oc | Friday 6th December

Stonnington



Stonnington Weekly

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 at 9 Clendon Court in – 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 still living at home, or in some cases it’s wanting an ability to offer transient accommodation to , 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 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, . 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, )

Last week we saw 4 Devorgilla Avenue, Toorak sell under the hammer for $2,320,000 (Tim Derham, ’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 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, sold before auction in February for $1,300,000 (Hugh Hardy, ). 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 on good-sized land of 885sqm?

GLEN IRIS (Stonnington), 152 Finch St
GLEN IRIS (Stonnington), 152 Finch St | James Tostevin (Marshall White)
Under Hammer: Bought range: $2,330,370 - $2,563,650 - 5 Bidders (Photo: Nicole Brooks)
Bidderbuzz Auction
"“Many of our agents live close by so we’ll be neighbours with the successful bidder!” said auctioneer James Tostevin to the 60 spectators who were enjoying the mid-morning sunshine. A quiet start saw Mr Tostevin submit an opening vendor bid of $2,000,000, asking for $25,000 rises. Bidder 1 heard the call and offered $2,025,000, quickly countered by a second bidder at $2,050,000. Another party offered $10,000 but Mr Tostevin let them know that he wasn’t prepared to slow the bidding just yet. The $25,000 rises continued until $2,100,000 when bidding stalled and Mr Tostevin went inside to seek instructions. On his return, Bidder 3 appeared at $2,125,000 but Bidder 2 had the momentum as the price rose to $2,200,000. At $2,220,000 the house was pronounced on the market, but as the words left Mr Tostevin’s mouth, the bids rocketed up in $10,000 increments to $2,400,000 in a battle between Bidder 2 and Bidder 5. Bidder 2 who competed strongly from the start was successful, purchasing this home for an undisclosed amount." (Nicole Brooks)

 

Biggest Sale: TOORAK, 9 Clendon Ct
John Bongiorno (Marshall White); Under Hammer, $4,650,000 - 4 Bidders

"Gauging by the expectant mood of the audience of around 50 people, it appeared that the dappled sunshine turning to blue skies and the clouds lifting were a metaphor for the curtains raising on the auction stage of this pre-loved family home on the northern side of arguably one of the best courts in Toorak. The cast included a veritable “who’s who” of Marshall White with no fewer than six directors and many agents acting in a supporting role. If this was anything to go by, it looked like we could expect a ripper of an auction – and deliver they did! Auctioneer John Bongiorno wasted no time in opening the first act with a vendor bid of $3,300,000 and called for $50,000 rises. An immediate attempt to bid $10,000 was rejected and a quick intermission called to chat with the vendors. “Act Two” commenced with little need to further sing the praises of this property with Bidder 1 almost immediately entering the fray, quickly joined by Bidder 2. A series of $50,000 rises later and Bidder 3 joined in the action taking the price to $3,800,000. Another $50,000 later and a fourth bidder appeared with bids coming in from left, right and centre stage so quickly that I had to give up writing them down as there was Buckley’s chance of keeping up, and the scene before us so terrifically riveting. A quick unscheduled interval was taken to check with the vendors and it was confirmed that the house was in fact on the market. “Act Three” and a flurry of further bids between bidders 1 and 4 eventually resulted in a winning price of $4,650,000 and a rousing round of applause. Congratulations Bidder 1 and welcome to Clendon Court. As the cast left the stage, sunshine disappeared again behind the clouds as if to signal the end of this dramatic performance. John Bongiorno had proved once again what a hard act he is to follow!" (Karen Bumpstead)

 

Biggest Pass In: TOORAK, 13 Merriwee Cr
Anthony Grimwade (RT Edgar); Passed In: $3,200,000 - 1 Bidders

"The sun cast soothing shadows in this beautifully tree-lined street as a small crowd of 30 gathered to watch auctioneer Anthony Grimwade present this five bedroom Neil Clerehan designed home, which included an indoor pool. Set as it is amongst some of the finest homes in Toorak, he extols the virtues of this property and sums it up as a ‘super home in a super street’. However, despite the sunshine, there’s a distinct lack of promise in the bidding when Anthony calls for a start. Someone makes a low offer of $2,700,000 which he promptly rebuffs, saying that at that price it’s barely land value. On the count of three he takes a detour inside to consult and on his return offers a vendor bid of $3,200,000 and again calls it three times. But it is to no avail. With no further response, he passes the property in on a vendor bid of $3,200,000. " (Sara Hoffman)
$1M+ stonnington Featured Auctions
UNDISCLOSED
JAMES HOME RATINGS
ARMADALE: 6 Meryl St
6 Meryl Street
BOUGHT RANGE*: $2,013,900 - $2,215,500
No report
UNDISCLOSED
JAMES HOME RATINGS
GLEN IRIS : 152 Finch St
152 Finch Street
BOUGHT RANGE*: $2,330,370 - $2,563,650
UNDISCLOSED
JAMES HOME RATINGS
MALVERN EAST: 38 Central Park Rd
38 Central Park Road
BOUGHT RANGE*: $4,315,500 - $4,747,500
No report
677
/1000
JAMES HOME RATINGS
MALVERN EAST: 132 Finch St
132 Finch Street
BOUGHT*: Undisclosed
UNDISCLOSED
JAMES HOME RATINGS
TOORAK: 9 Clendon Ct
9 Clendon Court
BOUGHT: $4,650,000
UNDISCLOSED
JAMES HOME RATINGS
TOORAK: 13 Merriwee Cr
13 Merriwee Crescent
PASSED IN: $3,200,000
693
/1000
JAMES HOME RATINGS
WINDSOR: 29 Thomas St
29 Thomas Street
PASSED IN: $2,500,000
Stonnington Weekly
stonnington Scheduled Auctions
SOUTH YARRA
SOUTH YARRA
11b Moffat Street, SOUTH YARRA
Bought $1,820,000
11B MOFFAT STREET
TOORAK
5/693 Orrong Road, TOORAK
Bought undisclosed
5/693 ORRONG ROAD
PRAHRAN
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
ARMADALE
43 Stuart StreetBoughtR: $1,786,617 - $1,965,465$4,401 - $4,8412013-03-23
6 Meryl StreetBoughtR: $2,013,900 - $2,215,500$5,035 - $5,5392013-03-05
8/24 Mercer RoadBought$1,300,000$8,0752013-03-23
4 Royal CrescentBought$2,915,000$4,3122013-03-23
GLEN IRIS
6 Glenvale RoadBoughtR: $2,301,600 - $2,532,000$3,602 - $3,9622013-03-23
181 Burke RoadPassed InPI: $1,550,000
271 Tooronga RoadPassed InPI: $855,000
152 Finch StreetBoughtR: $2,330,370 - $2,563,650$2,236 - $2,4602013-03-23
KOOYONG
7/1 Monaro RoadPassed InPI: $1,050,000
MALVERN
60 McArthur StreetBoughtR: $1,283,142 - $1,411,590$3,290 - $3,6192013-03-23
29 Cressy StreetBoughtR: $1,403,017 - $1,543,465$3,293 - $3,6232013-03-23
MALVERN EAST
67 Emo RoadBoughtR: $2,013,900 - $2,215,500$2,552 - $2,8082013-03-23
51 Paxton StreetPassed InPI: $1,950,000$2,552 - $2,8082013-03-23
2/414 Wattletree RoadPassed InPI: $1,415,000
42 Hyslop ParadeBoughtR: $1,006,950 - $1,107,750$3,964 - $4,3612013-03-23
13 Sutherland StreetBought$1,060,500$1,4732013-03-23
38 Central Park RoadBoughtR: $4,315,500 - $4,747,500$5,030 - $5,5332013-03-23
44 Clarence StreetBought$1,070,000$1,9712013-03-23
132 Finch StreetBoughtUndisclosed2013-03-23
PRAHRAN
29 Spring StreetBoughtR: $1,054,900 - $1,160,500$3,447 - $3,7922012-03-18
11/11 St%20Edmonds RoadBought$745,000$7,8422013-03-23
16 Pickford StreetPassed In
24 Willis StreetBought$1,257,500$4,7452013-03-23
SOUTH YARRA
66 Wilson StreetNot Reported
8 Macfarlan StreetPassed In
29-31 St Martins LaneBoughtR: $1,563,170 - $1,719,650$9,360 - $10,2972013-03-09
43 Garden LaneBought$1,270,000$17,3972013-03-23
69 Argo StreetPassed InPI: $1,053,000
23/21 Park LaneBoughtUndisclosed2013-03-23
11b Moffat StreetBought$1,820,000$2,2012013-03-23
181 Williams RoadBought$1,005,000$4,0042013-03-23
4/9 Shipley StreetBought$1,830,000$2,5592013-03-23
380 Punt RoadBoughtUndisclosed2013-03-23
1/56 Leopold StreetBoughtUndisclosed2013-03-23
TOORAK
5/693 Orrong RoadBoughtR: $1,150,800 - $1,266,000$975 - $1,0732009-04-26
4 Bellaire CourtPassed In
2 Balfour StreetBoughtR: $3,596,250 - $3,956,250$4,611 - $5,0722013-03-23
3 Clendon CourtBoughtR: $2,368,730 - $2,605,850$6,598 - $7,2592013-03-23
2/4 Brookville RoadBought$1,610,000$2,3852013-03-23
13 Merriwee CrescentPassed InPI: $3,200,000
40 Warra StreetBought$1,640,000$3,7272013-03-23
11 Stradbroke AvenuePassed InPI: $2,700,000$3,7272013-03-23
3/1 Lansell RoadBought$1,095,000$6,2572013-03-23
9 Clendon CourtBought$4,650,000$6,5312013-03-23
8 Irving RoadPassed InPI: $2,525,000
WINDSOR
29 Thomas StreetPassed InPI: $2,500,000
stonnington Private Sales
TOORAK
11 Grosvenor Court, TOORAK
Bought: undisclosed
11 GROSVENOR COURT
SOUTH YARRA
6/50 Marne Street, SOUTH YARRA
Bought: undisclosed
6/50 MARNE STREET
TOORAK
46 Clendon Road, TOORAK
Bought: $3,250,000
46 CLENDON ROAD
MALVERN EAST
60 Fisher Street, MALVERN EAST
Bought: undisclosed
60 FISHER STREET
ADDRESSBOUGHT PRICEIMPROVED $/SQM
MALVERN15 Fraser StreetRange: $2,085,825 - $2,294,625$7,319 - $8,051
MALVERN EAST60 Fisher StreetUndisclosed
SOUTH YARRA6/50 Marne StreetRange: $2,157,750 - $2,373,750$1,093 - $1,202
TOORAK11 Grosvenor CourtUndisclosed
46 Clendon Road$3,250,000$4,851
TOORAK, 9 Clendon Ct
TOORAK, 9 Clendon Ct | John Bongiorno (Marshall White)
Under Hammer: $4,650,000 - 4 Bidders (Photo: Karen Bumpstead)

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