oc | Wednesday 20th November

Stonnington



Stonnington Weekly

Stonnington Snapshot

The positivity in the market has continued into March with over 2 bidders at 6 out of the 7 auctions we covered today. There is now consistent evidence of buyers showing their readiness to transact. I was talking with Rae Tomlinson from during the week, and she agreed: “There is activity happening out there.” There are in fact stories of buyers arriving at open for inspections early on in a selling campaign and finding a sold sticker on the board.

  • 6 Meryl Street, Armadale was scheduled for a Super Saturday auction next week, but was sold for a strong price in the second week of its campaign by Andrew McCann and Carla Fetta ().
  • 38 Central Park Road, (James Redfern, Marshall White) was also scheduled for a Super Saturday auction but sold last week instead. The sale price was way above the result achieved when the was sold in 2009 for a price that was even then way above our expectations

Recent Results

  • 21 Vincent St on 864 sqm – sold for over $2,700,000 undisclosed (Rob Vickers-Willis, ’s)
  • 6 Benson Avenue, – An unfinished symphony (home) – sold through Phillip French () for high $2,000,000, which was less than was paid when the property was in a different state two years ago.

$3 Million-Plus Results

  • 6 Burke Road, Glen Iris (1357 sqm) – sold in an Expressions of Interest (EOI) campaign for just over $3,000,000 by Rob Vickers-Willis (Abercromby’s).
  • 7 Winifred Crescent, Toorak – was on the market for nearly a year, but patience shown by selling agent Tim Wilson (RT Edgar) finally resulted in a sale for mid $3,000,000 this week.
  • 202 Kooyong Road, Toorak – went through last year as an off-market listing. It sold recently for over $5m by Michael Armstrong (Kay & Burton).
  • 38 Central Park Rd East ( James Redfern, Marshall White) see above

Forthcoming properties

Talking with Elliot Gill during the week and I was pleased to note seemingly good quality pre-market and off-markets in South Yarra listed by Bennison Mackinnon because South Yarra has not quite kept pace with the remainder of Stonnington this year.

Buyer Brief

Media reports and low interest rates are supporting earlier suggestions by some agents that 2013, unlike recent years, may see prices steady and possibly rise rather than fall. While buyers have been waiting for prices to fall, and for the quality of stock to improve during the last two years, it now seems that underlying buyer is now resulting in transactions.Those in the know would appreciate that some properties bought at the recent height of the market in 2009 and 2010 have since come back on the market – did these buyers make good purchasing decisions? We are also noticing that some properties that were listed in 2011-12 and were unable to find new owners at the time are now selling.

Next Week

Next week will be the third Super Saturday for this first season of the year before a well-deserved break for buyers and agents alike. Preparation will then commence for the Autumn season with most auction activity occurring in May.

MALVERN EAST, 21 Davies St
MALVERN EAST, 21 Davies St | Hamish Tostevin (Marshall White)
After Auction: Bought range: $2,162,545 - $2,379,025 - 4 Bidders (Photo: Sara Hoffman)
Bidderbuzz Auction
"Early Saturday morning and Autumn finally arrives with the sky a patchwork of dark clouds. A crowd of 40 gathers to see the auction of this fully renovated Edwardian family home located within walking distance of Hedgeley Dene Gardens. Marshall White’s Hamish Tostevin calls our attention to the salient contractual obligations, and the home's many splendid features – summing it up as “outstanding property” - and offers encouragement for bidders to step up to the plate. No response, and he says ”one at a time” but still nothing doing, so he places a vendor bid of $1,900,000 and calls for $25,000 rises. A lone bid is offered in return, and Hamish says this is going to be a quick auction and takes a mini break to confer with the vendor. Upon his return he states that he will not be going inside again, and is offered $10,000 which he refuses. It’s not looking promising, but then a fresh offer is lobbed and it’s suddenly flying. Four bidders fight it out and the bids go up in rapid succession to $2,125,000, then slow to $10,000 increments. Mr Tostevin now has to work to keep the momentum going, and he does. He offers encouragement and the bidding continues until it reaches $2,200,000 where it stops and is passed in to an estate agent bidding on behalf of a client. Another exciting auction with a good number of interested parties. Bought after auction for an undisclosed amount." (Sara Hoffman)

 

Biggest Sale: TOORAK, 9-10 Lisbuoy Ct
Tim Derham (Abercromby's); Under Hammer, $3,840,000 - 3 Bidders

"On a quiet tree-lined Toorak cul-de-sac a crowd of 60 wandered up to this pair of maisonettes, which is a likely development site. Auctioneer Tim Derham's raspy voice carried well but made no initial impact on the observers after his vendor bid of $3,500,000, as he was immediately forced to go through the motions of having a break to consult. The three most interested buyers were roused by the circuit breaker into brisk bids of $50,000 steps, until a bidder asked if the property was on the market. After a mini-conference with the owners in the driveway, it was declared on the market at $3,750,000. Mr Derham advised boldness from the bidders, but the property found its price without too much drama. Bought under the hammer for $3,840,000, a healthy $5300/m2 for the vendors." (David Adamowicz)

 

Biggest Pass In: TOORAK, 11 Hopetoun Rd
Justin Long (Marshall White); Passed In: $5,200,000 - 2 Bidders

"Melbourne’s recent hot streak was but a distant memory today with a sudden change in weather doing its best, but failing, to dampen the enthusiasm of the 80-strong crowd who had gathered to witness the auction of this iconic property at the “Paris-end” of Hopetoun Road. Just as well the rear open plan living spaces were “large enough to accommodate a cocktail party for 100” as we all required shelter from a dramatic downpour outside. Quick thinking and good-humoured as always, auctioneer Justin Long was quick to point out the vast, natural light-filled spaces just as the power went out! Drama aside, a fair and reasonable start was called for this renovated 1960’s property, and when none was forthcoming, a vendor bid of $5,000,000 kicked-off proceedings. Perhaps the close proximity left bidders feeling exposed? On closing down an attempt to offer $4,750,000, less than the opening price, Mr Long turned to the crowd seeking a $100,000 rise. Enter Bidder 1. Realising at that stage an increase was required to win the property, Bidder 2 chimed in, slowing the bidding to $5,150,000 and was quickly outbid by Bidder 1. The property was passed in at $5,200,000 and we were ushered out of the building to allow negotiations to continue." (Karen Bumpstead)
$1M+ stonnington Featured Auctions
UNDISCLOSED
JAMES HOME RATINGS
ARMADALE: 70 Sutherland Rd
70 Sutherland Road
PASSED IN: $2,825,000
699
/1000
JAMES HOME RATINGS
MALVERN EAST: 11 Central Park Rd
11 Central Park Road
PASSED IN: $2,575,000
654
/1000
JAMES HOME RATINGS
MALVERN EAST: 21 Davies St
21 Davies Street
BOUGHT RANGE*: $2,162,545 - $2,379,025
677
/1000
JAMES HOME RATINGS
TOORAK: 3 Canterbury Rd
3 Canterbury Road
BOUGHT*: Undisclosed
UNDISCLOSED
JAMES HOME RATINGS
TOORAK: 4 Devorgilla Av
4 Devorgilla Avenue
BOUGHT: $2,320,000
747
/1000
JAMES HOME RATINGS
TOORAK: 11 Hopetoun Rd
11 Hopetoun Road
PASSED IN: $5,200,000
UNDISCLOSED
JAMES HOME RATINGS
TOORAK: 9-10 Lisbuoy Ct
9-10 Lisbuoy Court
BOUGHT: $3,840,000
Stonnington Weekly
stonnington Scheduled Auctions
PRAHRAN
28 Chomley Street, PRAHRAN
Bought undisclosed
28 CHOMLEY STREET
GLEN IRIS
SOUTH YARRA
1201/1 Clara Street, SOUTH YARRA
Bought $1,240,000
1201/1 CLARA STREET
MALVERN EAST
25 Durward Road, MALVERN EAST
Passed In
25 DURWARD ROAD
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
ARMADALE
70 Sutherland RoadPassed InPI: $2,825,000
2/21 Hampden RoadBoughtR: $1,160,390 - $1,276,550$1,385 - $1,5232013-03-16
41 Barkly AvenueBoughtR: $912,009 - $1,003,305$4,322 - $4,7552013-03-16
GLEN IRIS
1 Hillside AvenuePassed InPI: $1,900,000
MALVERN
60 Hunter StreetBoughtR: $1,631,259 - $1,794,555$5,098 - $5,6082013-03-16
1/42a Elizabeth StreetPassed InPI: $820,000$5,098 - $5,6082013-03-16
MALVERN EAST
60 Fisher StreetBoughtR: $1,294,650 - $1,424,250$1,735 - $1,9092013-03-16
2A Ailsa AvenueBoughtR: $863,100 - $949,500$1,733 - $1,9072013-03-16
11 Central Park RoadPassed InPI: $2,575,000$1,733 - $1,9072013-03-16
21 Davies StreetBoughtR: $2,162,545 - $2,379,025$3,460 - $3,8062013-03-16
25 Durward RoadPassed InPI: $1,110,000
PRAHRAN
41 Charles StreetPassed In
87 Charles StreetBought$1,180,000$5,0002013-03-16
28 Chomley StreetBoughtR: $1,419,320 - $1,561,400$3,706 - $4,0772013-03-16
SOUTH YARRA
53 Airlie StreetBoughtR: $1,846,075 - $2,030,875$6,366 - $7,0032013-03-16
68 Hawksburn RoadBoughtR: $2,302,559 - $2,533,055$4,328 - $4,7612013-03-16
17 Fitzgerald StreetBoughtBought (2013-04-13) - $1,205,000$4,8982013-04-13
1201/1 Clara StreetBought$1,240,000$2662013-03-16
TOORAK
4 Devorgilla AvenueBought$2,320,000$6,3562013-03-16
9-10 Lisbuoy CourtBought$3,840,000$5,3332013-03-16
1/1 Lascelles AvenueBoughtR: $2,301,600 - $2,532,000$2,569 - $2,8262013-03-12
3 Canterbury RoadBoughtUndisclosed2013-03-16
11 Hopetoun RoadPassed InPI: $5,200,0002013-03-16
13 Mell StreetPassed InPI: $1,100,000
stonnington Private Sales
SOUTH YARRA
29-31 St Martins Lane, SOUTH YARRA
Bought: undisclosed
29-31 ST MARTINS LANE
TOORAK
11 Grosvenor Court, TOORAK
Bought: undisclosed
11 GROSVENOR COURT
MALVERN EAST
60 Fisher Street, MALVERN EAST
Bought: undisclosed
60 FISHER STREET
SOUTH YARRA
6/50 Marne Street, SOUTH YARRA
Bought: undisclosed
6/50 MARNE STREET
ADDRESSBOUGHT PRICEIMPROVED $/SQM
MALVERN EAST60 Fisher StreetUndisclosed
SOUTH YARRA29-31 St Martins LaneRange: $1,563,170 - $1,719,650$9,360 - $10,297
6/50 Marne StreetRange: $2,157,750 - $2,373,750$1,093 - $1,202
TOORAK11 Grosvenor CourtUndisclosed
TOORAK, 3 Canterbury Rd
TOORAK, 3 Canterbury Rd | Marcus Chiminello (Marshall White)
Under Hammer: Bought range: $1,611,120 - $1,772,400 - 3 Bidders (Photo: Gina Kantzas)

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