With a massive 47 auctions this weekend, Stonnington had a healthy 70% clearance rate overall – although clearance rates were less robust in the $2 million plus segment, at just 50%.
Of the 8 auctions we covered this weekend, 2 were bought before, 2 were ducks, 1 was a lone ranger,1 was a norm and 2 were volcanoes. Amongst the strong results was $4,650,000 under four bidders (after an opening bid of $3,300,000) for the property at 9 Clendon Court in Toorak – one of Melbourne’s premier streets.
There has been a feeling of quiet anticipation around the traps all this week. A smaller number of new listings due to the Easter school holidays has translated into lower numbers at open for inspections. The objective for buyers, sellers and agents has been firmly focused on achieving the Super Saturday results we saw this weekend.
Stonnington Snapshot
The emerging theme in Stonnington is the growing demand for downsizer properties. We understand the empty nest syndrome, but as buyer advocates, we also appreciate the scaling-down market. These are couples with adolescent or adult children still living at home, or in some cases it’s wanting an ability to offer transient accommodation to children, or perhaps temporary, or respite residence to older parents.
The floorplan flexibility in these types of properties, in addition to the low-maintenance criteria, has resulted in high demand. Strong prices have often prevailed in recent times, particularly in the $2 million range.
The properties can be apartments with lifts, or on the ground floor. They can be three-quarter size homes and land with a master suite downstairs, and they are certainly single level homes. Garaging, storage and security are all important too. These features provide the lock-and-leave option so desired by this segment of the market.
We reported on this demand for $2 million Stonnington townhouses in September last year after there were five bidders at the auction for 25 Huntingtower Road, Armadale. This property was bought for $2,350,000 (Peter Bennison, Marshall White). And a week later there were seven bidders at 2/2 Somers Avenue, Malvern, which sold for $2,445,000 (Kevin O’Brien, Jellis Craig)
Last week we saw 4 Devorgilla Avenue, Toorak sell under the hammer for $2,320,000 (Tim Derham, Abercromby’s). It was a single level two-bedroom home within walking distance to the tramline on Malvern Road. During this week, 1/1 Lascelles Avenue, Toorak sold before auction for an undisclosed price (above that of 4 Devorgilla) by Jeremy Fox from R T Edgar. This is a two-bedroom apartment on the ground floor.
In the $1m – $2m range we also have movement.
Last week at 60 Hunter Street, Malvern, a three-bedroom two-storey townhouse with a master suite on the ground floor, two bidders fought it out for hundreds of thousands of dollars after the property was declared on the market at $1,400,000 (Rae Tomlinson, Marshall White). Today, at 132 Finch St Malvern East, 3 bidders competed for a 3 bedroom single level townhouse. It also sold by Rae Tomlinson.
Results of interest this quarter
Family Homes – $3m +
11 Grosvenor Court Toorak sold this week after a private sale campaign which commenced last year ( Justin Long, Marshall White) Enquiries to us centred on price. This wonderful home has a grass tennis court and pool on 1972 sqm (Home Rating 746/1000)
2 Balfour St Toorak sold at auction today for an undisclosed sum over $3.500,000 (Jeremy Fox, RT Edgar) A renovated home on 781 sqm.
7 Winifred Crescent, Toorak sold in early March for an undisclosed sum over $3,500,000 after listing last year (Tim Wilson, RT Edgar). This is a four-bedroom family home on a sloping corner block of 642sqm.
10 Power Avenue, Toorak sold in February after first hitting the net last November, for an undisclosed price over $3,000,000 (Michael Ebeling, RT Edgar). This is a four-bedroom contemporary home on compact land of 466sqm.
Smaller Homes
45 Claremont Avenue, Malvern sold at auction at the end of February for over $1,900,000 with three bidders (Rae Tomlinson, Marshall White). This brick period home is in need of a major renovation and sits on 602sqm of north-facing land. This compares to two other three-quarter, brick period residences needing major renovation at 29 McKinley Avenue, Malvern on 557sqm (Heather Elder, Marshall White) and 29 Wheatland Avenue, Malvern on 560sqm (Andrew James, Hocking Stuart) which both sold last Spring for undisclosed sums around $1,700,000 and $1,800,000 respectively.
33 Jordan Street, Malvern sold at auction in early March for over $1,700,000 (Andrew Hayne, Marshall White). A renovated single-level period home with a practical floorplan, it sold on the same day as a prettier home nearby was passed in with zero bidders and a not-so-clear target demographic.
Apartments
4/ 3-5 Hobson Street, South Yarra sold before auction in February for $1,300,000 (Hugh Hardy, Bennison MacKinnon). A two-bedroom apartment, within a group of six and conveniently located.
2/21 Hampden Road, Armadale sold at auction last week for an undisclosed sum around $1,200,000 (Elliot Gill, Bennison MacKinnon). A small three-bedroom ground floor apartment in a block of four, it is located in an ‘A’ grade street.
Buyer Brief
The news story of the week was the announcement that Jellis Craig and Bennison Mackinnon have merged their operations with a launch on April 15, 2013 of the co-branded company to be named ‘Jellis Craig Bennison MacKinnon’.
Next Week
There are a few auctions mid-week before the Easter holidays break. Our Market News team will then be taking a few weeks off from reporting.
One such auction I will be following with interest is 27 Adelaide Street, Armadale listed with Mark Wridgway (RT Edgar). Will buyers want the land, or will they want to update the brick Victorian on good-sized land of 885sqm?
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