oc | Thursday 23rd January

Bayside/Port Phillip, Port Phillip



Port Phillip Weekly

In Port Phillip, the start of 2012 mirrored most of 2011, with stock-shortage being the buzz word amongst agents and buyers. As the year progressed, we saw vendors adjust their expectations as agents finally realised they had to work harder to make vendors understand that the value of their may have fallen. The cycle was starting to move down and the year ticked along without any major blips up or down.

The highlight of the year for me was Super Saturday on October 27, where the clearance rate was 71% on the 42 million dollar plus auctions we covered. For the first time in nearly eighteen months, auction numbers exceeded 1250 for the weekend. With large numbers of properties up for sale there was a definite improvement in stock quality and we saw strong competitive bidding at a number of auctions.

Sales over $3 million under the hammer have been rare in Port Phillip over the last 12 months. Two significant results on the Super Saturday weekend in this price segment were the sale of the very stylish two-storey Edwardian property at 21 Mary Street, St Kilda West (Karl Gillon of Buxton Real Estate) for $3.3m, as well as the sale of the double-fronted at 77 St Vincent Street, , which had a very special master bedroom and north facing balcony, (Michael Szulc of Geoff Cayzer Real Estate) for $3.325m.

The agent response from Super Saturday was really positive. were good and in many cases sale prices exceeded reserves. After Super Saturday there was an expectation by agents that stock levels might now improve as we lead up to the last selling period before . However this hasn’t really eventuated, and stock levels haven’t changed significantly from earlier on in the year.

The Melbourne Cup came and went, and for a change the prize money stayed in town, helping Mr Williams feed all those thoroughbreds. Then about mid-November we saw a little warmth come into the market and agents started to talk about long term lookers possibly missing the low point in the market. Properties such as 328 Danks Street, Albert Park, finally sold, for around $4m (Alex Schiavo of ), and bidders were starting to put their hands up at auction for small single-fronted terraces like the renovated terrace at 285 Richardson Street, Middle Park, which sold for between $1.5m and $1.6m (David Wood of ). The auction of 64 Armstrong Street, Middle Park, an extensively renovated period family home by Michael Szulc and Geoff Geoff Cayzer of Geoff Cayzer Real Estate on Sunday December 2 sold under the hammer for $4.4m with two bidders in front of a large crowd of over 200. This represents just under $10,000 per sqm and will be seen by most as a strong result.

Port Phillip agents have been signing up vendors for February 2013 and we are expecting another Super Saturday on February 23rd. After that, stock will dry up over March as the Grand Prix, Easter and school holidays all occur during this time.

I would like to take the opportunity to thank all the agents in Port Phillip that I have had the pleasure to work with during the year. I am sure there are times when my name appears on their phone and they must think “what does he want now?” I would particularly like to thank Kaine Lanyon of , David Wood of Hocking Stuart, and John Holdsworth for their patience and assistance during the year.

Particular thanks again to Marshall White’s Kaine Lanyon, Buxton’s Karl Gillon and Chisholm and Gamon,s Sam Gamon for taking the trouble to pass on their thoughts for the past year and into next year:

Kaine Lanyon – Marshall White

All in all 2012 has been a really solid year throughout the Port Phillip market. Slowly but surely the results and the confidence and number of bidders have got stronger as the year has matured.

Whilst the volume of property offered has been moderate at best, we believe the market has finished off really well and particularly towards the . The last 4-8 weeks has seen a flurry of really strong off-market sales in excess of $2m, the likes of which we haven’t seen for well over 12 months.

Needless to say the recent decrease in interest rates can only inject a little more confidence across the board. However it appears that after a long absence of the better homes and properties actually hitting the market, the somewhat starved buyers have jumped in without hesitation to snap up the really good offerings.

Having said all that, what is also relevant is that the B and C grade properties are only selling when the sellers have finally decided to actually “meet” the market and accept fair value after going through a process – as opposed to hoping that the buyers will pay whatever price the vendor Is hoping for. As always good advice prevails.

In regards to what the new year will hold, we are confident that the buyer sentiment across the board is now back on track as many believe the market has bottomed out and is slowing coming back to life. The “best of their type” will continue to be bought confidently and the rest will follow suit as long as expectations are fair and reasonable.

Karl Gillon – Buxton

2012 proved to be an up and down year in real estate with a mixture of good and not-so-good results for Vendors but some great buys for Buyers. There was no sense of urgency from Buyers to get into the market unless they felt they were getting a good deal and they would not be pressured into committing to a purchase as they felt prices were not going to rise anytime soon. There were some stand out auctions for us in 2012. One in particular was the auction that we held in June for the winners of the hit TV show The Block, Brad & Lara, at 405 Dorcas St, . This sold for $1,620,000, which was $500,000 over the reserve. Another huge auction was at 21 Mary St, St Kilda West, which I sold in October for $3,300,000 – a whopping $800,000 over the reserve – which just proves there is still plenty of money around for quality property.

In summary 2012 was my greatest year in my 20 years in real estate and personally. With my involvement and National TV coverage in winning the hit TV  Show The Block for Brad and Lara netting them a cool $600K in prize money along with the birth of my first child, my beautiful baby girl Montana Marion Gillon, 2012 was a year to be remembered and I am optimistic about 2013.

I feel that 2013 will see steady growth and a return of confidence from Buyers to re-enter the market as toward the end of 2012 we have seen higher Auction clearance rates and a sense of anticipation from Buyers that prices are about to rise again.”

Sam Gamon – Chisholm & Gamon

2012 was a year where the market rewarded quality well-priced homes first. Buyers were discerning and made considered choices. We found buyers in the market were decisive and saw a real emphasis placed on making the right choices rather than quick emotional ones. The market has seen improvement in the last quarter as vendors began to upsize and investors saw interest rates reductions were more compelling. We’ve seen a greater influx of competitive auctions and in this environment we feel 2013 will show more activity and more stimulus from buyers. The year ahead is likely to remain steady with quality listings continuing to be highly sought after. Buyers place more stock in orientation, position, floor plan and overall condition than they have in years gone by and there may still be opportunities for astute buyers who are keen to consider a value-add proposition.

 

 

 

BRIGHTON, 1/57 Carpenter St
BRIGHTON, 1/57 Carpenter St | Nick Johnstone (Nick Johnstone Real Estate)
Under Hammer: $1,504,000 - 2 Bidders (Photo: Jen Milligan)
Bidderbuzz Auction
"A great auction here, with Nick Johnstone at the helm. Nick gathered the 30 or so onlookers into the driveway for the auction and, after a thorough spiel, called for opening bids. He soon put forward a vendor bid of $1,300,000 to kick start proceedings and an offer of $1,325,000 came back straight away from Bidder 1. Bidder 2 was quickly in at $1,335,000 and the two fought it out tooth and nail to the very end. Rises dropped to $5000, then $2,500 and then the price crept up steadily in $1000 rises until Bidder 1 pulled out and Bidder 2 went home the victor at $1,504,000 - $154,000 over reserve. A great auction to watch which was well managed by Nick, who kept the bidding (even in small amounts) moving along smoothly and steadily." (Jen Milligan)

 

Biggest Sale: MIDDLE PARK, 102 Hambleton St
Oliver Bruce (Marshall White); Under Hammer, Bought range: $1,802,920 - $1,983,400 - 2 Bidders

"Spread out along Hambleton Street a reasonable sized crowd looked for relief from the sun while auctioneer Oliver Bruce took centre stage with little regard for the hot sun over head. Launching into the auction authority Ollie authoritatively took us through the procedures that would happen and why we should buy 102 Hambleton. At the appropriate time Oliver asked for an opening bid of $1,600,000 and received an opening bid of $1,650,000 from Bidder 1 which seemed to have stopped any other bidding at this point and so half time was called. After half time another bidder eventually joined in and we saw competitive bidding in various amounts until it was announced on the market at $1,850,000. Sold under the hammer above $1,850,000 for an undisclosed amount. Another well run auction and solid result for Damian O’Sullivan and Oliver Bruce." (Guy Angwin)

 

Biggest Pass In: BRIGHTON, 80 Esplanade St
Justin Long (Marshall White); Passed In: $2,500,000 - 0 Bidders

"Yachts sailing on the shimmering bay, a brilliant blue sky, the mildest of sea breezes - a perfect back drop for the auction of this magnificent sandstone residence at 80 The Esplanade, in the heart of Brighton. Over 40 people gathered in the sun filled front garden and listened to auctioneer Justin Long highlight the property details in his preliminary remarks before inviting offers. Everyone seemed to listen most attentively. But, to some people's obvious surprise, there was not a single genuine bid and Mr Long eventually passed the property in on his opening vendor bid of $2,500,000." (David James)
$1M+ bayside/port phillip Featured Auctions
649
/1000
JAMES HOME RATINGS
ALBERT PARK: 45 Reed St
45 Reed Street
BOUGHT: $1,825,000
UNDISCLOSED
JAMES HOME RATINGS
BRIGHTON: 1/57 Carpenter St
1/57 Carpenter Street
BOUGHT: $1,504,000
UNDISCLOSED
JAMES HOME RATINGS
BRIGHTON: 67 Cochrane St
67 Cochrane Street
PASSED IN: $2,500,000
UNDISCLOSED
JAMES HOME RATINGS
BRIGHTON: 80 Esplanade St
80 Esplanade Street
PASSED IN: $2,500,000
UNDISCLOSED
JAMES HOME RATINGS
BRIGHTON: 8 Lynch St
8 Lynch Street
PASSED IN: $1,700,000
UNDISCLOSED
JAMES HOME RATINGS
BRIGHTON: 17a New St
17a New Street
PASSED IN: $1,425,000
UNDISCLOSED
JAMES HOME RATINGS
BRIGHTON: 46 Orchard St
46 Orchard Street
PASSED IN: $1,625,000
685
/1000
JAMES HOME RATINGS
BRIGHTON: 53 Whyte St
53 Whyte Street
BOUGHT: $1,431,000
695
/1000
JAMES HOME RATINGS
ELWOOD: 18 Bendigo Av
18 Bendigo Avenue
PASSED IN: $2,000,000
UNDISCLOSED
JAMES HOME RATINGS
ELWOOD: 19 Bendigo Av
19 Bendigo Avenue
PASSED IN: $2,200,000
616
/1000
JAMES HOME RATINGS
MIDDLE PARK: 102 Hambleton St
102 Hambleton Street
BOUGHT*: Undisclosed
632
/1000
JAMES HOME RATINGS
MIDDLE PARK: 4 Langridge St
4 Langridge Street
BOUGHT RANGE*: $1,855,665 - $2,041,425
UNDISCLOSED
JAMES HOME RATINGS
SANDRINGHAM: 50 Kenneth St
50 Kenneth Street
BOUGHT*: Undisclosed
No report
Stonnington Weekly
port phillip Scheduled Auctions
MIDDLE PARK
4 Langridge Street, MIDDLE PARK
Bought undisclosed
4 LANGRIDGE STREET
ELWOOD
18 Bendigo Avenue, ELWOOD
Bought undisclosed
18 BENDIGO AVENUE
ELWOOD
8 Foam Street, ELWOOD
Bought $1,230,000
8 FOAM STREET
ALBERT PARK
16 Dinsdale Street, ALBERT PARK
Passed In $1,400,000
16 DINSDALE STREET
bayside Scheduled Auctions
BRIGHTON
182 New Street, BRIGHTON
Passed In
182 NEW STREET
BRIGHTON
53 Whyte Street, BRIGHTON
Bought $1,431,000
53 WHYTE STREET
SANDRINGHAM
45 Duncan Street, SANDRINGHAM
Bought undisclosed
45 DUNCAN STREET
BRIGHTON
46 Orchard Street, BRIGHTON
Bought undisclosed
46 ORCHARD STREET
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
BEAUMARIS
23 Cromer RoadPassed InPI: $1,325,000
17 Bodley StreetPassed InPI: $1,250,000
BRIGHTON
7 Armfield StreetPassed In
53 Whyte StreetBought$1,431,000$2,0502012-12-01
93a Martin StreetPassed In
1/6 Stanley StreetPassed In
67 Cochrane StreetPassed InPI: $2,500,000
17a New StreetPassed InPI: $1,425,000
80 Esplanade StreetPassed InPI: $2,500,000
82 Roslyn StreetBought$1,105,000$2,3662012-12-01
182 New StreetPassed In
46 Orchard StreetPassed InPI: $1,625,000
12 Berwick StreetBought$1,382,000$3,3142012-12-01
1/57 Carpenter StreetBought$1,504,000$3,6072012-12-01
8 Lynch StreetPassed InPI: $1,700,000
BRIGHTON EAST
8 Carrington GroveBought$1,071,000$1,6482012-12-01
6 Sunlight CrescentPassed InPI: $1,500,000
5 Curzon StreetBought$1,056,000$1,5692012-12-01
2 Carr StreetPassed InPI: $1,077,000$1,5692012-12-01
SANDRINGHAM
45 Duncan StreetBoughtR: $818,986 - $900,970$1,061 - $1,1672012-12-01
2/49-51 Bay RoadPassed InPI: $1,040,000
63 Victoria StreetPassed InPI: $1,175,000
50 Kenneth StreetBoughtUndisclosed2012-12-01
ALBERT PARK
45 Reed StreetBought$1,825,000$6,2292012-12-01
16 Dinsdale StreetPassed InPI: $1,400,000
ELWOOD
18 Bendigo AvenuePassed InPI: $2,000,000
19 Bendigo AvenuePassed InPI: $2,200,000
49 Shelley StreetBoughtR: $1,400,140 - $1,540,300$2,756 - $3,0322012-11-20
8 Foam StreetBought$1,230,000$3,0072012-12-01
MIDDLE PARK
102 Hambleton StreetBoughtUndisclosed2012-12-01
4 Langridge StreetBoughtR: $1,855,665 - $2,041,425$6,748 - $7,4232012-12-01
PORT MELBOURNE
153 Graham StreetPassed In
25 Rouse StreetBought$1,011,000$8,2872012-12-01
port phillip Private Sales
ALBERT PARK
14 Danks Street, ALBERT PARK
Not Reported: $1,600,000
14 DANKS STREET
bayside Private Sales
BRIGHTON
119 North Road, BRIGHTON
Bought: undisclosed
119 NORTH ROAD
BRIGHTON
421 New Street, BRIGHTON
Bought: undisclosed
421 NEW STREET
port phillip Private Sales
ELWOOD
34 Pine Avenue, ELWOOD
Bought: undisclosed
34 PINE AVENUE
REPORTED BAYSIDE PRIVATE SALES
REPORTED PORT PHILLIP PRIVATE SALES
ADDRESSBOUGHT PRICEIMPROVED $/SQM
BRIGHTON421 New StreetRange: $3,337,320 - $3,671,400$2,408 - $2,649
119 North RoadRange: $1,965,950 - $2,162,750$3,401 - $3,742
ALBERT PARK14 Danks Street$3,401 - $3,742
ELWOOD34 Pine AvenueRange: $1,534,400 - $1,688,000$3,057 - $3,363
BRIGHTON, 53 Whyte St
BRIGHTON, 53 Whyte St | David Hart (Buxton)
Under Hammer: $1,431,000 - 2 Bidders (Photo: David James)

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