oc | Thursday 23rd January

Stonnington



Stonnington Weekly

Snapshot

After last week’s low number of auctions we had 25 auctions to keep a track of this week. The next two Saturdays see 29 and 31 auctions respectively, so activity seems to be heating up. Half the auctions slated for September 13 centre on and so that could be a good guide as to the for terraces in those parts and some interesting homes. There were 60 new listings last week and 27 this week and there were good crowds at auctions as well as at Opens today. Our enquiry levels are up – why? Because educated buyers are seeking answers to more in-depth questions now.

Melbourne’s Million Dollar Market

Has Spring Arrived Early?

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

It’s very busy right now. Today we bought 2 at competitive auctions (low $1m’s and low $3m’s) and bought an Off-market circa $4m. During the week we have been involved in EOI, private sales and pre-auction negotiations. There is plenty of activity some reactionary (out of frustration for example) and some calculated thinking. It seems that buyers are getting information and making decisions quicker.

If there is any doubt in the market, it is: will it continue to rise?

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

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 usable 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.

It is an area that we at James Buyer Advocates are increasingly buying into for our $M+ clients. In fact we now have a specialist James Buyer Advocate, Adam Gardner (a qualified valuer) who lives and works in the Northcote, Carlton, Fairfield triangle and surrounds

28 Mitchell St Northcote – this auction was 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 scene – 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

A vendor bid of $1.9m started 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.https://marketnews.com.au/auction-reviews/34949/28-Mitchell-Street-NORTHCOTE/

Richmond – 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

 

 

TOORAK, 43 Washington St
TOORAK, 43 Washington St | Andrew Macmillan (Jellis Craig)
Under Hammer: $2,525,000 - 4 Bidders (Photo: Joshua Bong)
Bidderbuzz Auction
"An upbeat Andrew Macmillan was auctioneer and he was all smiles as we had four bidders and plenty of action despite a slow start that required a vendor bid of $2,300,000 to kick things off. Two bidders to start, two more joining late and small bid increments meant a long auction, but Mr Macmillan's patience was rewarded with the property being knocked down at $2,525,000. " (Joshua Bong)

 

Biggest Sale: TOORAK, 14 Bruce St
Justin Long (Marshall White); After Auction, Bought range: $3,356,500 - $3,692,500 - 1 Bidders

"To avoid people standing in front of the bus stop, the crowd of 50 were instructed to squeeze into the front courtyard. This provided great amplification to auctioneer Justin Long's voice as he provided the opening preamble. Once proceedings were over a vendor bid of $3,000,000 was needed to get the ball rolling. The auction was very quiet from this point forward with only one bid offered at $3,050,000. A half-time break and some pleas did not do much and the property was subsequently passed in. Bought after auction." (Joshua Bong)

 

Biggest Pass In: GLEN IRIS (Stonnington), 7 Harold Av
Dennis Dallas (First National Real Estate Lindellas); Passed In: $2,100,000 - 0 Bidders

"Spring had arrived a few days early but no one was complaining. A crowd of some 50 spectators had gathered in the sunshine, including some late arriving neighbours. Auctioneer Dennis Dallas highlighted the homes many attractions, including excellent land size and position, but when he called for an open there was only silence. Not one to be easily deterred he placed a vendor bid of $1,900,000 and called for $50,000 rises to get things going. But nothing happened. So he placed another vendor bid of $1,950,000. With no response from the crowd yet again, he placed another vendor bid. Two more vendor bids followed taking the price to $2,100,000 before the property was passed in. " (Sara Hoffman)
$1M+ stonnington Featured Auctions
UNDISCLOSED
JAMES HOME RATINGS
GLEN IRIS : 7 Harold Av
7 Harold Avenue
PASSED IN: $2,100,000
648
/1000
JAMES HOME RATINGS
MALVERN EAST: 10 Nyora St
10 Nyora Street
BOUGHT: $1,740,000
UNDISCLOSED
JAMES HOME RATINGS
MALVERN EAST: 33 White St
33 White Street
PASSED IN: $1,125,000
UNDISCLOSED
JAMES HOME RATINGS
PRAHRAN: 84 Chatsworth Rd
84 Chatsworth Road
PASSED IN: $1,500,000
719
/1000
JAMES HOME RATINGS
PRAHRAN: 82 Chomley St
82 Chomley Street
PASSED IN: $1,920,000
597
/1000
JAMES HOME RATINGS
SOUTH YARRA: 1A Powell St
1A Powell Street
PASSED IN: $1,120,000
UNDISCLOSED
JAMES HOME RATINGS
TOORAK: 14 Bruce St
14 Bruce Street
BOUGHT RANGE*: $3,356,500 - $3,692,500
610
/1000
JAMES HOME RATINGS
TOORAK: 43 Washington St
43 Washington Street
BOUGHT: $2,525,000
Stonnington Weekly
stonnington Scheduled Auctions
MALVERN EAST
48 Emo Road, MALVERN EAST
Bought undisclosed
48 EMO ROAD
MALVERN EAST
1A Karma Avenue, MALVERN EAST
Bought undisclosed
1A KARMA AVENUE
TOORAK
2/521  Toorak Road, TOORAK
Not Reported
2/521 TOORAK ROAD
MALVERN EAST
33 White Street, MALVERN EAST
Passed In
33 WHITE STREET
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
GLEN IRIS
7 Harold AvenuePassed InPI: $2,100,000
MALVERN EAST
48 Emo RoadBoughtR: $1,189,160 - $1,308,200$3,223 - $3,5452014-08-23
1A Karma AvenueBoughtR: $1,304,240 - $1,434,800$4,708 - $5,1802014-08-23
10 Nyora StreetBought$1,740,000$2,2832014-08-23
33 White StreetPassed InPI: $1,125,000
PRAHRAN
24 Atkinson CloseNot Reported
65 Charles StreetNot Reported
67 Charles StreetNot Reported
84 Chatsworth RoadPassed InPI: $1,500,000
206 Punt RoadNot Reported
82 Chomley StreetBoughtR: $1,898,820 - $2,088,900$5,231 - $5,7552014-08-23
SOUTH YARRA
28 Nicholson StreetNot Reported
7 Balmoral PlaceNot Reported
16 Park StreetNot Reported
1/35 Marne StreetNot Reported
1A Powell StreetPassed InPI: $1,120,000
1 Grosvenor StreetBoughtR: $843,920 - $928,400$3,025 - $3,3282014-08-23
10 Powell StreetBought$1,625,000$7,6292014-08-23
TOORAK
14 Bruce StreetBoughtR: $3,356,500 - $3,692,500$8,741 - $9,6162014-08-23
43 Washington StreetBought$2,525,000$6,2042014-08-23
13/3 St Georges RoadNot Reported
2/14 Martin CourtBought$1,651,000$2,6502014-08-23
2/521 Toorak RoadNot Reported
MALVERN EAST, 10 Nyora St
MALVERN EAST, 10 Nyora St | Daniel Wheeler (Marshall White)
Under Hammer: $1,740,000 - 3 Bidders (Photo: Joshua Bong)

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