports our view that alternative methods of sale in the $2,000,000 plus market will continue to increase over the next few months.

Leigh Hallamore of Buxtons still believes that the auction system brings price to a head and that vendors should consider the price at the time of auction as it may not be present when they come to the realisation that they should have taken it on the day.  He added that vendors need to recalibrate on price to comfortable levels and that some current prices are in no-man’s land whilst the market is in transition.

Clearance Rates Bayside – 35 monitored – 14 bought – 40% (last week 46%)

Expressions of Interest
Kay and Burton are the masters of this form of selling and with the current market and clearance rates it is as expected coming back into vogue. Four interesting homes that Mal has been through recently and rated highly are

• 9 Martin St Brighton (Gail Pullen and Ian Jackson) north facing golden mile land with an art deco maybe.
• 3/9 Glyndon Brighton (Alex Schiavo and Stewart Lopez) – golden mile apartment in the traditional style
• 2a Seacombe Grove (Sturt Hinton) – left field golden mile townhouse  worth a look
• 31 Martin St Brighton (Sturt Hinton and Stewart Lopez) – really good home in that Elwoody North Brighton, Beachy precinct.

Miriam Carraro of Hodges and one of Brighton’s quiet achievers says this about EOI’s. There is an increase in EOI as it suits vendors who would like to sell privately but wish to have an end date to the process (which auctions give you): the vendors selling through EOI can get the best of both worlds using this method. 

If as a buyer, you would like to know more about how to work your way through the EOI method of sale, please give us a ring.

Happy Wife Happy Life

Indoor Auctions were the order of the day. Stephen Tickell and Jenny Dwyer pass in and sell after for $1,650,000. 1 bidder.

Hampton: 30 Avondale Street: Bought under the hammer for $2,800,000. 3 bidders. Crowd over 200. Mark Earle of Buxton in charge of the hustle and bustle.

Bidderman was 2.5 of the 6 properties we covered in Bayside  (and 3 across Melbourne for all the properties we covered over $1,000,000.)  Clearance rates were high amongst most Bayside agents.  Justin Follett of Kay & Burton advised 100% clearance rate today, whilst Mark Earle of Buxtons Sandringham advised they sold 6 of 8 and Julian Augustini of Hodges advised 86% across Bayside, with the standouts in the lower price brackets, with multiple bidders.

Jenny Dwyer of Hocking Stuart, teamed with her usual partner, Stephen Tickell, to sell 2 Victoria Street, Sandringham today for $1,552,000.  The 7 bidders were divided between bulldozing and renovating as this property held interest for both.  On 727 sqm with a south facing rear, land was $2,134 sqm.

243 Beach Road, Black Rock, auctioned by Julian Augustini of Hodges, sold for $2,230,000 with 3 bidders.  Another knockdown, on 1022 sqm with access from Bayview Crescent.  This calculated land at $2,189 sqm.

Another strong result for 56 St Andrews Street, Brighton, after 60 St Andrews Street sold this month for $2,900,000.  Nick Johnstone of JP Dixon Real Estate auctioned the property, in front of about 90, he had 2 bidders and sold it for $2,610,000. He also got sold the biggest sale I can remember in Hampton for some time, said to be between $4,400,000 and $4,600,000 at 31 Gordon Grove Hampton.

The two that didn’t make it and were passed in – 27 Cowper Street, Brighton, rating 736, a double fronted period home on 576 sqm and north facing rear, failed to attract a bid. The other pass in was 21 Balcombe Park Lane, Beaumaris on  696 sqm rating 677.  Both these properties needed major renovations to bring up to current home expectations.

The property of interest today, with around 200 onlookers, was 30 Avondale, Hampton.  A new, period style, family home on 700 sqm, auctioned by Mark Earle of Buxtons sold for $2,800,000.   Mark advised afterwards that good quality stock is still especially popular with buyers.

Things are expected to be a little quieter over the Easter/school holiday period.  Both Jenny Dwyer and Mark Earle say Bayside is currently not inundated with properties for sale.  Though Justin Follett claims there are some good quality land sites coming on after Easter.  1st of May is shaping up to be the next big weekend in real estate.

Happy Wife, Happy Life

At 6pm Saturday, the James Auction $m+ Auction Clearance Rate stands at a strong-for-sellers 78% of the 23 auctions we attended today.

Today, four clear messages came out of the results:

• The market is very fickle at the moment – up one week and down the next.
• If the market perceives the property is good, there are multiple buyers and a good price will be paid.
• The market in Stonnington today was bordering on white-hot.
• Right now, the higher you go the stronger it is (ceteris paribus).

Let’s look at some results:

15-17 Irving Road – 950 sq metre of land with a bulldozer home.  It was a who’s who of selling agents (Jock Langley, Andrew Hayne, Justin Long and Richard Mackinnon), Toorak land identities (Peter Gibson and crew) and many interested onlookers. Auctioneer Warwick Anderson from RT Edgar “kind of” repeated the result of Jeremy Fox from RT Edgar (Oct 08 – 23 Irving Road – 860 sqm  - five bidders – $4.9 million), with 15 Irving selling for $4.6 million with four bidders. Talking with Richard Mackinnon from Bennison Mackinnon afterwards, he pointed out that both were bulldozable homes and Oct land was auction-valued at $5703 per sq metre, whereas today land was auction-valued at $4842 per sq metre. So, yes, the market seems to be hotting up in the ultra top-end (eg $2.5 million-plus); however, prices have still come off again since last year in a number of cases.

An hour later, 3a Irving Road was re-auctioned by Castran and Gilbert, having failed at auction last year at $3.3 million reserve and it was sold post-auction at a tad under last year’s reserve by Tim Brown.

Ordering in a coffee and then moving another few hundred metres, we saw 9 St James, a great little cul-de-sac property, attract a big crowd but some strange auction tactics with a low pass-in and eventual sale believed to be around $4 million or $4926 per sq metre; again, a strongish - but not as high as might have been expected – result. Rae Tomlinson was the managing agent and conducted a strong post-auction negotiation process.

Taking a breather and some lunch, I was able to ring around colleagues, some who were bidding and some who were watching, and the same comment rang true. If the market liked it, there was multiple bidding, including nine bidders at Field St McKinnon,  four bidders at Benson Street Richmond, five bidders at Tooronga Road Malvern, three bidders at Mernda Road Kooyong, five bidders at Kardinia Road Glen Iris and 78 bids from five bidders at 21 Lambeth Ave Armadale.

I finished the day witnessing a throwback to 2007 days with seven bidders “going crazy” and paying $1.655 million for 36 McKinley Malvern. I’m not saying the buyer was crazy, just the strength and depth of the bidding was very strong. This house did need a $500,000-plus renovation and, after the price paid, that makes this a $2.2 million home in McKinley, which is in excess of sales in previously stronger years of completed, fully renovated Victorians. Still, the sellers are extremely nice and decent people and deserved a break to go their way.

That was Stonnington and that was the upper end. Bayside and Boroondara didn’t have as many high-end auctions and, from what we could see buying homes in those areas, was slightly easier than Stonnington. So, is Toorak leading the charge back? Only a scallywag would say that but the past two weeks of slightly quieter results have been given a real jolt and we are now back in February 2009 days as far as strength is concerned.

Of course, stock levels and quality are still the key. What was good has now been bought and, with precious little coming on beyond next week with Passover and Easter, buyers will need to be patient for a month or so if they haven’t found their dream home.

Apartments are really making me think at the moment and we have completed a specialist article below on what is really happening at the top end of the apartment market.

Adam reviews a Nonda Katsalidis house in Balwyn North in his architecture spot and this week we put Hamish Tostevin of Marshall White under the microscope and hit him around with a wet flannel. Some of you have given feedback saying why not ask some hard questions about quoting and expressions of interest shenanigans. We will, and we already have agreement from some of the key agency directors in Melbourne to answer the tougher questions around the middle of this year – again unedited. However, our plan for the next few months is to continue to show what we think we all can learn from quality selling agents. While there are certain things all buyers must be careful of when dealing with selling agents, there is still solid information that selling agents can provide that is not related to a property they are representing the seller on.

Buy Well

There was definitely a bit more of a postive vibe in the auction air this weekend. Greater numbers of onlookers and bidders at auctions with a more positive buying vibe than the last two weeks. This slight indication of upbeatedness on behalf of buyers did not however result in a published auction clearance rate improvement for homes $1m and above but it did result in an increase James Auction Clearance rate of the quality homes we observed at auction.

For months now the James Auction Clearance Rate – auctions we actually go to usually between 10 and 20 randomly selected from the higher quality homes we have visited, assessed and rated – has been a lot lower than the published REIV Auction Clearance rate. There may be differences because the REIV clearance rate covers all auctions at all levels and therefore by implication lower value properties are clearing at a higher rate than higher end properties or it maybe that not all failed auctions are being reported in time for publication. We have found the market to be in a bigger hole this year than has been reported – similarly we found the upper end residential home markets of 2006 and 2007 moving higher and faster than what was being reported at the time. To support our thoughts on where we maybe at in 2008, we went back and looked at a number of recent (April to last weekend) pass-in properties to see what was happening with them – were they in fact being sold after? While a number have in fact been bought and a few of these may have been bought but not been reported to us as sold or withdrawn, there does seem to be a growing build up or hangover of unsold properties.

With 596 private sales during the week, agents are still ‘mopping-up’ and this is a good sign for the market. The topsy turvy clearance rate (up from last weekend from 62% to 65% for 477 auctions this weekend).  It’s school holidays currently and this has a softening effect on the amount of stock and number of sales at the high end of town. This was reflected this weekend with a 45% clearance rate in the million-dollar plus market.
Non referral auctions were the order of the day this weekend in Hampton and Brighton with Buxton. I don’t know if this was Melbourne wide with this particular franchise but it is a good idea. In this market with the inevitable pass-in and negotiate scenario why not get the auction over and done with as quickly as possible and also put pressure on the buyer to think they only have one opportunity to bid. It worked at two of their auctions I attended on Saturday.

At an auction in Malvern on Saturday a buyer tried to enter negotiations after the auctioneer had passed the property in to another buyer. Auctioneer John Bongiorno of Marshall White announced at later auctions that that person was not given the opportunity to buy the home; all he/she had to do was bid when the opportunity presented itself during the auction. This scenario is timely. Take note new auction regulations come into force this weekend. The State Government has closed a controversial loophole in auction conduct that did not prohibit late bids. The new rules prohibit auctioneers from accepting any bids or offers from buyers after the ‘fall of the hammer’. I have seen this tactic used over the years and it leaves a very sour taste in the mouths of all concerned; accept of course for the successful buyer!

His team may have won by a point in a hard fought game yesterday against the Brisbane Lions but unfortunately he was not successful in selling his home on Saturday.

We rated 9 Waverly Street, Sandringham highly at 786/1000. Internally the property is terrific and with an impressive façade. It does have some limitations however it is one of only a few modern homes in the street surrounded by Californian Bungalows and is on small land. The property had been on the market earlier this year , firstly as an auction then as a private sale by the owner for $1.35mil.The reserve now is $1.248mil and is in the very capable hands of Jenny Dwyer of Hocking Stuart, Sandringham.

A prominent Bayside agent’s home was auctioned on Saturday in front of 25 onlookers. Auctioneer Leigh Hallimore of Buxton conducted proceedings and was assisted by Christian Hegarty. The property was 10 Avondale Street Hampton. Leigh conducted a non referral auction and started proceedings with a vendor bid of $1.15mil. A young woman made a bid of $1.2mil and without consultation with the vendors the home was passed-in to her. A later offer of $1.23mil was made but the home remains unsold with a reserve of $1.29mil. We rated 10 Avondale Street Hampton 559/1000. The home has good accommodation and a Spanish Mission façade in a good location. In the rear of the property it does have low ceilings as a consequence of a flat roof extension and the kitchen could be better positioned.

Finally, just an observation made at an auction on Sunday in a suburb that is home to, I am told, a well known brothel. The young agent handling the sale of this home had done his job well. He secured editorial exposure for the property, his enthusiasm for the home was genuine and you could tell the agency was delighted to be offering the property for sale.  The marketing of the home was successful with the biggest crowd I have seen this year and there was a feeling of anticipation that this would be a good auction.
This is where the young agent’s good work began to unravel.

Enter stage left – The Auctioneer.
There is no doubt the market is tough for agents at the moment. Buyers are thin on the ground and it takes a lot of nurturing by the agent during the four week campaign to get at least one bidder to bid at auction.
At this auction the experienced auctioneer called for bidding and when offered a genuine opening bid refused it. When asked if the property was on the market by a second potential bidder he refused to answer. In fifteen minutes the auctioneer managed to put any potential bidders offside.
He must have lost sight for a moment that his role was to encourage bidding. He mentioned on more than one occasion that he prided himself on his ‘showmanship’ at auctions. I think he may be confusing this with ‘one-up-man-ship’.  The auction limped along, was passed-in and remains unsold.

Overall Off Market action is still reasonably quiet – while there are many on the market quietly a large number of them are without interest owing to asking price.

Like all good Boy Scouts and Girl Guides it’s important to be prepared. Before you start scouring through agent websites and trudging through open for inspections in search of your dream home, please complete the following, after all you are about to spend a very large sum of money!

You must have the following in place;

Firstly, go to your Bank or Broker and find out how much money they will lend you and get pre-approval. There is no point finding your dream home and not knowing if you can afford it. This delays you in being able to make a pre-auction offer or missing out on a private sale.

Secondly, have a solicitor or conveyancer (a person who handles property transactions) ready to look over the legal documentation (Contract of Sale and Section 32) for you.

Finally, we always recommend a Pest & Building inspection be carried out before you sign the dotted line. An inspector will check the property is structurally sound and free of pests. Be prepared to use the services of a Building Inspector more than once and to factor this cost into your budget. I had seven building inspections prior to finding my right home! The Yellow Pages is a good place to start or ask friends and family if they know a qualified and credible inspector. Most people who have bought a home would know someone, or we are happy to recommend a couple for you.

You are now ready to start your search. Happy house hunting! Next week I will guide you through the searching process.

This weekend across Melbourne there was a higher than normal number of auctions and significantly higher than the same weekend last year. Two auctions in particular that I attended were worth noting, not because they both sold, but the circumstances under which they were sold.

The first auction was a gorgeous Californian Bungalow in Wood Street Sandringham which was attended by about twenty people. The auction was very drawn-out with no one bidding until after the auctioneer went inside to refer the bid to the vendors. A bidder matched the auctioneers opening vendor bid and then another buyer started bidding. Both parties were going up in ten thousand dollar rises until the original bidder tried a gutsy move and bid twenty thousand. This put distance between themselves and the other party. The estimated price range was $1.1 mil to $1.230 and sold for $1.250 to the original bidder.

The second auction was again a fully renovated period home in Heath Street Sandringham. This auction was attended by approximately fifty onlookers and the most amazing thing happened. The estimated price guide for this home was $1.325 mil to $1.450 mil. The auctioneer opened the bidding at $1.33 mil and after ten minutes of trying to pry a bid out of the crowd, went inside to confer with the vendors. The auctioneer returned and again called for the bidding. There was not a sound from the crowd and after another five minutes of unsuccessfully coaching an opening bid from the crowd, the property was passed-in. There was an audible gasp and shaking of heads as a stunning home in a beautiful pocket of Sandringham did not receive any bidding.

Then the strangest thing happened – Four families approached the three agents all apologising for not bidding all asking could they buy the property! A dutch auction then took place on the nature strip where there were tears and obvious distress. The successful party bought the home for $1.475 mil. I walked away wondering why the four families had decided on the same strategy. Maybe they thought the property was going to get a runaway result, therefore there was no point in bidding. I wonder if other buyers did not turn up at the auction because they thought this was going to happen? Our market is now conducive to a few surprises, and the one you think you can’t afford may now be within reach of the brave!