oc | Friday 24th January

Stonnington



Stonnington Weekly

This week I was asked how are we experiencing the market “out there”?

There has been a dearth of family homes on offer in Stonnington and there does not seem to be much new stock coming on. Prospective buyers are there and while some are feeling impatient, most are still prepared to wait for a without obvious concerns (including a vendor with too high expecations). We are all hoping for the Spring market to bring on more stock, and until then we are scouring pre-market and off-market offerings as well as the properties you can see for yourself on the internet.

This increasingly discerning buyer in a low stock environment is demonstrated by the packed houses I have seen at opens for quality family homes which are ready to move into, with nothing to spend, such as:

8 Viva St, (James Rating 655) – a stylish, fully renovated period home quoted at  $1.5m to $1.6m, which sold under the hammer for $1,885,000 at auction this weekend under Andrew Hayne of (see auction report below). This is a family home with long term flexibility. The sale was well-managed by the Andrew, Madeline & John team.

26 Parslow St, (James Rating 578) – a fully renovated Cape Cod facade which had a Wow factor, which possibly caused the Wow result. It sold before auction for well over $2 million, off a $1.6-$1.7m quote, by Joanna Nairn of Marshall White. Although Cape Cod facades tend to polarise opinion, those in the know would not have been too surprised here, given the recent result of 9 College Parade, (another Cape Cod facade with a contemporary interior), which saw 3 bidders at auction.

Another home which sold before auction, but in this case could be attributed to good property fundamentals was:

8 Royal Crescent, (James Rating 688) – a solid period home in the right position, bought for near the $3m mark – Heather Elder of Marshall White.

It was not a falling market either for the following two homes, which provided a good amount of family accommodation:

28 Tennyson St, (James Rating 701) – this finally sold for over $2.2m during its second campaign with Jeff Gole of ’s, in a deal close to the terms almost negotiated late last year.

14 Oak Grove Malvern East (home rating 719) – sold before auction by of Marshall White at fractionally better than 2008 price

Some underlying demand is there, but buyers may need new strategies to deal with distractions such as meaningless quotes, learn to understand an A grade from a C grade property, and be able to risk when you are a lone bidder (in pass-in and pre-auction situations). And, then of course there is always the issue of how to actually buy one of the few good family homes available, when the competition is strong.

GLEN IRIS (Stonnington), 8 Viva St
GLEN IRIS (Stonnington), 8 Viva St | Andrew Hayne (Marshall White)
Under Hammer: $1,885,000 - 5 Bidders (Photo: Gina Kantzas)
Bidderbuzz Auction
"I always enjoy auctions conducted by Andrew Hayne because he has the timing of a seasoned comic - in his ability to create those unexpected moments while still keeping it light! Today was no exception. The self-proclaimed "one-and-only Vendor Bid Auctioneer" was in fine form in front of a 150 plus crowd. This big crowd enjoyed the winter sunshine while Andrew managed 5 bidders to ultimately sell this fully renovated period home under the hammer. Andrew opened the auction with a vendor bid of $1,600,000, eager to explain that was at the quote level and called for $20,000 rises. Bidder 1 and bidder 2 took it up in $20,000's until bidder 2 reduced the bids to $10,000's with a $1,750,000 bid. At this point, bidder 3 enter the arena, which prompted bidder 2 to ask "Is it on the market?" "I'll tell you when," Andrew reassured bidder 2. Bidder 3 offered a $5,000 rise at $1,770,000 but this was politely rejected by Andrew. This left bidders 1 and 2 to continue along until bidder 4 came in with a confident $1,780,000 offer. Not on the market at $1,800,000 but thanks for asking again bidder 2. From here they went up in $5,000s, each time bidder 4 coming back quickly with his bids. Still not on the market at $1,830,000 but bidder 5 entered anyway to challenge the leader which was bidder 4. When it was finally on the market at $1,855,000, Andrew remembered to advise bidder 2 of this but he was out of the game by now. It was a two horse race between bidder 4 and 5 now with bidder 4 taking out the honours at $1,885,000. " (Gina Kantzas)

 

Biggest Sale: TOORAK, 13 Cole Ct
Jeremy Fox (RT Edgar); Under Hammer, $5,500,000 - 3 Bidders

"With Ferraris and Lamborghinis lining the street, there was a feeling of excitement and anticipation in the air. “Blue chip real estate with the wow factor – it doesn’t get much better than this,” were the passionate words of auctioneer Jeremy Fox in his preamble. Mr Fox looked for an opening bid and one was eventually offered by a crowd member of $5,000,000. A second bidder joined the action offering $5,050,000 and the competition began. With incremental rises of $50,000 and a third bidder entering proceedings, the property was announced on the market at $5,400,000. With bidding continuing, the property was soon bought under the hammer for $5,500,000 and the applause of the 70 in attendance filled the street." (Kate Agnoleto)

 

Biggest Pass In: TOORAK, 1 Glenbervie Rd
Andrew Macmillan (Jellis Craig); Passed In: $2,300,000 - 0 Bidders

"A crowd of almost 60 people huddled in the front entrance with another dozen spilling out into the driveway of this original Robyn Boyd home. Auctioneer Andrew Mcmillan gave an impassioned spiel on the iconic status of this one-off architect designed home. As entertaining and educational as it was, Andrew's performance could not entice any bidders today. Passed in on a vendor bid. " (Gina Kantzas)
$1M+ stonnington Featured Auctions
603
/1000
JAMES HOME RATINGS
ARMADALE: 4 Hume St
4 Hume Street
BOUGHT RANGE*: $1,625,505 - $1,788,225
665
/1000
JAMES HOME RATINGS
GLEN IRIS : 8 Viva St
8 Viva Street
BOUGHT: $1,885,000
UNDISCLOSED
JAMES HOME RATINGS
MALVERN: 29 Glendearg Gr
29 Glendearg Grove
PASSED IN: $1,250,000
578
/1000
JAMES HOME RATINGS
MALVERN: 26 Parslow St
26 Parslow Street
BOUGHT RANGE*: $2,205,700 - $2,426,500
No report
719
/1000
JAMES HOME RATINGS
MALVERN EAST: 14 Oak Gr
14 Oak Grove
BOUGHT RANGE*: $1,702,225 - $1,872,625
No report
UNDISCLOSED
JAMES HOME RATINGS
TOORAK: 13 Cole Ct
13 Cole Court
BOUGHT: $5,500,000
UNDISCLOSED
JAMES HOME RATINGS
TOORAK: 1 Glenbervie Rd
1 Glenbervie Road
PASSED IN: $2,300,000
UNDISCLOSED
JAMES HOME RATINGS
TOORAK: 26 Warra St
26 Warra Street
PASSED IN: $1,450,000
Stonnington Weekly
stonnington Scheduled Auctions
MALVERN EAST
1A Millewa Avenue, MALVERN EAST
Bought undisclosed
1A MILLEWA AVENUE
MALVERN
29 Glendearg Grove, MALVERN
Bought undisclosed
29 GLENDEARG GROVE
SOUTH YARRA
26 Moore Street, SOUTH YARRA
Bought undisclosed
26 MOORE STREET
TOORAK
13 Cole Court, TOORAK
Bought $5,500,000
13 COLE COURT
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
ARMADALE
34 Seymour AvenuePassed InPI: $1,260,000
4 Hume StreetBoughtR: $1,625,505 - $1,788,225$4,126 - $4,5392012-08-11
GLEN IRIS
8 Viva StreetBought$1,885,000$2,9092012-08-11
KOOYONG
75 Talbot CrescentBought$900,000$3,0102012-08-11
MALVERN
26 Parslow StreetBoughtR: $2,205,700 - $2,426,500$4,858 - $5,3452012-08-11
29 Glendearg GrovePassed InPI: $1,250,000$4,858 - $5,3452012-08-11
MALVERN EAST
1A Millewa AvenueBoughtR: $1,083,670 - $1,192,150$3,408 - $3,7492012-08-11
14 Oak GroveBoughtR: $1,702,225 - $1,872,625$2,627 - $2,8902012-08-01
PRAHRAN
576 High StreetPassed InPI: $1,150,000
SOUTH YARRA
26 Moore StreetBoughtR: $1,004,553 - $1,105,113$3,575 - $3,9332012-08-11
57 Cromwell RoadPassed InPI: $1,150,000$3,575 - $3,9332012-08-11
TOORAK
13 Cole CourtBought$5,500,000$13,0952012-08-11
1 Glenbervie RoadPassed InPI: $2,300,000
26 Warra StreetPassed InPI: $1,450,000
stonnington Private Sales
SOUTH YARRA
19 Cliff Street, SOUTH YARRA
Bought: undisclosed
19 CLIFF STREET
ADDRESSBOUGHT PRICEIMPROVED $/SQM
SOUTH YARRA19 Cliff StreetRange: $2,685,200 - $2,954,000$4,873 - $5,361
TOORAK, 13 Cole Ct
TOORAK, 13 Cole Ct | Jeremy Fox (RT Edgar)
Under Hammer: $5,500,000 - 3 Bidders (Photo: Kate Agnoleto)

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