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Stock, Stock, Stock and it’s Good!

Auction of the Day: 73 Bowen Street, Camberwell (Paul Richards, Bekdon Richards), sells under hammer for $3,600,000, 6 bidders and a huge crowd of more than 100 people

At 6.00 pm on Saturday, the James Clearance Rate for Melbourne’s $M+ was 66% on the 32 auctions we covered. The , our bidders per auction measurement was at 2.3. Both Clearance and Bidderman rates are solid as we head into two big auction weekends before the Melbourne Cup.

How good is life right now – every day as I walk past the pier, fisherman are catching big snapper; discovered a new classy breakfast place at 50 Albert Road South Melbourne called Kettle Black; been putting my hand up for a few auction tiddlers today after a fortnight’s break and James Buyer Advocates auction bidding book is filling nicely over the next two weekends. The world is good through my eyes right now – hope yours is as well.

Overall Summary of Melbourne’s Million Dollar-Plus Auctions:

  • Ducks ($M+ auctions with no bidders) 18%
  • Lone Rangers ($M+ auctions with one bidder) 18%
  • Norms ($M+ auctions with 2 or 3 bidders) 36%
  • Volcanoes ($M+ auctions with 4 or more bidders at auction) 28%

Biggest Auctions:

  • Camberwell, 73 Bowen Street (Paul Richards, Bekdon Richards), under hammer, $3,600,000, 6 bidders
    There was always going to be a big buzz at this auction. The owner had picked his mark well and the build was very good quality…(See More in Auction Reports)
  • Hawthorn, 74 Robinson Road (Scott Patterson, Kay & Burton), under hammer, $2,820,000, 4 bidders
    A solid crowd of 100 gather in the tranquil front garden and spill out onto the road for this auction…(See More in Auction Reports)
  • , 382 Montague Street (Kaine Lanyon, Marshall White), under hammer, $2,750,000, 3 bidders
    I don’t think this single-fronted Victorian had ever had so many people through its front door in its long history…(See More in Auction Reports)

Bidderbuzz:

  • Malvern East, 28 Darling Road (Daniel Wheeler, Marshall White), under hammer, $1,391,000, 6 bidders
    Auctioneer Daniel Wheeler does a sterling job conducting this 6-way auction…(See More in Auction Reports)
  • Glen Iris, 19 Ashburton Road (Andrew Gibbons, Marshall White), under hammer, $1,910,000, 5 bidders
    There was a buzz in the air as the crowd of 70 spread themselves out over Ashburton Road…(See More in Auction Reports)
  • Camberwell, 20 Killarra Avenue (Damien Davis, Jellis Craig), under hammer, $1,660,000, 5 bidders
    What is the land in a good family home area in Camberwell worth…(See More in Auction Reports)

Biggest Pass Ins:

  • East Melbourne, 81 Wellington Parade, passed in, $4,000,000, no bidders
    A single strong bid was the order of the day after auctioneer…(See More in Auction Reports)
  • Balwyn North, 48 Tuxen Street, passed in, $3,750,000, no bidders
    ‘Quality’ was the word of the day as Jeremy Desmier was in charge of selling this brand new home…(See More in Auction Reports)
  • Balwyn, 1 Monash Avenue, passed in, $2,775,000, 2 bidders
    “Interest rates are low and confidence is high” – Auctioneer Toby Parker, who was in charge of selling 1 Monash Avenue on another glorious day…(See More in Auction Reports)

Albert Park: 382 Montague Street (Kaine Lanyon, Marshall White), under hammer, $2,750,000, 3 bidders

Post Grand Final Market Summary Trifecta

1. DEMAND: It feels like there should be strong interest prior to the Melbourne Cup for good homes. We have a number of auctions we are bidding on in the next fortnight (but still some vacancies). Open for Inspections for good homes have been crowded and prior to the Grand Final, Bidderman has been consistently over 2.2 bidders per auction.

2. PRICE: Many agents on the selling side are moaning about some vendors opinions on price. We have no issue with that – it’s their home – it’s a free country – but they are not selling.

Vendor Pricing: While we have bought four in the last week:

  • Toorak Off-market apartment (Marcus Chiminello)
  • Malvern East Off-market home (John Manton)
  • Auction – family home (Regina Schmidt)
  • South Melbourne Auction – apartment (Gary Omrod)

We have walked away from several negotiations where we have offered good money and got a reply we couldn’t go near. I have also been through two today and walked straight out when told the price. I admire courage but a few sellers right now are into “hero” territory on asking price.

Next Week is a Super Saturday and the week after, October 25th is always expected to be a big one, but is now actually a huge one – as my feeble graph above attempts to show.

3. SUPPLY: Let’s be happy as we are at the highest levels of good quality stock across all price levels, in almost all market segments since May 2010. And the quality spread is very good – I’ve been to a number of absolutely brilliantly built/renovated homes. Here are three I have rated but are currently not acting for a buying client on:

  • 11 Malin St Kew (Greg Toogood & James Rating 783/1000) click here and
  • 3 Myamyn Avenue (Peter Bennison and James Rating 801/1000) click here
  • as well a $10m+ old classic in East Melbourne (James Rating 800) with Jeremy Fox click here.

It’s a little tighter by the Bay for the classics but there is plenty out there. So if you can’t find something to tickle your fancy now, then you may have to revisit your fancy or your tickle – there is a lot of good for sale right now.

Young Homebuyers Guide and The WET FISH SLAP

This week we finish our 7 part Young Homebuyer series with The Age and , which has been a tremendous success. Below is an excerpt from our negotiation article, Wet Fish Slap.
Be prepared to give and receive the Wet Fish Slap. You know the commercial for Fisherman’s Friend when the girl walks up and gives the guy a hard hit over the head with a huge wet fish. Now that’s my kind of negotiator. To be good at deals you have to accept there will be uncomfortable moments – you have to give them and you have to receive them. Recognize the Wet Fish Slap, consider it, don’t react, only respond and stay on track. For more CLICK HERE

Agent Survey: How big, and how good, is Super Saturday going to be on October 25?

John Clarkson (Hocking Stuart, Brighton): “Super Saturday is always the biggest auction day of the year. As it is sandwiched post-Grand Final and prior to the Cup Day weekend it is always going to create a huge of property . If vendors are genuine and have their feet on the ground their property will still realise a good solid result. Like all peaks if they have their heads in the clouds they will be like other vendors looking for a record price (awaiting the arrival of Father ). We are still operating in a balanced market. Buyers need to be at the auctions of interest on Super Saturday as if you are not there you will miss out.”

Peter Vigano (Jellis Craig, Hawthorn): “It will be an interesting day with the volume of auctions scheduled.  Jellis Craig alone have 115 auctions scheduled. Buyers have now returned from the school holidays and are starting to look for their next home. We are seeing an increased number of buyers inspecting our open homes and we expect many buyers to be competing for the properties being offered. We are seeing strong interest across all price segments. Buyers are confident to be buying due to low interest rates and their own properties increasing in value allowing them to take the next step up or down. Auction success rates will be the big test on the 25th of October, I believe with the current demand we will see auction success rates above 70% across Melbourne. There are a number of extremely good properties being offered for auction and buyers have been waiting all year for these properties to become available.”

Chris Hassall (Buxton, Bentleigh): “Super Saturday is going to be (our) biggest weekend for the year so far. Looking forward to it! The market is steaming along and there is a high number of buyers attending opens. I have seen offers of 3.99% fixed for 12 months. WOW!!!! Low rates mean buyers have flexibility to stretch more than they previously could and we have certainly seen than at our recent auctions.”

(Marshall White, Armadale): “A fair bit of stock has come into the market in the last week but buyers are still complaining there isn’t enough choice. My sense is that October 25th will be a big day and the good properties that are priced appropriately will sell well.”

Michael Szulc (Cayzer, Albert Park): “Super Saturday is always huge with 1000-plus auctions on that weekend. Is it good? It’s great from a purchaser’s perspective with an abundance of choice, but can make auction attendances/numbers at some auctions down as too many auctions are conducted at same time which makes it tricky for alike. I personally don’t like Super Saturdays … I would prefer to see sellers selling throughout the year more evenly rather than stacking up so many auctions on a few certain “Super Saturdays” throughout the year.”

Bill Stavrakis (Biggin & Scott, Elsternwick): “The depth of this market will most certainly be tested on the weekend of the 25th. With inventory down and buyers showing no signs of losing their appetite for premium property, the right homes will be changing hands at big prices! As for the ‘B and C list’ properties, expect logical/sensible pricing.”

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