oc | Thursday 23rd January

Inner and Northern

Adam Gardner


Inner City and Northern weekly

Has Spring Arrived Early?

It felt hot out there today and indeed we felt the build-up during the last week or so.

Today we bought 2 at competitive auctions (low $1m’s and low $3m’s) bought at Off-market circa $4m, missed at one of the longest bidding auctions I’ve been to (at the mid $2m’s) and during the week we have been involved in EOI, private sales and pre-auction negotiations. There is activity but it is not reactionary (out of frustration for example) it is about calculated risks. It seems that buyers are getting information and making decisions quicker. The move to as well as the move away from a home, is clear.

The doubts about will the market continue to rise in relation to prices seems to be firmly at the back of buyers minds.

During the week, reported “Strong Results at Top End,” reported 80% and reported “serious momentum.” The stated that recorded 21.5% growth in its medium price for the second quarter and East recorded 12.9% growth.

But it’s not only the suburbs traditionally thought of as affluent which are experiencing strong .

Northcote is an area that has really changed over the last few years. In particular, the High Street precinct, a magnet for culture in the area, is attracting the young and old alike. Bars, cafes and the Northcote Social Club set the scene for the area, and this is a spot that has enjoyed a special respect from locals for a long time. A draw card for new and younger families here is the larger and the real possibility of a useable backyard; this does set this area apart from some of the North Fitzroy precincts and further south is a super premium. Access to the city is still reasonable although the area has the school, park and shopping access making it fairly self-contained.

A good mixture of old and new homes abounds here, and there are some really special period homes to be found in the area, and a number of $2 million-plus sales have shown up in results over the last few years. Homes over 500 sqm of land which are not easy to come by or not widely affordable have sold in such streets as 92 Jenkins St in May, and 6 Palmer in June.

28 Mitchell St Northcote – this auction had almost 40 minutes long with over 30 minutes of bidding

A round of applause to start an auction – not finish – that’s a first for me!

A folk duo performing in the front porch of the home to be auctioned… Where else but eclectic Northcote! As locals enjoyed the spectacle of this home – the pirate tree house, the neighbourhood view from the top floor look outs and of course the smell of good coffee from the myriad of cafés nearby, we enjoyed the early Spring sunshine as we counted over 200 people in this crowd. As the crowd gathered it reminded us of the popularity of this area as well as the popularity of a good home – when it’s a good home, it’s universally known. James Home Rating: http://www.james.net.au/rating/28-Mitchell-Street-NORTHCOTE

An Vendor bid of $1.9m to start proceedings despite the $2m plus quote. Two bidders took it up to the on-the-market figure of $2,290,000 and then two more bidders helped the numbers rise to a final price of $2,520,000. All four bidders were still in the ring in the high $2.4m’s – Wow.

Read our auction report here:

– Another area running hot according to Jellis Craig agent, Clayton Smith is Richmond. “There is plenty of bidder depth.” Today, 8 James St ( just on the border of Abbotsford) sold for $1,240,000 with 5 bidders and 192 Coppin sold for $1,041,000 with 4 bidders. And last week, 17 Albert St sold for over $2.5m with 4 bidders.

17 Albert Street, Richmond was auctioned last week – a three-level townhouse – (Clayton Smith, Jellis Craig) and it tested the Richmond $2 million-plus market in a big way when the bidders came out swinging. Buyers seemed to appreciate the park views from this quality townhouse and it attracted multiple bidders. What was the value of a good quality townhouse with views that will not be built out? Over $2.5 million was the price when the contract hit Mr Smith’s hand. How this will affect the market in Richmond for townhouses will be important to understand as we go into the spring market? James Home Rating: http://www.james.net.au/rating/17-Albert-Place-RICHMOND

 

Biggest Sale: NORTHCOTE, 28 Mitchell St
Arch Staver (Nelson Alexander); Under Hammer, $2,520,000 - 4 Bidders

"The best weather since the start of winter bought a huge crowd of over 200 people to see Arch Staver auction this landmark home. Complete with folk band twanging away on the front porch, the atmosphere was set for an interesting show and Mr Staver was particularly engaging in his delivery. Not that the home required description, it is well known to all in the area. So were there actual bidders in the crowd? Well, it took a $1.9 million vendor bid to draw them out, but draw them out it did. In what can only be described as an epic battle, four bidders took turns chiming in one after the other, with bidders 3 and 4 entering quite late. After countless bids, there were still three bidders in the high $2,400,000 range competing for this home. Eventually, latecomer Bidder 3 was the strongest in their bidding and style. Gasps and applause from the crowd rang out through Mitchell Street when the home was finally knocked down for $2,520,000." (Adam Gardner)
$1M+ inner and northern Featured Auctions
619
/1000
JAMES HOME RATINGS
NORTHCOTE: 28 Mitchell St
28 Mitchell Street
BOUGHT: $2,520,000
UNDISCLOSED
JAMES HOME RATINGS
RICHMOND: 34 Canterbury St
34 Canterbury Street
BOUGHT: $0
No report
Stonnington Weekly
darebin Scheduled Auctions
NORTHCOTE
28 Mitchell Street, NORTHCOTE
Bought $2,520,000
28 MITCHELL STREET
yarra Scheduled Auctions
RICHMOND
84 Yarra Boulevard, RICHMOND
Bought $1,510,000
84 YARRA BOULEVARD
RICHMOND
34 Canterbury Street, RICHMOND
Bought $1,450,000
34 CANTERBURY STREET
ABBOTSFORD
8 James Street, ABBOTSFORD
Bought undisclosed
8 JAMES STREET
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
NORTHCOTE
28 Mitchell StreetBought$2,520,000$4,9122014-08-23
ABBOTSFORD
8 James StreetBoughtUndisclosed2014-08-23
RICHMOND
34 Canterbury StreetBought$1,450,000$9,6032014-08-23
84 Yarra BoulevardBought$1,510,0002014-08-23
melbourne Private Sales
MELBOURNE
1502/430 St%20Kilda Road, MELBOURNE
Bought: $2,300,000
1502/430 ST%20KILDA ROAD
REPORTED MELBOURNE PRIVATE SALES
ADDRESSBOUGHT PRICEIMPROVED $/SQM
MELBOURNE1502/430 St%20Kilda Road$2,300,000
NORTHCOTE, 28 Mitchell St
NORTHCOTE, 28 Mitchell St | Arch Staver (Nelson Alexander)
Under Hammer: $2,520,000 - 4 Bidders (Photo: Adam Gardner)

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