oc | Sunday 26th January

Stonnington



Stonnington Weekly

$2 million Stonnington townhouses
With last week’s Huntingtower Road Armadale being famous for its Up bid, it was easy to gloss over the fact that 5 bidders wanted a single level downsizer’s home – even though the eventual buyer was a younger couple. Today at 2/2 Somers Avenue Malvern (Kevin O’Brien of Jellis Craig) we saw another volcano with 7, that’s right 7, bidders pushing the price nearly half a million dollars over reserve to $2,445,000. There is a message there – the market is crying out for $2million new (ish) smaller townhouses in Stonnington.

$3M+ Plus – Examination – 9 Scotsburn

This Weekend with only 3 from 7 over $3m reported as selling before 6.00pm, we feel this shows the market is continuing to struggle on more offerings than not at the .

9 Scotsburn Toorak () with 5 bidders fighting it out to $4,220,000 is a good case study. The result was solid and in our opinion balanced between buyer and seller. It did show there is some depth for Top End homes that are priced, marketed and placed “on the market” correctly. No 11 going for just over $5,000,000 post auction for a block with 50% more confirms that – James Auction Report (October, 22 2011)

9 Scotsburn is a bit of a “Toorak special”, see our James Home rating 708/1000 and it last sold, also at auction in 2005, for just under $3,500,000.

This represents an increase of around 20% in the last 7 years and not the expected doubling or 100% increase that, at the time of purchase, was considered normal expectation.

This has nothing to do with this home specifically, it’s more a reflection of the overall high end market. The roller coaster cycle of the last 7 years has been on one hell of a ride for  Top End .

We repeat our thoughts that at $3m+ the market is off life support when the 3P’s (Price, and Position) are aligned to market.

At $5m+ the market continues to remain seriously unwell.

Read our $3M+ Blog for more results on Monday.

MALVERN, 2/2 Somers Av
MALVERN, 2/2 Somers Av | Kevin O\'Brien (Jellis Craig)
Under Hammer: $2,445,000 - 7 Bidders (Photo: Guy Angwin)
Bidderbuzz Auction
"With five buyer advocates in a crowd of 120 it wasn't hard to work out that this auction had some simmering heat to it. Auctioneer Kevin O'Brien calmly went about his business - pointing out the many pluses of the property. With pleasantries out of the way, buyer's advocate number one went bang with an opening bid of $1,910,000, then buyer's advocate number two goes bang with a bid of $1,930,000 and we have a bull fight for the next ten minutes after the property was declared on the market at $1,955,000.  Another five bidders drifted in and out of bidding making it a volcano auction with a total of a whopping seven bidders. All bidders were brave and looked to shake other bidders with their own tactics. In the end the deepest pockets won - with the property eventually selling for $2,445,000, or $490,000 above the on market figure of $1,955,000. Described as a strong result by the selling agent." (Guy Angwin)

 

Biggest Sale: TOORAK, 9 Scotsburn Gr
Justin Long (Marshall White); Under Hammer, $4,220,000 - 5 Bidders

"Uh oh, you know it’s going to be a big auction when the photographers are lined up – no auctioneer gets them here unless he is going to look good – that’s Real Estate 101. And with the crowd building quickly to its eventual number of 100 there is a feeling, as they say, a smell of auction excitement. Justin doesn’t let us or the photographers down as he launches into his concise views on the state of the world and this home. He calls for bids and bang we are away at $3,500,000 with Bidder 1. Up in $50,000’s states Justin and bang, bang two more bidders join it and with various amounts we are at $3,800,000 when there is a pause. Justin lets us know the rules and this brings out Bidder 4 and the on the market question is asked at $4,000,000 and answered in the affirmative. Bidder 5 joins in for $20,000 at $4,100,000 and this shakes the strong bidding from Bidder 3 and after two authoritative bids Bidder 5 wins the day at $4,220,000 – well done sir. Not expensive, not cheap and I hope the photographers got Justin’s good side!" (Adam Woledge)

 

Biggest Pass In: TOORAK, 3 Leicester Sq
Justin Long (Marshall White); Passed In: $3,510,000 - 2 Bidders

"Auctioneer Justin Long positioned himself poolside and received a lightening fast opening bid before he even asked for one - the offer of $3,310,000 was on the proviso no vendor bids be placed. He accepted this condition and soon saw another bidder join in. This duo took the price to $3,510,000 yet this wasn't sufficient to put the property on the market. As a result, it was passed in to the second bidder for this figure." (Doug Paget)
$1M+ stonnington Featured Auctions
UNDISCLOSED
JAMES HOME RATINGS
KOOYONG: 14 Norford Gr
14 Norford Grove
BOUGHT RANGE*: $1,189,160 - $1,308,200
626
/1000
JAMES HOME RATINGS
MALVERN: 25 Alice St
25 Alice Street
BOUGHT*: Undisclosed
UNDISCLOSED
JAMES HOME RATINGS
MALVERN: 2/2 Somers Av
2/2 Somers Avenue
BOUGHT: $2,445,000
563
/1000
JAMES HOME RATINGS
MALVERN EAST: 15 Dundonald Av
15 Dundonald Avenue
PASSED IN: $1,500,000
705
/1000
JAMES HOME RATINGS
TOORAK: 3 Leicester Sq
3 Leicester Square
PASSED IN: $3,510,000
708
/1000
JAMES HOME RATINGS
TOORAK: 9 Scotsburn Gr
9 Scotsburn Grove
BOUGHT: $4,220,000
Stonnington Weekly
stonnington Scheduled Auctions
TOORAK
6 Millicent Avenue, TOORAK
Bought undisclosed
6 MILLICENT AVENUE
MALVERN EAST
15 Dundonald Avenue, MALVERN EAST
Passed In $1,500,000
15 DUNDONALD AVENUE
GLEN IRIS
103A Tooronga Road, GLEN IRIS
Passed In $1,180,000
103A TOORONGA ROAD
MALVERN
30 Parslow Street, MALVERN
Passed In $1,890,000
30 PARSLOW STREET
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
ARMADALE
11 Bailey AvenueBought$1,412,500$3,0842012-09-15
536a Orrong RoadBoughtR: $954,205 - $1,049,725$3,832 - $4,2162012-09-15
GLEN IRIS
103A Tooronga RoadPassed InPI: $1,180,000
1769 Malvern RoadBought$1,100,000$1,6772012-09-15
KOOYONG
14 Norford GroveBoughtR: $1,189,160 - $1,308,200$1,544 - $1,6992012-09-15
MALVERN
30 Parslow StreetPassed InPI: $1,890,000
25 Alice StreetBoughtUndisclosed2012-09-15
6 Hornsby StreetBoughtR: $1,361,780 - $1,498,100$2,324 - $2,5562012-09-15
47a Parslow StreetPassed InPI: $1,500,000
2/2 Somers AvenueBought$2,445,000$5,6342012-09-15
MALVERN EAST
15 Dundonald AvenuePassed InPI: $1,500,000
4 Hedgeley AvenueBought$1,240,000$1,7272012-09-15
PRAHRAN
8 Donald StreetBoughtR: $1,390,550 - $1,529,750$4,139 - $4,5532012-09-15
10 Kenleigh GroveBoughtR: $832,412 - $915,740$3,854 - $4,2402012-09-15
SOUTH YARRA
11 Alexandra StreetBought$1,600,000$11,1112012-09-15
TOORAK
5 Grant AvenueBought$4,410,000$4,9002012-09-15
6 Millicent AvenueBoughtR: $1,836,485 - $2,020,325$4,271 - $4,6982012-09-15
7 Winifred CrescentPassed InPI: $3,500,000$4,271 - $4,6982012-09-15
9 Scotsburn GroveBought$4,220,000$4,8962012-09-15
3 Leicester SquarePassed InPI: $3,510,000$4,8962012-09-15
stonnington Private Sales
TOORAK
15 Hopetoun Road, TOORAK
Bought: undisclosed
15 HOPETOUN ROAD
PRAHRAN
26 Ann Street, PRAHRAN
Bought: undisclosed
26 ANN STREET
PRAHRAN
40 Florence Street, PRAHRAN
Bought: $1,280,000
40 FLORENCE STREET
ADDRESSBOUGHT PRICEIMPROVED $/SQM
PRAHRAN40 Florence Street$1,280,000$9,846
26 Ann StreetRange: $1,313,830 - $1,445,350
TOORAK15 Hopetoun RoadUndisclosed
TOORAK, 9 Scotsburn Gr
TOORAK, 9 Scotsburn Gr | Justin Long (Marshall White)
Under Hammer: $4,220,000 - 5 Bidders (Photo: Adam Woledge)

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