oc | Tuesday 21st January

Bayside/Port Phillip



Bayside Weekly

There were mixed results last weekend, which was also a ‘Super Saturday’.  dropped to an average of 1.7 bidders per and whilst this is not alarming (it is only the fourth weekend we have covered this year that has averaged under 2, and the other three were on lesser quality, low stock weekends), most of the 2014 auction season has been averaging 2 or more bidders per auction.

Also of note, I have heard of three properties this week that have ‘cooled-off’ after of sale had been signed – in Black Rock, and East.    Please note that I have deliberately been vague in the identification of these properties as it can be a particularly stressful time for both the buyers and vendors involved.

The question may be better asked as ‘what does this mean?’  Did the buyers rush into contracts to avoid missing out, only to have a change of heart afterwards?  Were the contracts subject to clauses such as finance that weren’t met?  Whatever the reasons, it demonstrates some in some buyers’ minds.

Having a good understanding of your key buyer criteria and whether the property meets those needs, understanding and implement a good buying strategy may be ways to prevent doubt post contract and whilst ‘cooling-off’ is one way to change your mind, it can also be costly, and it is much better to understand what the property means to you before you buy rather than after.

The above provides further evidence that we may be shifting from a rising market, to a mixed market, although at this stage there are potentially more signs at the of the market where the air is naturally thinner.  Buyer depth in the $1-2 million range is still strong and if the property is priced at appropriately, there is good competition amongst buyers.

As we lead into ’s normal winter hiatus, buyers may wish to consider further, the ‘off-market’ opportunities during this period.  We inspected six homes yesterday at varying price levels  and have a similar number arranged for inspection next week.  Having a good strategy to buy ‘off-markets’ is also worth considering.  If you are lucky enough to find one that meets your needs, the process to buy is likely to be very different to Melbourne’s  ‘auction process’ which can provide buyers with the most transparent method of sale.  Understanding the process and having a good handle on  values will be important as there may or may not be other buyers to support your thoughts.

Two of the higher end properties this week auctioned mid-week, one selling well with multiple bidders, the other passing in:

  • 62 Head Street, Brighton with 3 bidders for an undisclosed amount in the high $3millions (Barb Gregory, Marshall White);
  • 4 Stewart Street, Brighton passed in on a vendor bid above $3million (Jason Gill, Hodges & Barb Gregory, Marshall White).

Finally, the biggest sale of the weekend was at 166 Esplanade, Brighton (Robert Curtain, Sothebys Realty) selling for an undisclosed amount, we believe to be around $8million.

 

HAMPTON, 40 May St
HAMPTON, 40 May St | Rob Strickland (Marshall White)
Under Hammer: $1,570,000 - 4 Bidders (Photo: Karen Bumpstead)
Bidderbuzz Auction
"A crowd of around 80 people gathered to watch Rob Strickland auction 40 May Street, Hampton, no doubt keen to see what the result would be - especially after number 20 was bought at auction just last week. A vendor bid of $1,300,000 opened proceedings but it didn't take long before we had a bidding war between four parties on our hands. On the market at $1,500,000, the battle came down to bidders 3 and 4, with Bidder 3 eventually the victor at $1,570,000." (Karen Bumpstead)

 

Biggest Sale: ALBERT PARK, 1A College Pl
Greg Hocking (Greg Hocking Holdsworth); Under Hammer, $3,705,000 - 3 Bidders

"On offer today an ex-bakery/warehouse conversion that had been transformed into a six-bedroom, three-storey character filled home. With its ivy covered walls adding a European flavour, the historic residence drew a huge crowd of some 140. Mr Hocking whizzed through the preliminaries and started proceedings by placing a vendor bid of $3,000,000 calling for $25,000 rises. However, initially there was no response. Mr Hocking kept up the patter for quite some time, before eventually someone offered the required rise, and from there it was off and running, as two bidders fought a hard race. At $3,450,000 it was declared on the market, but near the home stretch a third bidder entered and snatched the prize at $3,705,000. A loud round of applause erupted for what was fast paced and exciting auction. " (Sara Hoffman)

 

Biggest Pass In: BRIGHTON, 221 Church St
David Evans (Moore Co.); Passed In: $2,800,000 - 0 Bidders

"A small crowd of around 20 were on hand to watch David Evans auction this property in the heart of Brighton. Unfortunately for Mr Evans, there was no bidding on the day and the home opened and closed on a vendor bid of $2,800,000." (Karen Bumpstead)
$1M+ bayside/port phillip Featured Auctions
595
/1000
JAMES HOME RATINGS
ALBERT PARK: 74 Barrett St
74 Barrett Street
PASSED IN: $1,650,000
720
/1000
JAMES HOME RATINGS
ALBERT PARK: 1A College Pl
1A College Place
BOUGHT: $3,705,000
UNDISCLOSED
JAMES HOME RATINGS
BRIGHTON: 221 Church St
221 Church Street
PASSED IN: $2,800,000
UNDISCLOSED
JAMES HOME RATINGS
BRIGHTON: 14 Dendy St
14 Dendy Street
PASSED IN: $2,300,000
687
/1000
JAMES HOME RATINGS
BRIGHTON: 26 North Rd
26 North Road
BOUGHT*: Undisclosed
No report
UNDISCLOSED
JAMES HOME RATINGS
BRIGHTON: 42 Roslyn St
42 Roslyn Street
BOUGHT: $2,350,000
689
/1000
JAMES HOME RATINGS
ELWOOD: 20 Heaton Av
20 Heaton Avenue
PASSED IN: $2,000,000
743
/1000
JAMES HOME RATINGS
ELWOOD: 122 Ruskin St
122 Ruskin Street
BOUGHT RANGE*: $2,589,300 - $2,848,500
No report
701
/1000
JAMES HOME RATINGS
HAMPTON: 37 Crisp St
37 Crisp Street
BOUGHT: $2,515,000
680
/1000
JAMES HOME RATINGS
HAMPTON: 40 May St
40 May Street
BOUGHT: $1,570,000
586
/1000
JAMES HOME RATINGS
HAMPTON: 22 The Avenue
22 The Avenue
BOUGHT: $1,800,000
628
/1000
JAMES HOME RATINGS
HIGHETT: 17 Sydenham St
17 Sydenham Street
BOUGHT: $1,370,000
Stonnington Weekly
port phillip Scheduled Auctions
PORT MELBOURNE
19/200 Bay Street, PORT MELBOURNE
Bought $1,330,000
19/200 BAY STREET
ELWOOD
78 Milton Street, ELWOOD
Bought $1,165,000
78 MILTON STREET
PORT MELBOURNE
ALBERT PARK
1A College Place, ALBERT PARK
Bought $3,705,000
1A COLLEGE PLACE
bayside Scheduled Auctions
HAMPTON
40 May Street, HAMPTON
Bought $1,570,000
40 MAY STREET
BRIGHTON
31 Laburnum Street, BRIGHTON
Bought undisclosed
31 LABURNUM STREET
BEAUMARIS
3 Powys Drive, BEAUMARIS
Not Reported
3 POWYS DRIVE
BRIGHTON
27 Rusden Street, BRIGHTON
Bought $1,455,000
27 RUSDEN STREET
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
BEAUMARIS
3 Powys DriveNot Reported
BLACK ROCK
2/366 Beach RoadBought$1,650,000$5,4462014-05-31
10 Potter StreetBoughtR: $1,021,335 - $1,123,575$1,999 - $2,1992014-05-09
BRIGHTON
26 North RoadBoughtUndisclosed2014-05-31
31 Laburnum StreetBoughtR: $2,109,800 - $2,321,000$2,344 - $2,5792014-04-14
107 Halifax StreetBoughtR: $1,649,480 - $1,814,600$2,367 - $2,6032014-05-27
12 Pearson StreetNot Reported
27 Rusden StreetBought$1,455,000$3,9752014-05-31
221 Church StreetPassed InPI: $2,800,000
42 Roslyn StreetBought$2,350,000$4,0802014-05-31
36 Bay StreetPassed InPI: $1,800,000
14 Dendy StreetPassed InPI: $2,300,000
18 Champion StreetBought$1,465,000$2,6212014-05-31
BRIGHTON EAST
3 Berkeley GroveBought$1,050,000$1,8172014-05-29
23 Eloura AvenuePassed InPI: $1,050,000
175 Dendy StreetBought$1,225,000$1,7782014-05-31
16 Arnold RoadBoughtUndisclosed2014-05-31
32A Clinton StreetPassed In
53A Glencairn AvenueBought$1,790,000$5,6292014-05-31
HAMPTON
30 Smith StreetPassed InPI: $1,100,000
40 May StreetBought$1,570,000$2,1422014-05-31
22 The Avenue Bought$1,800,000$2,6162014-05-31
7 Karoola StreetNot Reported
40 Bateman StreetBought$1,290,000$1,9522014-05-31
41 Bridge StreetBought$1,670,000$2,2002014-05-31
37 Crisp StreetBought$2,515,000$2,9282014-05-31
HIGHETT
17 Sydenham StreetBought$1,370,000$2,3622014-05-31
SANDRINGHAM
23 Arthur StreetPassed InPI: $1,025,000
68 Edward StreetBought$1,800,000$1,3492014-05-31
31 Rose StreetPassed InPI: $1,235,000
ALBERT PARK
57 Draper StreetNot Reported
1A College PlaceBought$3,705,000$12,3092014-05-31
74 Barrett StreetPassed InPI: $1,650,000
330 Ferrars StreetPassed In
ELWOOD
122 Ruskin StreetBoughtR: $2,589,300 - $2,848,500$5,097 - $5,6072014-05-29
108 Glenhuntly RoadPassed InPI: $1,425,000
20 Heaton AvenuePassed InPI: $2,000,000
40 Goldsmith StreetPassed In
78 Milton StreetBought$1,165,000$4,5872014-05-31
MIDDLE PARK
56 Wright StreetNot Reported
PORT MELBOURNE
78 Princes StreetPassed InPI: $1,800,000
19/200 Bay StreetBought$1,330,000$6,1572014-05-31
303 Esplanade East Bought$1,900,000$8,6362014-05-31
SOUTH MELBOURNE
60-62 Nelson RoadBoughtUndisclosed2014-05-31
161 Bank StreetNot Reported
ST KILDA
47 Carlisle StreetNot Reported
ST KILDA EAST
2 Young StreetBought$1,012,000$5,0602014-05-31
ST KILDA WEST
216 Canterbury RoadBought$1,157,500$4,9892014-05-31
HAMPTON, 22 The Avenue
HAMPTON, 22 The Avenue | John Clarkson (Hocking Stuart)
Under Hammer: $1,800,000 - 4 Bidders (Photo: Karen Bumpstead)

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