oc | Monday 20th January

Bayside/Port Phillip, Port Phillip



Port Phillip Weekly

It’s the calm before the storm in Port Phillip, with only four auctions this weekend: two in , one in and one in . Next weekend (Saturday 23, February) will be a Super Saturday, with a large number of auctions across Melbourne and 18 auctions above $1m in Port Phillip in particular.

Heritage home

The standout for me this week was 35 St Vincent Place South Albert Park, a two-storey terrace. Despite the property having a southerly orientation, it is still bright and airy and very liveable now, although it could do with some upgrading. Questions will be around the lack of car parking, and how difficult it will be to re-instate. Heritage Victoria will need to approve any works to the property before another application under Permits goes back to Port Phillip Council for further approval. As a price guide, the property last sold for $3,005,000 on April 13, 2008.

Trending Topics

Numbers up: Across all the areas I cover, which include the cities of Melbourne, Yarra, and Port Phillip, selling agents are consistently reporting stronger telephone enquiries. They also note an increase in numbers at open for inspections compared with the same time last year. While they consider it too early to call what this means for property prices, it is an encouraging sign.

The Big Four: I am still seeing the ‘Big Four’ driving vendors and buyers: Divorce, Financial, Death, and Property Limitations (such as the size of the property, too few rooms, or too many rooms). When discussing vendor motivations for properties currently on the market, the feedback I get is that it’s rarely for reasons to do with upgrading. Motivation to sell usually relates to one of the ‘Big Four’ reasons.

Bad habits: Last year, buyers got into the habit of waiting for properties to be passed in before declaring interest. They used this tactic in the hope of buying the property for the lowest possible price. Wrong! Agents make it clear in their preamble that those wanting to buy the property need to bid. We strongly concur, but we expect to see more of the same this year.

March listings: If you are looking to buy a property in Port Phillip, and haven’t bought before March, don’t expect to see new stock come on the market during March. Why? Agents and vendors prefer an uninterrupted four-week advertising campaign leading to the auction day. This is not going to happen in March 2013 given that the school holidays, Easter and the Grand Prix are all occurring in that month.

Vino of the Week
A favourite producer of mine is Cape Mentelle (WA), who say they draw inspiration from the Northern Rhone Valley in France. The 2004 Shiraz is the perfect Australian expression of Northern Rhone style, and drinking exceptionally well now, nearly ten years on. The current 2010 vintage can be picked up for around $30. Cellar now, and reap the rewards of your in a decade.

 

Welcome back – don’t read too much into the stats below as this is a very small sample.

PORT MELBOURNE, 10 Beaconsfield Pde
PORT MELBOURNE, 10 Beaconsfield Pde | David Wood (Hocking Stuart)
Under Hammer: $990,500 - 4 Bidders (Photo: Guy Angwin)
Bidderbuzz Auction
"Who said agents don’t earn their money - not only did auctioneer David Wood have to deal with the soaring heat and an auction that went for 40 minutes, (not David’s fault) there were 4 bidders, 4 half times, 62 bids and a bidder who demanded that his lower bids be accepted no matter what they were. The property was declared on the market at $960,000 before it was finally sold for $990,500 - despite the low bidder declaring, when asked if he was still in, that he wasn’t going to overpay! If only all my auctions this year were as interesting as 10 Beaconsfield Parade Port Melbourne." (Guy Angwin)

 

Biggest Sale: BRIGHTON, 2 Cowper St
Greg Costello (RT Edgar); Under Hammer, $1,272,500 - 6 Bidders

"My first $1m+ auction for the season and it was a goodie. Auctioneer, Greg Costello, started proceedings referring to contract conditions and emails surrounding questions about land used by the current vendors, that is not currently on the title. In case the matter wasn't clear, a gentleman, who turned out to be the first bidder and finally purchaser, asked for further clarification. Once sorted, we began. A little slowly at first with an opening bid of $820,000 which was immediately followed by a vendor bid of $1,000,000. A second, third, fourth, fifth and sixth bidder followed, with two bidders escalating quickly to $1,200,000. It seemed it might be over here, but no - we saw the return of the first bidder, who reduced bids to $2,500 and eventually purchased the property for $1,272,500. A great way to begin the start of the season." (Kristen Hatt)
$1M+ bayside/port phillip Featured Auctions
611
/1000
JAMES HOME RATINGS
ALBERT PARK: 126 Danks St
126 Danks Street
BOUGHT: $1,215,000
580
/1000
JAMES HOME RATINGS
BRIGHTON: 2 Cowper St
2 Cowper Street
BOUGHT: $1,272,500
UNDISCLOSED
JAMES HOME RATINGS
PORT MELBOURNE: 10 Beaconsfield Pde
10 Beaconsfield Parade
BOUGHT: $990,500
601
/1000
JAMES HOME RATINGS
SANDRINGHAM: 2 Victory St
2 Victory Street
BOUGHT RANGE*: $1,102,850 - $1,213,250
Stonnington Weekly
port phillip Scheduled Auctions
PORT MELBOURNE
10 Beaconsfield Parade, PORT MELBOURNE
Bought $990,500
10 BEACONSFIELD PARADE
ALBERT PARK
126 Danks Street, ALBERT PARK
Bought $1,215,000
126 DANKS STREET
bayside Scheduled Auctions
BRIGHTON
2 Cowper Street, BRIGHTON
Bought $1,272,500
2 COWPER STREET
SANDRINGHAM
2 Victory Street, SANDRINGHAM
Bought undisclosed
2 VICTORY STREET
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
BRIGHTON
2 Cowper StreetBought$1,272,500$2,7662013-02-16
SANDRINGHAM
2 Victory StreetBoughtR: $1,102,850 - $1,213,250$1,610 - $1,7712013-02-16
ALBERT PARK
126 Danks StreetBought$1,215,000$6,6032013-02-16
PORT MELBOURNE
10 Beaconsfield ParadeBought$990,500$7,2302013-02-16
port phillip Private Sales
ALBERT PARK
131 Beaconsfield Parade, ALBERT PARK
Bought: $2,125,000
131 BEACONSFIELD PARADE
bayside Private Sales
BRIGHTON
4 Harwood Street, BRIGHTON
Bought: $2,000,000
4 HARWOOD STREET
BRIGHTON
283 St Kilda Street, BRIGHTON
Bought: $1,800,000
283 ST KILDA STREET
BRIGHTON
6 Moule Avenue, BRIGHTON
Bought: $2,550,000
6 MOULE AVENUE
REPORTED BAYSIDE PRIVATE SALES
REPORTED PORT PHILLIP PRIVATE SALES
ADDRESSBOUGHT PRICEIMPROVED $/SQM
BRIGHTON283 St Kilda Street$1,800,000$1,887
47 Bay StreetRange: $4,795,000 - $5,275,000$1,634 - $1,797
6 Moule Avenue$2,550,000$3,869
4 Harwood Street$2,000,000$2,639
ALBERT PARK131 Beaconsfield Parade$2,125,000$2,811
BRIGHTON, 2 Cowper St
BRIGHTON, 2 Cowper St | Greg Costello (RT Edgar)
Under Hammer: $1,272,500 - 6 Bidders (Photo: Kristen Hatt)

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