oc | Monday 20th January

Super Saturday this week – Super, Super next week!

He's back and we're glad: Greg Hocking (Greg Hocking Holdsworth) sells 29 Canterbury Rd, Middle Park after auction, Over $2,670,000, 2 bidders

At 6.00 pm on Saturday the James Clearance Rate for Melbourne’s $M+ was 73% on the 33 auctions we covered. The , our bidders per auction measurement, was 1.9. That’s a slight dip from previous weeks, but understandable given the huge numbers on offer.

Let’s see what happens next week.

  • Ducks (no bidder auctions) – 24%
  • Lone Rangers (1 bidder auctions) – 17%
  • Norms (2-3 bidder auctions) – 38%
  • Volcanoes (4+ bidder auctions) –21%

Another win to the Norms!

Biggest Auctions:

  • Sandringham, 16 Tennyson Street, Mark Earle (Buxton), after auction, undisclosed above $2,800,000, 1 bidder
    A good crowd gathered in the back yard to see auctioneer Mark Earle sell 16 Tennyson….(See More in Auction Reports)
  • Middle Park, 29 Canterbury Road, Greg Hocking (Greg Hocking Holdsworth), after auction, $2,800,000, 2 bidders
    Families with small children were out in force at this auction, with Greg Hocking describing the home as a “special opportunity”…(See More in Auction Reports)
  • Elwood, 54 Meredith Street, Stewart Lopez (Kay & Burton), under hammer, $2,800,000, 3 bidders
    What more could you ask for? A warm Saturday afternoon, a beautifully renovated period family home, only minutes to the beach to the west…(See More in Auction Reports)

Bidderbuzz:

  • Elsternwick, 1 Denver Crescent, Bill Stavrakis (Biggin & Scott), under hammer, $1,477,000, 5 bidders
    The large crowd at today’s auction was patient as auctioneer Bill Stavrakis took some last minute instructions from the vendor…(See More in Auction Reports)
  • Hawthorn, 22 Malmsbury St, James Tostevin (Marshall White), under hammer, $1,701,000, 5 bidders
    As I walked past Rocket Park and along Malmsbury Street, the gentle jingle of the gelati van created a pleasant springtime ambience…(See More in Auction Reports)
  • Toorak, 29 Turnbull Avenue, Jeremy Fox (RT Edgar), under hammer, undisclosed above $2,700,000, 4 bidders
    Auctioneer Jeremy Fox hosted a crowd of around 40 standing in dappled light under a canopy of trees…(See More in Auction Reports)

Biggest Pass Ins:

  • Albert Park, 87 St Vincent Place, passed in, $4,200,000, no bidders
    The auctioneer told the huge crowd of around 100 people that this was the “tenth or so” auction to be held in St Vincent Place this year alone – “an unprecedented number,”…(See More in Auction Reports)
  • Kew, 12 Florence Avenue, passed in, $3,250,000, 3 bidders
    A crowd stretched out in the shade opposite auctioneer Richard Earle half way up Florence Street for this mid afternoon auction…(See More in Auction Reports)
  • Fitzroy, 278 Gore Street, passed in, $2,950,000, no bidders
    A large crowd and a unique property up for grabs provided all the essential elements for an exciting auction…(See More in Auction Reports)

 

A day on the green, featuring Hamish Tostevin: 83 Victoria Crescent, Mont Albert sells after auction for an undisclosed amount above $2,740,000. Three bidders and a massive crowd of 200 people

Next week is a real Super, Super Saturday – Why?

Next Saturday represents the final week of the only possible four week auction campaign that could have started after the Grand Final and finished before the Melbourne Cup weekend – and it’s going to be big. This Saturday was for the most part a Super Saturday. But next week there are well over 200 auctions estimated at $1m+ in our database that are scheduled for Inner East and Bayside. This is one of the largest numbers we can remember in many years.

So how is the market going with this big surge in stock?

In a nutshell – very well, with plenty of depth, as evidenced by Bidderman and our own results.

After our less than perfect auction last week, we got back on the horse this week, and were successful in buying seven out of seven properties we bid for:

  • At Auction (Hawthorn – Bruce Bonnett – 4 Bidders);
  • After Auction (Northcote – Luke Chisholm);
  • Boardroom Auction (Malvern East – John Morrisby – 3 bidders);
  • Before Auction (Toorak – Elle Ariail) :
  • At Auction (Glen Iris – Tim Picken – 4 bidders);
  • At Auction ( Canterbury – Mark Dayman, Duane Woloweic – 2 Bidders);
  • At Auction (Surrey Hills – Antony Woodley, Kathy Malcolm – 3 bidders).
  • Brighton: Jason Gill (Hodges) sells 62 Elwood St, Brighton after auction for $1,840,000

    $3M+ Round the Grounds – Some Flavour

    STONNINGTON

    ‘Bought before auction’ are three words that continue to be heard in this current market. 50 Lansell Road, Toorak (Michael Gibson and Sarah Case) was bought last weekend, a couple of weeks prior to the deadline for the Expressions of Interest campaign. This seems to be an increasing trend in this rising market. Is it certainty buyers are after? Or is it the perception of minimal or no competition?

    Next week is Super Saturday, with 50 auctions scheduled. As the Spring market reaches a crescendo, how will the numbers of auctions and emotion of buyers affect price? Last year, Super Saturday marked the start of the busiest six weeks of the entire year for 2012.

    BOROONDARA

    Well, the market certainly is good right now in Boroondara – for buyers and sellers alike. As we have said for some time, this is a transacting market. The better agencies are regularly reporting that clearance rates are in the 80-90% numbers for better properties.

    A topic of interest in Boroondara (and Camberwell in particular) is the proposed zoning laws that will affect land. In brief, larger blocks of land may not be able to be subdivided in future. This could not only this affect the cost of land per square metre, given the smaller buyer pool, it could also change the way builders do business – with more of a focus on new homes and renovations. As always, it is prudent to talk to council, town planners before you decide to buy.

    BAYSIDE

    The Top End has also continued to move along steadily, with some strong results over the past weeks.

  • 2 Kinane Street, Brighton, has sold for more than $10,000,000 after being up for sale last year with no success (Jacqueline Maggs, JP Dixon)
  • 89 Cochrane Street, was up for sale earlier this year. It was converted to an auction campaign and sold before auction for more than $4,500,000 (Peter Kennett, Hocking Stuart)
  • 9 Dawson Avenue, Brighton, has sold at auction for $3,950,000 (Peter Kennett, Hocking Stuart)
  • 1/9 Glyndon Avenue, Brighton, sold privately for more than $4,000,000 (Brian Devlin, Buxton)
  • 16 Dawson Avenue, Brighton, sold at auction for in excess of $3,500,000 (Kate Strickland, Marshall White)
  • 38 Bolton Avenue, Hampton has sold for above $3,500,000 (Mark Earle, Buxton)
  • This week we also saw 6 Fernhill Road North, Sandringham, selling before auction for a figure in excess of $3,000,000 (Jenny Dwyer, Hocking Stuart).
  • PORT PHILLIP

    Last weekend we saw 110 Richardson Street, Middle Park sell for $2,910,000 – or $7,886 per sqm (Claudio Perruzzo, Biggin and Scott, St Kilda office). For me this was a much anticipated auction. This cracker of a property is located in highly-regarded Wright Street, Middle Park, has a beautiful period façade (although it’s a little hard to see underneath the overgrown garden), is double-fronted, has good land content at 369 sqm, with lane access on two sides, plus the light is excellent. The interesting question is, why did it sell for less per square metre than a very similar property at 93 Richardson Street that sold in May this year at $2,700,00 or $8,700 per sqm with four bidders, in a market that didn’t have the strength that we are seeing at the moment? The most obvious explanation is that, back then, there were 12 bidders who had $3 million in their pockets after missing out on the auction of three terraces in St Vincent Place (which each had five bidders).

    Agent Survey: How are $3m+ stock levels looking as we head in to November?

    Jenny Dwyer (Hocking Stuart, Sandringham): Having just been involved in a sale over the last few days in Sandringham, which sold in excess of $3 M , the level of competition on this property was high. Market conditions appear to be strong across the full spectrum of price ranges and the $3m plus sector is no exception. Stock levels are low however in this range heading into the latter part of Spring.

    Gerald Delany (Kay & Burton, South Yarra): We have probably seen the full supply of stock we are going to see this spring or at least 90%. Levels are good, taking into account the depth of demand . There is certainly not a flood of stock that many had expected due to the lack of activity during the period 2011/12. We are confident with the state of the market of the full Spring selling season will continue to be robust.

    Richard Earle (Jellis Craig, Hawthorn): Last year in the month of November our Balwyn office had 3 sales in excess of $3 million. This year we have 6 listings that will have quote prices in excess of $3 million – 2 of which are in Ivanhoe. I feel the strong prices at the upper end, on low supply earlier this year, have given confidence to some senior home owners looking to scale down to make the move this year in November.

    John Bongiorno (Marshall White, Armadale): Looking ahead to November, the $3,000,000 plus stock levels are looking healthy as far as public auctions go. However, my strong advice to any buyers looking in this price range would be to let their agents know what they are looking for, as a number of transactions in this price range take place off-market and therefore not every property available for sale is advertised publicly.

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