oc | Wednesday 22nd January

Stonnington



Stonnington Weekly

Stonnington Snapshot

This weekend has been the first real test of the market this year, with a solid number of $1 million plus homes bought to auction in Stonnington. But it’s been more about auction numbers rather than quality of . We’ve been seeing mostly low level quality stock and lower priced stock, and the good properties are just starting to list as vendors wait to see how the market starts and what are the levels of buyer .

Of the 32 $1 million-plus auctions, 78% sold. With everyone awaiting the wash-up from this weekend and the results from next week to show the way forward, it is worth noting that some good quality, well-located properties are becoming available in March.

John Morrisby from , who I spoke with during the week, said 2013 has started with an “upbeat demeanor” from the many parties attending Open for Inspections and the early Auctions for the year. With both vendors and buyers “understanding they are predominantly making a lifestyle decision, the run in to an early Easter should or could be one of .” The litmus test will however be the success rates at auctions on February 23 and March 2, particularly the number of bidders still bidding when a is unreserved, he added. Those results will influence the amount of forthcoming for mid/late April and May.

Recent Results

  • 10 Power Avenue, Toorak – sold for over $3m (Michael Ebeling, ).
  • 3/29 Tintern Avenue, Toorak – sold for around $2m (Michael Ebeling, RT Edgar). Apartment No 5 remains for sale.
  • 74 Jordan Street, – a modern townhouse, sold for a price towards $1.8m (Mark Wridgway, RT Edgar).
  • 12 Howard Street, , – a contemporary townhouse, sold for over $1m (Anthony Grimwade, RT Edgar).

Forthcoming Properties

  • Modern, 3 bed plus study in Domain district (Michael Armstrong, Kay & Burton)
  • Fully renovated, 4 beds plus study in the Gascoigne estate (John Morrisby, Jellis Craig)

Just Quietly

  • 382 Wattletree Road, – a modern family home, sold privately during the week after passing in at auction for $2.6m in December (Andrew McCann, ).

Buyer Brief

60 Dixon St Malvern, a fully-renovated and extended cottage seems to have created a buzz as it heads towards an exciting auction next week. Agent Rae Tomlinson and her team had their “hands full” talking with the huge numbers of people going through the first open for inspection. In particular, enquiry was about price and where it could end up. Speculation aside, this property has raised discussion amongst clients about which market segment it appeals to, and if and how each could adapt their lifestyle within this home. The style of the home, both inside and out, is captivating. How potential buyers balance the wow factor (their emotional needs), with their physical needs will be intriguing to watch at auction next Saturday, March 2. (James Home Rating 707/1000)

Next Week

What happens now will influence the amount of forthcoming property for mid/late April, and then further into May, with a clear run for a four-week selling campaign.

 

SOUTH YARRA, 5A Macfarlan St
SOUTH YARRA, 5A Macfarlan St | Mark Wridgway (RT Edgar)
Under Hammer: $1,360,000 - 7 Bidders (Photo: Sara Hoffman)
Bidderbuzz Auction
"A crowd of some 50 onlookers attempt to find shade from the hot midday sun, and wait impatiently for the action to begin. Auctioneer Mark Wridgway does a superb job of extolling the virtues of this as new freestanding 3 bedroom plus study home. After noting that this is “a quality property” he offers it for auction. Despite the heat, the auction begins coolly and appears to stall. As no offer is forthcoming Mr Wridgway issues a vendor bid of $ 1,100,000 to start the ball rolling. Still a complete lack of response; he offers another vendor bid of $1,100,000 and calls for $10,000 rises. He calls it three times and just as we are ready to call it a no-show and pack our bags and go home, the bidding begins. It was hot and we are finally not just talking about the weather! The bidding starts in earnest and climbs at a measured pace of $10,000 rises, and it looks like a two horse race. However, shortly after its pronounced on the market at $1,215,000, and five new bidders emerge. The bidding war then erupts and this becomes a hotly contested property. Eventually - 32 bids from start to finish - a knock-out bid is delivered and it is sold for $1,360,000. Another successful auction completed. " (Sara Hoffman)

 

Biggest Sale: ARMADALE, 8 Armadale St
Lachlan Fraser-Smith (Jellis Craig); After Auction, $2,490,000 - 3 Bidders

"There was an air of excitement about this auction, thanks largely to the crowd of more than 70 people who had taken up all vantage points to get the best view of proceedings. Tenacious and patient as ever, Lachlan Fraser-Smith skilfully worked the crowd fleshing out bids he seemed to know were there, but weren’t easily forthcoming. Three bidders were dominated by one who appeared determined and confident that he was going to win the right to negotiate inside. Sure enough, the property was passed in with the bidding at $2,465,000 and sold a little later to the same bidder for $2,490,000. " (Karen Bumpstead)

 

Biggest Pass In: MALVERN, 30 Chesterfield Av
Lachlan Fraser-Smith (Jellis Craig); Passed In: $3,000,000 - 0 Bidders

"With the property sitting proudly amid other prestigious homes in one of Malvern’s best tree lined avenues, auctioneer Lachlan Fraser-Smith expressed confidence that there would be bidders for this ten year old, mid-sized and low maintenance home. However, with a quiet and small crowd of less than 30, it appeared as though extracting bids would be tough going. Opening with a vendor bid of $3,000,000, rises of $50,000 were sought from the crowd. Silence - this was going to be a tough gig! Finally a bid from the crowd - $2,900,000! Maintaining his humour, Mr Fraser-Smith reminded that the bids are supposed to go UP not down. This did little to stir Mr Fraser-Smith or the crowd and the property was eventually passed in on the opening vendor bid of $3,000,000. " (Karen Bumpstead)
$1M+ stonnington Featured Auctions
592
/1000
JAMES HOME RATINGS
ARMADALE: 8 Armadale St
8 Armadale Street
BOUGHT: $2,490,000
559
/1000
JAMES HOME RATINGS
ARMADALE: 72 Sutherland Rd
72 Sutherland Road
BOUGHT*: Undisclosed
No report
606
/1000
JAMES HOME RATINGS
MALVERN: 30 Chesterfield Av
30 Chesterfield Avenue
PASSED IN: $3,000,000
578
/1000
JAMES HOME RATINGS
MALVERN: 45 Claremont Av
45 Claremont Avenue
BOUGHT RANGE*: $1,831,690 - $2,015,050
648
/1000
JAMES HOME RATINGS
SOUTH YARRA: 6 Davis Av
6 Davis Avenue
PASSED IN: $1,575,000
637
/1000
JAMES HOME RATINGS
SOUTH YARRA: 5A Macfarlan St
5A Macfarlan Street
BOUGHT: $1,360,000
501
/1000
JAMES HOME RATINGS
TOORAK: 48 Clendon Rd
48 Clendon Road
BOUGHT RANGE*: $1,361,780 - $1,498,100
Stonnington Weekly
stonnington Scheduled Auctions
SOUTH YARRA
5A Macfarlan Street, SOUTH YARRA
Bought $1,360,000
5A MACFARLAN STREET
SOUTH YARRA
6 Davis Avenue, SOUTH YARRA
Bought $1,650,000
6 DAVIS AVENUE
ARMADALE
37 Northcote Road, ARMADALE
Bought undisclosed
37 NORTHCOTE ROAD
ARMADALE
26 Hampden Road, ARMADALE
Bought undisclosed
26 HAMPDEN ROAD
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
ARMADALE
72 Sutherland RoadBoughtUndisclosed2013-02-23
50 Armadale StreetBoughtR: $1,922,795 - $2,115,275$4,380 - $4,8182013-02-23
37 Northcote RoadBoughtR: $1,074,080 - $1,181,600$2,959 - $3,2552013-02-23
26 Hampden RoadBoughtR: $2,431,065 - $2,674,425$4,341 - $4,7762013-02-23
8 Armadale StreetBought$2,490,000$4,0822013-02-23
GLEN IRIS
9 Irymple AvenueBought$1,101,000$2,8452013-02-23
2 Great Valley RoadBoughtBought (2013-03-03) - R: $949,410 - $1,044,450$1,507 - $1,6582013-03-03
28 Aintree RoadBought$995,500$2,1002013-02-23
MALVERN
13a Thanet StreetPassed InPI: $1,160,000
30 Chesterfield AvenuePassed InPI: $3,000,000
22 Haverbrack AvenueBoughtR: $2,085,825 - $2,294,625$4,345 - $4,7802013-02-23
6A Cawkwell StreetBoughtR: $1,189,160 - $1,308,200$7,121 - $7,8342013-02-23
45 Claremont AvenueBoughtR: $1,831,690 - $2,015,050$3,043 - $3,3472013-02-23
MALVERN EAST
56 Repton StreetBought$994,000$4,6892013-02-23
6 Sycamore StreetBoughtR: $1,294,650 - $1,424,250$1,532 - $1,6862013-02-23
50 Emo RoadBoughtBought (2013-03-13) - $880,000$1,8802013-03-13
136A Finch StreetPassed InPI: $1,465,000
3A Douglas StreetBought$1,530,000$2,4802013-02-23
PRAHRAN
18 Erica StreetNot Reported
1a Newry LaneBoughtUndisclosed1899-11-04
SOUTH YARRA
6 Davis AvenueBought$1,650,000$5,3922013-02-23
5A Macfarlan StreetBought$1,360,000$4,4592013-02-23
17A Stables LaneNot Reported
TOORAK
48 Clendon RoadBoughtR: $1,361,780 - $1,498,100$5,447 - $5,9922013-02-23
3/7 Gordon StreetBought$1,130,000$3262013-02-23
35 Mathoura RoadBought$1,150,000$3,6982013-02-23
stonnington Private Sales
ARMADALE
8 Armadale Street, ARMADALE
Bought: undisclosed
8 ARMADALE STREET
MALVERN EAST
4 Serrell Street, MALVERN EAST
Bought: $1,357,000
4 SERRELL STREET
ADDRESSBOUGHT PRICEIMPROVED $/SQM
ARMADALE8 Armadale StreetUndisclosed
MALVERN EAST4 Serrell Street$1,357,000$2,065
MALVERN, 45 Claremont Av
MALVERN, 45 Claremont Av | John Bongiorno (Marshall White)
Under Hammer: Bought range: $1,831,690 - $2,015,050 - 3 Bidders (Photo: Gina Kantzas)

Subscribe to our Market News Newsletter


Tags: , , , , , , , , , , , ,


Inside James Market News