oc | Sunday 5th April


Stonnington Weekly

This year seems to have started where it left off – with a sense of buyers wanting to transact.

Stonnington Snapshot

Last year we did almost a third of our business for the year in the last 6 weeks of the year. In fact, we worked on deals till . Of particular interest were a couple of pre- off-market sales of in the mid $1 millions. One was in Finlayson St, sold by John Morrisby from , the other in Ewart St, sold by Tim Bennison from .

Some agencies have already experienced a good start to the new year, with quite a few sales over the Christmas break. Rob Vickers-Willis from Abercromby’s said they’d had their strongest first quarter start since the company commenced 8 years ago, with a number of properties sold in the $2 – $5m range.

Some good early results were:

over 900 sqm in Finch St, East, which sold for just under $3m by Rob Vickers-Willis from Abercromby’s.

21 Denbigh Rd, , which sold for just under $4m by Tim Derham and Kate Cusack from Abercromby’s.

28 Warra St, Toorak, which sold a year ago and sold again recently within a week to an off-shore buyer for just over $3m, with Nathan Waterson from Bennison Mackinnon

There has been a noticeable increase in crowd numbers at Opens so far this year. Many of those who have approached us have been inquisitive and enthusiastic. We’ve been getting the same feedback from agents regarding crowds. Our enquiry levels for Stonnington in comparison to the other Councils have been picking up. Interestingly, they have mostly been from family buyers in the $2m plus range.

Andrew McCann from Bennison Mackinnon said his company has had a strong start to the year: “We are listing well all the way up to Easter.” He said 23 March will carry a fair volume, and that stock levels are 15% higher than this time last year, with a 20% improvement on numbers at Opens. “It feels like there’s more appetite and enthusiasm from buyers.”

’s Michael Armstrong said he is not surprised at the increase in commitment and motivation from upper end buyers compared to last year: “The ASX breaching 5000 points has been a key moment for confidence in the market, and with borrowing rates at 5% and going lower, money simply can’t afford to sit still any longer.”

Two properties which sold before auction were 72 Sutherland Rd, Armadale and 17 Union St, Armadale. Both sold for just under $3 million. (Tim Derham from Abercromby’s)

Overall though, the current stock is a little lower in dollar terms than we traditionally see at this time of year. There seems to be a dearth of fully-renovated family homes on offer in all price sectors. There is little in the upper end, and, curiously, has few properties over the $1m mark. Andrew McCann said he is confident however that quality of stock will improve over March, particularly in Armadale, Malvern and Malvern east areas.

Just Quietly

Off-markets and upcoming properties are currently more prevalent than during this time in previous years and this may be why buyers we have spoken with are still trying to understand the market in context – what’s available on and off market and what’s coming up for auction in March. Easter being in late March and the Labour Day weekend in mid March has put time pressure on vendors and agents in terms of timing a 3-4 week campaign and auction dates. Michael Armstrong said stock levels in the upper end are steady and remaining that way until Easter.

A few fully-renovated period family homes possibly coming up for auction in March have been listed: in Malvern East by (Marshall White) in Malvern by Lachie Fraser-Smith ( Ben Mac)  and in Prahran by Andrew Baines ( Kay & Burton)

Next Week

This weekend we had 11 auctions in Stonnington and the next two weekends we will have 32 and 36 respectively. The last auction weekend in March ( before Easter and school holidays) is shaping up to be carrying a high volume. But the first real test in terms of volume sales will be next week – 23rd February.

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

ARMADALE, 8 Ashleigh Rd
ARMADALE, 8 Ashleigh Rd | Lachie Fraser-Smith (Jellis Craig)
Under Hammer: Bought range: $1,397,263 - $1,537,135 - 2 Bidders (Photo: Gina Kantzas)
Bidderbuzz Auction
"My first auction for the year and, admittedly, as I waited for it to begin my focus kept returning to "where can I find shelter from the hot sun?" The crowd of 55 people were interspersed with friendly neighbours. Auctioneer Lachie Fraser-Smith accepted an opening bid of $1.3m (which was at the bottom of the quote range) to start proceedings. He asked for a $25,000 rise and was met by Bidder Two. An early half time resulted in the bids reducing to $5,000 increments and the declaration of the property being on the market at $1,410,000, Bought soon after by Bidder One for an undisclosed amount." (Gina Kantzas)


Biggest Sale: MALVERN EAST, 21 Brunel St
Marcus Chiminello (Marshall White); Under Hammer, $2,321,000 - 4 Bidders

"As I approached this auction, the canopy of plane trees was a welcoming sight. During this lunchtime scene, 90 or so people were fortunate to find refuge from the beaming sun in this tree-lined street as the proceedings started late and the action was slow to start. This was the second auction for this property in 6 months, possibly due to price than the home. Auctioneer Marcus Chiminello swiftly opened on a vendor bid of $2m and asked for $25,000 rises. After a delay, Bidder One took this up but Marcus was forced to confer with his vendor as there was no further bidding. This pause must have done the trick as three more bidders entered the fray. Bidding reduced to $5,000 increments until the property was declared on the market at $2,200,000 - reasonable I thought as it had been quoted in the low $2m's. From this point, bidding rose to $20,000 offers and then reduced again until it reached $1,000 bids. Bidders one and four then battled it out for 21 bids (worth a total of $21,000) until the hammer was brought down. Bought under the hammer by Bidder One for $2,321,000." (Gina Kantzas)


Biggest Pass In: MALVERN EAST, 17 John St
Iain Carmichael (Jellis Craig); Passed In: $1,370,000 - 0 Bidders

"My last auction for the day and by now it was very hot. Once again I found myself seeking shelter from the sweltering sun but this time it was to no avail. The small crowd of 40 kept still, probably conserving energy in the heat. Auctioneer Iain Carmichael worked hard to encourage this quiet crowd to put a hand up. He opened on a vendor bid of $1,350,000, went in to confer with his vendor, put forth a second and final vendor bid of $1,370,000 before asking for bids of $10,000. The crowd remained unresponsive and the property was passed at this level. " (Gina Kantzas)
$1M+ stonnington Featured Auctions
ARMADALE: 8 Ashleigh Rd
8 Ashleigh Road
BOUGHT*: Undisclosed
MALVERN EAST: 21 Brunel St
21 Brunel Street
BOUGHT: $2,321,000
36 Emo Road
PASSED IN: $1,200,000
17 John Street
PASSED IN: $1,370,000
Stonnington Weekly
stonnington Scheduled Auctions
48 Hughes Street, MALVERN EAST
Bought $1,360,000
47 Chomley Street, PRAHRAN
Bought undisclosed
8 Ashleigh Road, ARMADALE
Bought undisclosed
4 Warley Road, MALVERN EAST
Bought $980,000
8 Ashleigh RoadBoughtUndisclosed2013-02-16
21 Brunel StreetBought$2,321,000$3,7022013-02-16
17 John StreetPassed InPI: $1,370,000
36 Emo RoadPassed InPI: $1,200,000
4 Warley RoadBought$980,000$3,5252013-02-16
48 Hughes StreetBought$1,360,000$2,0702013-02-16
47 Chomley StreetBoughtR: $949,410 - $1,044,450$4,416 - $4,8582013-02-12
37 Packington StreetBoughtR: $1,054,900 - $1,160,500$4,432 - $4,8762013-02-16
78 Bayview StreetBoughtR: $1,112,440 - $1,223,800$4,774 - $5,2522013-02-16
stonnington Private Sales
3/29 Tintern Avenue, TOORAK
Bought: undisclosed
TOORAK3/29 Tintern AvenueRange: $1,918,000 - $2,110,000$2,259 - $2,485
MALVERN EAST, 21 Brunel St
MALVERN EAST, 21 Brunel St | Marcus Chiminello (Marshall White)
Under Hammer: $2,321,000 - 4 Bidders (Photo: Gina Kantzas)

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