oc | Tuesday 21st January

Boroondara



Boroondara Weekly

After a reasonable start, on February 16, how will the market respond to larger auction numbers? February 23 represented our first Super Saturday of 2013, with 147 auctions for properties over $1,000,000. The results were strong today for Boroondara in the $1m plus market. Bidderman remained firm at 2.2 and the hammer rate a very healthy 50%.

Some of the stronger results today, which were largely ‘’ sales or properties that will need the touch of a clever architect in the not too distant future.

  • 19-21 Maleela Road (James Tostevin, ) sold for an undisclosed price very close to $4,000,000
  • 3 Swinton Avenue Kew (Tim Picken, ) sold for $2,195,500, 5 bidders nearly $300K over reserve
  • 80 Urquhart Street (Steve Burke, Jellis Craig)  sold for $1,715,000

On that subject……

Land Land Land

It’s what people (and countries) fight over and, in the areas, the of late has certainly stepped up. I talked this week to Mark Rathgeber (Noel Jones Balwyn) about the difference in the ‘land’ market and ‘new build’ market in Balwyn and surrounding areas, which he has specialised in for many years. Marks’s take was that:

• The ‘land’ market is certainly appealing more to buyers. Some are overly optimistic about knocking down a home and then building new themselves, not fully understanding costs.

• The newer homes that may have sold for around the $3,500,000 mark a few years ago are now selling for up to 20% less in some cases, and there is no real shortage of them around.

• Every older house that is pulled down means there is one less available, so the stocks are dwindling as the years go on.

Interesting points. Certainly, from my observations, there is a lot of building work going on. Almost every second or third page in the Melbourne Weekly last week was taken up by advertising from ‘spec’ home builders such as Metricon, Glenvill and Engelhart.

But not all new houses are designed and built by ‘spec’ builders. A which went to the market today is 4 Higham Road Hawthorn East (Stuart Evans and Oliver Bruce, Marshall White). This is a large modern home that was designed by renowned architect Steve Domoney. We like Steve’s work. His residential work has genuine WOW but is balanced well with some important practicalities.

Architecturally Speaking

Of course there are many things to consider when buying land with the intention to build a new family home.

  • If using a ‘spec’ builder design, it is always best to pick the house first then find the block. Width is often the key – a standard 50 foot (15.24m frontage) can make life tricky for many designs and the ones that do fit often have very narrow rooms at the front.
  • Look closely at surrounding houses (often the gardens say a lot about your future neighbours). Proximity to local parks, shops and cafes is very important.
  • Orientation – critical in my opinion. Living in Australia, northern rear orientation is the best in gaining direct access to natural daylight. Light really does makes a house a home.
  • Hill position – a flat block is the best way to go for easy inside-outside access. A house that sits down from the street is not a good look, regardless of how pretty the façade is or how well the gardens have been maintained.
  • Avoid corner blocks – privacy and security is often compromised to one side and to the front yard. Some corner blocks do work, but these are very much the exception rather than the norm.

As is often the way, there are many risks with this approach and the cost at the end of the day is often a lot more than what is scribbled on the back of a napkin while enjoying a coffee. Many people skimp and save and select low-grade finishes, which are really seen in a negative light by buyers come resale time.

Some sales of interest this week:

Nick Ptak of Marshall White sold a ‘land’ property in Hawthorn East this week for a strong figure of just under $2,000,000. Given the land size, this equated to around the $3,000 per sqm mark, which is strong in any terms and ranks right up there with premier Boroondara locations. Off the back of 3 Bluff Street last week, there certainly does seem to be some real interest from buyers wanting to build new in this area, which is largely underpinned by good local schools, Anderson Park and close proximity to the M1.

Peter Vigano (Jellis Craig) sold before auction this week 28 Beaconsfield Road Hawthorn East for $1,850,000 . The auction was held at the property Monday evening, and there were 3 bidders. A good result for buyer and seller alike for a good property, and the campaign by Peter and his team was marketed well, quoted well and the process was fair to all.

Next week the numbers continue, with 145 auctions for properties over $1,000,000.

Until then,

Design (and select) Smart,

Architect Adam

 

KEW, 8 View Point
KEW, 8 View Point | Scott Patterson (Kay & Burton)
Under Hammer: $2,001,000 - 6 Bidders (Photo: Adam Woledge)
Bidderbuzz Auction
"Interesting auction this one, that took around 50 minutes. In front of around 80 people in the shade of the two-storey rendered home, Scott Patterson was the auctioneer here and did a great job. Proceedings opened at $1,500,000, and it did take a bit to get going. Property did get on the market at $1,920,000 and was eventually bought for $2,001,000. 6 bidders in total here." (Adam Woledge)

 

Biggest Sale: GLEN IRIS, 19 Flowerdale Rd
Andrew Hayne (Marshall White); Under Hammer, Bought range: $2,464,630 - $2,711,350 - 3 Bidders

"A crowd of about a 100 people gathered outside and, for a lucky few, inside the home for shade. A late start to this auction, but I am glad to see Andrew Hayne as he usually maintains good pace whilst keeping bidders comfortable. An 8 minute dissertation from Andrew as we enjoy the start of a cool breeze around the big pool in this big backyard. Andrew offers a vendor bid (his one and only) of $1,900,000 to get things underway. There are three bidders in total, with bidders 2 and 3 battling it out until the end. Bidder 2 finally gives in and Bidder 3 is the victor for an undisclosed price in the mid $2m's." (Adam Woledge)

 

Biggest Pass In: HAWTHORN EAST, 4 Higham Rd
Hamish Tostevin (Marshall White); Passed In: $3,125,000 - 1 Bidders

"Arriving early so I could take my time to soak up this Steve Domoney designed home, I was surprised to see that many people had already beaten me to it and were lining up to inspect. As Hamish Tostevin began proceedings, the crowd swelled to more than 90 with an air of anticipation that we were about to enjoy a riveting auction. With no opening bid forthcoming from the crowd, Mr Tostevin opened with a vendor bid of $3,000,000, well below the agent’s quoted price of $3,500,000. Mr Tostevin welcomed the first bidder at $3,050,000, yet after much encouragement to get a second bidder on board, he submitted a further vendor bid at $3,100,000. After the solitary bidder offered $3,125,000 and, with no new bidders appearing, Mr Tostevin took a half-time break to discuss with the vendor. Clear that the big turnout was not going to equate to a thrilling auction, Mr Tostevin returned and promptly passed the property in." (Nicole Brooks)
$1M+ boroondara Featured Auctions
UNDISCLOSED
JAMES HOME RATINGS
BALWYN: 14 Belgrove Av
14 Belgrove Avenue
PASSED IN: $2,000,000
738
/1000
JAMES HOME RATINGS
GLEN IRIS: 19 Flowerdale Rd
19 Flowerdale Road
BOUGHT*: Undisclosed
680
/1000
JAMES HOME RATINGS
HAWTHORN EAST: 28 Beaconsfield Rd
28 Beaconsfield Road
BOUGHT RANGE*: $1,774,150 - $1,951,750
No report
736
/1000
JAMES HOME RATINGS
HAWTHORN EAST: 5 Harts Pde
5 Harts Parade
BOUGHT: $1,765,000
682
/1000
JAMES HOME RATINGS
HAWTHORN EAST: 4 Higham Rd
4 Higham Road
PASSED IN: $3,125,000
606
/1000
JAMES HOME RATINGS
HAWTHORN EAST: 14 Selwood St
14 Selwood Street
BOUGHT: $1,405,000
652
/1000
JAMES HOME RATINGS
KEW: 59 Disraeli St
59 Disraeli Street
PASSED IN: $1,910,000
700
/1000
JAMES HOME RATINGS
KEW: 35 Kent St
35 Kent Street
PASSED IN: $2,620,000
636
/1000
JAMES HOME RATINGS
KEW: 3 Swinton Av
3 Swinton Avenue
BOUGHT: $2,195,500
694
/1000
JAMES HOME RATINGS
KEW: 8 View Point
8 View Point
BOUGHT: $2,001,000
Stonnington Weekly
boroondara Scheduled Auctions
BALWYN
34 Birdwood Street, BALWYN
Bought $1,680,000
34 BIRDWOOD STREET
GLEN IRIS
19 Flowerdale Road, GLEN IRIS
Bought undisclosed
19 FLOWERDALE ROAD
HAWTHORN EAST
38 Roseberry Street, HAWTHORN EAST
Bought undisclosed
38 ROSEBERRY STREET
BALWYN
19-21 Maleela Avenue, BALWYN
Bought undisclosed
19-21 MALEELA AVENUE
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
ASHBURTON
22 Solway StreetBought$1,201,000$1,5402013-02-23
85 Baker ParadeBought$1,260,000$2,0292013-02-23
BALWYN
34 Birdwood StreetBought$1,680,000$1,3562013-02-23
171 Gordon StreetBought$1,100,000$1,9752013-02-23
41 Hertford CrescentPassed InPI: $1,275,000
19 Metung StreetPassed InPI: $1,375,000
25 Narrak RoadPassed InPI: $2,250,000
7 Henley StreetBoughtR: $1,299,445 - $1,429,525$1,562 - $1,7182013-02-23
19-21 Maleela AvenueBoughtR: $3,768,870 - $4,146,150$1,701 - $1,8712013-02-23
14 Belgrove AvenuePassed InPI: $2,000,000$1,701 - $1,8712013-02-23
49 Fitzgerald StreetBoughtR: $1,577,555 - $1,735,475$2,179 - $2,3972013-02-23
1/8 Jurang StreetBoughtR: $1,141,210 - $1,255,450$6,959 - $7,6552013-02-23
BALWYN NORTH
50 Severn StreetBoughtR: $2,244,060 - $2,468,700$2,367 - $2,6042013-02-23
28 Tormey StreetPassed InPI: $1,600,000
17 Hood StreetBoughtR: $1,678,250 - $1,846,250$2,635 - $2,8982013-02-23
44 Ursa StreetBoughtBought (2013-02-24) - R: $1,045,310 - $1,149,950$942 - $1,0362013-02-24
65 Almond StreetBoughtBought (2013-06-02) - $1,688,000$2,3482013-06-02
CAMBERWELL
17 Matlock StreetBoughtR: $1,467,270 - $1,614,150$3,063 - $3,3702013-02-16
37 St Johns AvenueBought$1,272,500$4,2422013-02-23
7 West CourtPassed InPI: $1,250,000$4,2422013-02-23
CANTERBURY
11 Myrtle RoadBought$1,255,000$2,0412013-02-23
37 Mont Albert RoadPassed InPI: $1,600,000$2,0412013-02-23
3 Logan StreetBought$1,340,000$1,5312013-02-23
GLEN IRIS
1 Beatrice StreetBoughtR: $1,150,800 - $1,266,000$1,113 - $1,2242013-02-23
44 Alfred RoadBoughtR: $876,526 - $964,270$1,498 - $1,6482013-02-23
10 Cusdin StreetNot Reported
134 High StreetNot Reported
29 Welfare ParadeBoughtR: $1,138,333 - $1,252,285$1,524 - $1,6762013-02-23
19 Flowerdale RoadBoughtUndisclosed2013-02-23
74 Martin RoadBought$1,445,000$1,9422013-02-23
22 Dent StreetBought$1,315,000$2,1632013-02-20
59 Staughton RoadBoughtR: $1,174,775 - $1,292,375$1,558 - $1,7142013-02-23
HAWTHORN
4/18 Burwood RoadBoughtUndisclosed2013-02-23
392 Auburn RoadBoughtR: $1,483,573 - $1,632,085$2,135 - $2,348
80 Urquhart StreetBought$1,715,000$1,9562013-02-23
105 Church StreetBoughtR: $1,105,248 - $1,215,888$2,805 - $3,0862013-02-23
73 Oxley RoadBought$1,420,000$2,2222013-02-23
HAWTHORN EAST
4 Higham RoadPassed InPI: $3,125,000
11 Oberon AvenueBought$1,215,000$5,5232013-02-23
28 Beaconsfield RoadBoughtR: $1,774,150 - $1,951,750$3,432 - $3,7752013-02-23
2B Montrose PlaceBought$1,162,500$12,6362013-02-23
5 Harts ParadeBought$1,765,000$3,9932013-02-23
38 Roseberry StreetBoughtR: $978,180 - $1,076,100$2,285 - $2,5142013-02-23
14 Selwood StreetBought$1,405,000$1,6432013-02-23
KEW
35 Kent StreetPassed InPI: $2,620,000$1,6432013-02-23
3 Swinton AvenueBought$2,195,500$2,2182013-02-23
2 Yarra StreetBought$1,420,000$2,0732013-02-23
4 Hummingbird LaneBoughtUndisclosed2013-02-23
44 Hartington StreetBought$1,275,000$1,6782013-02-23
1/38 Eglinton StreetBoughtR: $1,726,200 - $1,899,000$4,653 - $5,1192013-02-23
8 View Point Bought$2,001,000$3,1222013-02-23
64 Campbell StreetBoughtUndisclosed2013-02-23
59 Disraeli StreetPassed InPI: $1,910,000
26 Campbell StreetBoughtR: $1,251,495 - $1,376,775$1,971 - $2,1682013-02-23
KEW EAST
52 Clyde StreetBoughtR: $2,090,620 - $2,299,900$2,736 - $3,0102013-02-23
34 Oswin StreetPassed InPI: $1,100,000$2,736 - $3,0102013-02-23
MONT ALBERT
101a Windsor CrescentBoughtR: $959,000 - $1,055,000$2,889 - $3,1782013-02-23
MONT ALBERT NORTH
23 Moselle StreetPassed InPI: $1,085,000
33 Cairo RoadPassed InPI: $1,350,000
92 Rostrevor ParadeBoughtR: $1,026,130 - $1,128,850$1,058 - $1,1642013-02-23
SURREY HILLS
1/3 Middlesex RoadBoughtUndisclosed2013-02-23
boroondara Private Sales
HAWTHORN EAST
9 Constance Street, HAWTHORN EAST
Bought: undisclosed
9 CONSTANCE STREET
BALWYN
20 Bevan Street, BALWYN
Bought: undisclosed
20 BEVAN STREET
DEEPDENE
10 Gordon Street, DEEPDENE
Bought: $1,205,000
10 GORDON STREET
BALWYN NORTH
27 Ellsa Street, BALWYN NORTH
Bought: undisclosed
27 ELLSA STREET
ADDRESSBOUGHT PRICEIMPROVED $/SQM
BALWYN20 Bevan StreetRange: $2,268,035 - $2,495,075$3,538 - $3,892
BALWYN NORTH27 Ellsa StreetRange: $1,170,939 - $1,288,155$1,509 - $1,660
DEEPDENE10 Gordon Street$1,205,000$1,736
HAWTHORN EAST9 Constance StreetRange: $1,898,820 - $2,088,900$2,881 - $3,170
KEW, 3 Swinton Av
KEW, 3 Swinton Av | Scott Patterson (Kay & Burton)
Under Hammer: $2,195,500 - 5 Bidders (Photo: Randall Smith)

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