oc | Monday 20th January

Stonnington



Stonnington Weekly

This week in Stonnington was a little slower paced than the past few weeks but the energy was not subdued. The clearance rate was 46% and was 1.3. Interestingly, of the 8 auctions we covered today, only one was bought under the hammer: 18 Central Park Rd East with Rae Tomlinson of . It had  four bidders! ( see auction report below) Of the remaining 7 auctions, two were bought before, two were bought after and three passed-in.

We saw more off-markets this week. Off-markets are sometimes a result of prospective vendors wanting to sell quietly before in order to avoid the of the start of the auction year in February 2013. One quiet listing of note was with Andrew James of – a three bedroom period  home with one car spot in Malvern, quoted in the mid $1 millions.

The crowds at Opens, as well at auctions, were small but buzzing. We saw more homes list that need renovation but that are generally in the better locations.

At 44 Aintree Rd, (which needs a major reno but is on big and has dual car access points on the block) of Marshall White gave me his thoughts on the remainder of the year:

“Basically what you see is what you get, so to speak. We have approximately a week to list auctions for the end of the year. Comparing the stock levels this Spring to 2011 we are noticing roughly 30-32% less for sale. Which is great for sellers! Combine this with the extra ‘Spring’ in buyer’s step I think we will continue to see a renewed level of confidence until Christmas. ‘Super Saturday’ has been and gone and we won’t see another one this year. November 24th and December 1st and 8th will be the last real weekends where we see a steady level of homes for sale.”

 

 

MALVERN, 10 Euston St
MALVERN, 10 Euston St | Daniel Wheeler (Marshall White)
After Auction: $917,500 - 2 Bidders (Photo: Mal James)
Bidderbuzz Auction
"Quiet late Spring morning sees Daniel Wheeler plying his trade (well) in front of a small crowd of around 30 people. The home looks quaint enough but has some issues in south facing rear - bathrooms away from the only 2 bedrooms and restricted parking. That said the location (central) v price range (under a million) almost demands that there should be some interest in this market. After Daniel's interpretations and opinion of the pluses and pluses of this home, the crowd is asked for their opinion. None are forthcoming and so we start with a vendor bid of $800,000 and that is followed by the statement "this will be the one and only vendor bid". After a lengthy wait we get $820,000 firmly from Bidder 1. Bidder 2 in at $840,000 and Bidder 1 is back at $860,000. After that brief flurry we drop to $5,000s at $890,000. We drop to $2,500 and we are at $897,500 with Bidder 2. After some more padding from Daniel we take a half time break. Will we get to $900,000 and will it get on the market? Nope, we are not on the market and its passed in at $897,500 to Bidder 2. It will sell after. It does for $917,500 " (Mal James)

 

Biggest Sale: MALVERN EAST, 18 Central Park Rd
Andrew Hayne (Marshall White); Under Hammer, $2,237,000 - 4 Bidders

"'The market continues to get some oxygen' is the quote from selling agent Rae Tomlinson as I walk through the home before auction. As I'm waiting for the auction to begin a lovely lady walks over to me for an opinion on value (no doubt a bidder) - remembering a similar one around the corner not flying past the $2ms - I offered the hurried and exclaimer ridden opinion of early $2ms to the lady. Should go alright - some issues eg orientation, pool takes up a fair bit and dated - BUT this is Gascoigne and the agents quote is high $1ms. The always professional Andrew Hayne is conducting proceedings in front of 40 people and after the rules and a brief discourse we are away with the claimed one and only vendor bid of $1,800,000. Rises of $25,000 are called for and we get it from Bidder 1. Bidder 2 in at $1,850,000, then two more bids and we are at $1,900,000. Bidder 3 asks for $10,000s at $1,900,000 - this is accepted and it starts a quick flurry and a strong up bid to $2m. Bidder 4 has joined us during the burst and we are quickly at $2,040,000 The on the market question is asked and answered in the negative - not unexpected - Andrew would still be trying to assess bidders and who has got the steam. So as to give himself some time to think and receive intelligence from Rae and John a half time break is taken - smart move. Back out and well done, we are "on the market." Three bidders are pushing it up to $2,160,000 and again this shows the power of putting it on the market and the demand for early $2ms in the Gascoigne. Down to $5,000s with some aggressive bidding - it's a bit like duelling banjoes to $2,230,000 with Bidder 2 and 4. Bidder 2 comes back after a break at $2,235,000 and that crushes Bidder 4 and the game is over. No, it's not $1,000 comes from Bidder 4 and Bidder 2 replies and buys it at $2,237,000 Just after the hammer comes down Bidder 1 puts his hand up with a bid and rightfully Andrew calls it as sold - he had plenty of time. Good auctioneer that Andrew Hayne. An interesting note: at the start Andrew said he would not be taking any questions and if he placed a vendor bid there would only be one. The after hammer bid is another example of a buyer who didn't have his act together and got caught up in the emotion. And the final word, the lovely lady who spoke to me at the start bought the home. Right money - the bidding proved that. " (Mal James)

 

Biggest Pass In: SOUTH YARRA, 37 Airlie St
Tim Derham (Abercromby's); Passed In: $2,700,000 - 0 Bidders

"The crowd of 45, including a couple of celebrities, congregated in a long line which followed the steep incline of the street. Auctioneer Tim Derham described the property as a magnificent residence and that the current real estate market represents a great time to buy. Mr Derham opened with a vendor bid of $2,700,000 and looked for $50,000 rises. Despite Mr Derham’s best efforts to create a contest, all in attendance stood as spectators and the property was passed in." (Kate Agnoleto)
$1M+ stonnington Featured Auctions
UNDISCLOSED
JAMES HOME RATINGS
ARMADALE: 59 Barkly Av
59 Barkly Avenue
PASSED IN: $1,400,000
UNDISCLOSED
JAMES HOME RATINGS
MALVERN: 10 Euston St
10 Euston Street
BOUGHT: $917,500
UNDISCLOSED
JAMES HOME RATINGS
MALVERN: 7 Lysterville Av
7 Lysterville Avenue
BOUGHT RANGE*: $1,198,750 - $1,318,750
UNDISCLOSED
JAMES HOME RATINGS
MALVERN EAST: 18 Central Park Rd
18 Central Park Road
BOUGHT: $2,237,000
UNDISCLOSED
JAMES HOME RATINGS
MALVERN EAST: 163 Manning Rd
163 Manning Road
PASSED IN: $1,360,000
UNDISCLOSED
JAMES HOME RATINGS
PRAHRAN: 17 Packington Pl
17 Packington Place
BOUGHT RANGE*: $851,113 - $936,313
No report
UNDISCLOSED
JAMES HOME RATINGS
SOUTH YARRA: 37 Airlie St
37 Airlie Street
PASSED IN: $2,700,000
UNDISCLOSED
JAMES HOME RATINGS
TOORAK: 11 Struan St
11 Struan Street
BOUGHT RANGE*: $2,900,975 - $3,191,375
No report
Stonnington Weekly
stonnington Scheduled Auctions
MALVERN
10 Euston Street, MALVERN
Bought $917,500
10 EUSTON STREET
GLEN IRIS
39 Erica Avenue, GLEN IRIS
Not Reported
39 ERICA AVENUE
ARMADALE
59 Barkly Avenue, ARMADALE
Passed In $1,400,000
59 BARKLY AVENUE
ARMADALE
48 Northcote Road, ARMADALE
Passed In $1,100,000
48 NORTHCOTE ROAD
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
ARMADALE
59 Barkly AvenuePassed InPI: $1,400,000
48 Northcote RoadPassed InPI: $1,100,000
GLEN IRIS
39 Erica AvenueNot Reported
2B York RoadPassed InPI: $1,220,000
MALVERN
37 Hunter StreetPassed InPI: $1,100,000
7 Lysterville AvenueBoughtR: $1,198,750 - $1,318,750$2,492 - $2,7422012-11-10
10 Euston StreetBought$917,500$3,7152012-11-10
MALVERN EAST
163 Manning RoadPassed InPI: $1,360,000$3,7152012-11-10
18 Central Park RoadBought$2,237,000$3,1962012-11-10
PRAHRAN
17 Packington PlaceBoughtR: $851,113 - $936,313$4,152 - $4,5672012-10-24
SOUTH YARRA
37 Airlie StreetPassed InPI: $2,700,000
68 Lang StreetBoughtR: $1,280,265 - $1,408,425$8,535 - $9,3902012-11-10
TOORAK
11 Struan StreetBoughtR: $2,900,975 - $3,191,375$3,792 - $4,1722012-11-10
stonnington Private Sales
SOUTH YARRA
3/19 Murphy Street, SOUTH YARRA
Bought: undisclosed
3/19 MURPHY STREET
SOUTH YARRA
13/20 Chambers Street, SOUTH YARRA
Bought: $4,000,000
13/20 CHAMBERS STREET
PRAHRAN
25 Elm Place, PRAHRAN
Bought: $1,150,000
25 ELM PLACE
ADDRESSBOUGHT PRICEIMPROVED $/SQM
PRAHRAN25 Elm Place$1,150,000$3,783
SOUTH YARRA3/19 Murphy StreetRange: $2,900,975 - $3,191,375$4,192 - $4,612
13/20 Chambers Street$4,000,000
MALVERN EAST, 18 Central Park Rd
MALVERN EAST, 18 Central Park Rd | Andrew Hayne (Marshall White)
Under Hammer: $2,237,000 - 4 Bidders (Photo: Mal James)

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