oc | Wednesday 22nd January

Boroondara



Boroondara Weekly

A bit of a dip today in the Boroondara market today: of the 11 auctions we attended 7 sold and the clearance overall was 68%. There were however some standout results and these were:

Some observations from this week:

  • The Under the Hammer rate picked up to 45 % or almost 1 in 2 properties that we featured. It does seem that agents are getting the properties ‘on the market’ more lately.
  • There is a lot more activity off-market or ‘quietly’. I would say around one third of the properties we are looking at now are not publicly listed on the internet. Though this is fairly typical for this time of year though really.
  • The mop-up is starting – 17 Victoria Road, Camberwell (Nick Ptak, Marshall White), for instance, sold between $3.8 and $3.9m.
  • Buyers are becoming more discerning – average properties or dated ‘cookie cutter’ large homes are not attracting great interest. I think some buyers have put the cue in the rack, so to speak, and are looking forward to more opportunities in 2013.
  • Is it me or am I seeing more “We will oppose inappropriate ” placards in frontyards and on fences? There does seem to be a quiet unrest out there against large, bulky boring homes. At one Jellis Craig auction I attended today the auctioneer actually announced that as a company they supported this notion. Hadn’t heard that one before.
  • 3 out of 4 properties in Hawthorn’s Urquhart Estate sold today. The one that didn’t, 13 Lyall Street, I thought – as an optimistic architect who loves Victorian homes – was the best in many ways. It  must be all about price.

2012 Wrap-Up

As Marketnews signs off for 2012 –  a few ‘grabs’ from me:

Most memorable auctions

5 Fashoda Street, Hawthorn (James Tostevin, Marshall White) Feb 25 – one of the first auctions of the year, and this property couldn’t attract any real interest around the $1.7m when quietly listed at the end of 2011. For me this result (5 bidders, $1,905,000) was a standout and seemed to kick-start the double-fronted period home market in Hawthorn. It certainly came up a lot in discussions I had with clients and prospects.

35 Broadway, Camberwell (Steve Burke, Jellis Craig)May 5 – a really entertaining front garden auction, beautifully orchestrated by Alastair Craig. Property opened at $2,700,000, was on the market at $2,910,000 and sold under the  hammer for $3,415,000, 6 bidders. The weather was wet and most people’s feet froze over the damp lawn,  but this was gripping stuff and started a great run in the $3m plus market for campaign agent, Steve Burke.

17 Melville Street, Hawthorn (Tim Picken, Kay and Burton)Oct 27 – Sold strongly for $1,661,000 with 5 bidders. Remarkable thing is there could have been 10 bidders here, as this auction opened very strongly at $1,500,000 and was on the market with the next bid at $1,510,000.  You don’t see this often.  This was all about the home – a really well renovated and extended home (it really pays to get a good architect!), in a pretty Hawthorn location. Although the house was only single-fronted, the extra block width was also a big key here.

Best coffee shop

It will come as no surprise to those who know that I name Porgie + Mr. Jones as my favourite coffee destination this year. If by some chance you haven’t been there, then you certainly should try it out. Renovations and extensions made earlier in the year have responded nicely to a thriving market. It can’t be easy for such a business to keep on keeping on, month in, month out. Service has continued to be friendly and the consistency of coffee is very good. Sometimes it is bit of a wait – but then again aren’t the best things in life worth waiting for? Just to make sure, I had a 3/4 latte early in the day and then one late in the day. Both were great! Hey, any excuse…….

Agent Summary for 2012 and Prediction for 2013:

Tim Picken, Kay & Burton (Hawthorn): 2012 has been a very interesting year. We have continued to see good sell very well and hold its value and B-grade property come back in value by as much as 20%. The market overall, certainly in the first 7-9 months, was patchy and sometimes difficult to read. It was very sensitive to media hype and commentary on the economy and Europe’s problems. However we have seen a significant lift in confidence since mid October and much healthier clearance rates leading into .  Moving in to 2013 with a lack of over summer and probably two cuts prior to the first round of auctions in Feb, l believe we are seeing signs of pent up which should result in stronger prices and clearance rates. If the stock market continues to stabilise and the election finally gets announced, we may see healthy growth by the end of the year.

A big thanks to all those who say hello at auctions/opens and also to the agents that have picked up my call for a market comment at various times this year, much appreciated.

Until next year!

Design Smart,

Architect Adam

 

GLEN IRIS, 3 Martin Rd
GLEN IRIS, 3 Martin Rd | Lachie Fraser-Smith (Jellis Craig)
Under Hammer: $1,455,000 - 6 Bidders (Photo: Mal James)
Bidderbuzz Auction
"Good crowd of 50 gathered around this good land and dated spec home auction being conducted by Lachie Fraser Smith. As we await the start you can feel the interest in this home and providing it's at a reasonable price it should go well as it would appeal to a wide range of buyers - such as overseas Asian buyers, live now/then bulldoze/then rebuild buyers and cheaper entry into Glen Iris buyers. Anyway after the usual spirited introduction from Lachie we are away with an opening $1,250,000 bid. Two more bidders join in quickly and it's announced on the market at $1,305,000 after a record half time break (it took 15 seconds). Three more bidders joined against Bidder 1 until Bidder 5 finally won out at $1,455,000. Obviously a really well run campaign from Lachie Fraser-Smith with fair quoting of $1.2m to $1.3m which resulted in a very solid result for the vendor. Six bidders - the market is far from under performing at this price level right now. " (Mal James)

 

Biggest Sale: HAWTHORN, 28 Chrystobel Cr
Scott Patterson (Kay & Burton); Under Hammer, $3,110,000 - 8 Bidders

"Back again in the Grace Park estate where last week a property just down the road from this one sold after auction, so it would be interesting to see what would unfold at this one. Auctioneer Scott Patterson was at the helm of this auction which had about 60 people in attendance and boy did they get a show. Bidding started off strongly at $2,600,000 and soon we had four bidders in the running who quickly pushed the price to $2,800,000 where the property was declared on the market. Some of the bidders thought that the auction was going to wind up soon, but that was not going to happen as two new bidders popped up and added extra momentum to the auction. At around the $3,000,000 mark the crowd started thinking that surely this is it, but lo and behold another two bidders appeared which drew some gasps from the crowd. A total of 8 bidders fought it out but as Mr Patterson said only one name can go on the property and it was the last bidder who came out successfully at $3,110,000. A great auction with Sam Wilkinson assisting well in spotting the bidders." (Joshua Bong)

 

Biggest Pass In: CAMBERWELL, 28 Cochran Av
David Gillham (Noel Jones); Passed In: $2,850,000 - 0 Bidders

"‘It costs $200 a square-foot for land in Sunnyside Estate’, announced auctioneer David Gillham, then added that the home used to be the site of the neighbours' tennis court until just four years ago. Mr Gillham, mentioned a figure of $3,000,000 in his final remarks, but then opened on a vendor bid of $2,850,000. The hot afternoon crowd gave him nothing in response, and there was no hesitation in calling a half-time break. The second-half was over swiftly when no bids of any kind served up." (Randall Smith)
$1M+ boroondara Featured Auctions
632
/1000
JAMES HOME RATINGS
CAMBERWELL: 28 Cochran Av
28 Cochran Avenue
PASSED IN: $2,850,000
UNDISCLOSED
JAMES HOME RATINGS
CANTERBURY: 3 Alexandra Av
3 Alexandra Avenue
PASSED IN: $1,770,000
648
/1000
JAMES HOME RATINGS
GLEN IRIS: 3 Martin Rd
3 Martin Road
BOUGHT: $1,455,000
688
/1000
JAMES HOME RATINGS
HAWTHORN: 28 Chrystobel Cr
28 Chrystobel Crescent
BOUGHT: $3,110,000
719
/1000
JAMES HOME RATINGS
HAWTHORN: 13 Lyall St
13 Lyall Street
PASSED IN: $1,762,000
692
/1000
JAMES HOME RATINGS
HAWTHORN: 5 Urquhart St
5 Urquhart Street
BOUGHT: $2,170,000
568
/1000
JAMES HOME RATINGS
HAWTHORN: 56 Urquhart St
56 Urquhart Street
BOUGHT: $1,400,000
UNDISCLOSED
JAMES HOME RATINGS
HAWTHORN EAST: 37 Lingwell Rd
37 Lingwell Road
BOUGHT: $1,500,000
725
/1000
JAMES HOME RATINGS
KEW: 30 Miller Gr
30 Miller Grove
BOUGHT: $1,820,000
Stonnington Weekly
boroondara Scheduled Auctions
SURREY HILLS
291 Mont Albert Road, SURREY HILLS
Bought $1,277,000
291 MONT ALBERT ROAD
BALWYN NORTH
354 Balwyn Road, BALWYN NORTH
Bought $960,000
354 BALWYN ROAD
BALWYN NORTH
46 Walnut Road, BALWYN NORTH
Bought undisclosed
46 WALNUT ROAD
HAWTHORN
28 Chrystobel Crescent, HAWTHORN
Bought $3,110,000
28 CHRYSTOBEL CRESCENT
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
ASHBURTON
4 Ryeburne AvenueNot Reported
BALWYN
30 Porter RoadBought$1,130,000$1,7042012-12-01
BALWYN NORTH
81 Mountain View RoadBought$1,080,000$1,7702012-12-01
354 Balwyn RoadBought$960,000$1,2872012-12-01
46 Walnut RoadBoughtR: $1,078,875 - $1,186,875$1,488 - $1,6372012-12-01
CAMBERWELL
6 Orange GroveBought$1,351,000$1,7642012-12-01
29 Glencairn AvenueBought$1,280,000$1,2892012-12-01
28 Cochran AvenuePassed InPI: $2,850,000$1,2892012-12-01
CANTERBURY
48 Balwyn RoadPassed InPI: $1,090,000$1,2892012-12-01
3 Alexandra AvenueBought$1,800,000$2,7482012-12-01
GLEN IRIS
67 Martin RoadBoughtR: $1,582,350 - $1,740,750$2,811 - $3,0922012-12-01
1 Alonso StreetBoughtUndisclosed2012-11-13
42 Kerferd RoadPassed InPI: $1,520,0002012-11-13
3 Martin RoadBought$1,455,000$1,8322012-12-01
HAWTHORN
38 Wattle RoadBoughtR: $1,347,395 - $1,482,275$2,327 - $2,5602012-12-01
28 Chrystobel CrescentBought$3,110,000$3,8442012-12-01
5 Urquhart StreetBought$2,170,000$3,1002012-12-01
11 Percy StreetBoughtR: $1,040,515 - $1,144,675$3,600 - $3,9612012-11-28
69 The Boulevard BoughtR: $1,639,890 - $1,804,050$2,671 - $2,9382012-12-01
56 Urquhart StreetBought$1,400,000$1,9942012-12-01
13 Lyall StreetPassed InPI: $1,762,000$1,9942012-12-01
HAWTHORN EAST
47 Roseberry StreetBought$1,090,500$2,7192012-12-01
9 Bonfield AvenuePassed InPI: $1,700,000
23 Lingwell RoadBought$1,325,000$2,9062012-12-01
37 Lingwell RoadBought$1,500,000$1,5532012-12-01
56 Pleasant RoadBought$1,216,000$1,5302012-12-01
KEW
40 Barrington AvenuePassed InPI: $1,675,000$1,5302012-12-01
7 Foley StreetBought$1,075,000$3,4352012-12-01
30 Miller GroveBought$1,820,000$2,2842012-12-01
15 Bowen StreetPassed InPI: $2,500,000
5 Goldthorns AvenuePassed InPI: $1,550,000
KEW EAST
34 Kilby RoadBoughtBought (2012-12-29) - R: $911,050 - $1,002,250$1,402 - $1,5422012-12-29
MONT ALBERT
7A Hotham StreetBought$1,550,000$2,4072012-12-01
MONT ALBERT NORTH
11 Lincoln AvenuePassed InPI: $1,700,000
18 Sutton ParadeNot Reported
SURREY HILLS
291 Mont Albert RoadBought$1,277,000$1,6042012-12-01
725 Canterbury RoadPassed InPI: $1,190,000$1,6042012-12-01
210 Mont Albert RoadBoughtR: $1,373,288 - $1,510,760$3,391 - $3,7302012-12-01
boroondara Private Sales
BALWYN
12A Belmore Road, BALWYN
Bought: undisclosed
12A BELMORE ROAD
ADDRESSBOUGHT PRICEIMPROVED $/SQM
BALWYN12A Belmore RoadRange: $1,246,700 - $1,371,500$2,113 - $2,325
HAWTHORN, 28 Chrystobel Cr
HAWTHORN, 28 Chrystobel Cr | Scott Patterson (Kay & Burton)
Under Hammer: $3,110,000 - 8 Bidders (Photo: Joshua Bong)

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