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The Volcano is back and the psyche has changed!

The market has turned serious again. Scott Patterson at 31 Knutsford St

 

Today was the second week of the 3-week 100 Auction test and what we saw in the strongest way was the return of the Volcano and the effect it has on the overall psyche of the market.

From the 31 Auctions we covered today 8 or 25% were Volcanoes – meaning 4 or more bidders.

It’s these volcanic public statements that turn a buyer’s, seller’s, agent’s and ultimately the market’s mind – more so than any predictions, commentary or talk.

Look at the 8 Volcanic auctions below, they all finished under the hammer and over the top of the quote by:

$350,000, $225,000, $303,000, $304,000, $250,000, $500,000, $525,000, $345,000.

Bidders 5, 5, 5, 4, 4, 4, 4, 4.

Inner Melbourne is a market on the turn – a market on the rise.

Evidence

Balwyn, 20 Percy Street. Antony Woodley (Marshall White) Under the Hammer $2,625,000, 5 Bidders

, 8 Holmwood Avenue. Simone Chin ( Real Estate) Under the hammer $3,400,000, 5 Bidders

, 47 Rose Street. Andrew McCann () Under the hammer $2,445,000, 5 Bidders

Elsternwick, 17 Liscard Street. Bill Stavrakis (Biggin & Scott) Under the hammer $3,150,000, 4 Bidders

, 9 Hartwell Hill Road. Jonathon O’Donoghue (Jellis Craig) Under the hammer $2,504,000, 4 Bidders

, 47a Service Street. Robin Parker (Marshall White) Under the hammer $2,283,000, 4 Bidders

Camberwell, 30 Morey Street. Maurice DiMarzio () Under the hammer $2,150,000, 4 Bidders

, 17 Nautilus Street. Stephen Tickell (Hocking Stuart) Under the hammer $1,900,000, 4 Bidders

Read all 31 auction reports here

It’s mind-boggling just how quickly and how strong the market change has seemingly come.

Many parts of the market (not all) have turned with a vengeance – the only question we are not clear on is by how much and for how long.

Bidderman – bidders per auction @ 2.3 is the strongest this year.

Clearance Rates are now consistently in the 70%’s.

Regularity at these combined levels of Clearances and Bidderman lead to a rising market.

Prices in the $2m to $5m range are rising the strongest, after having in the last 18 months fallen the most.

Why?

  1. The OS Asian and Aussie Asian markets are back, not as crazy as 2015 – but back and again a force to be reckoned with.
  2. Banks have loosened the purse strings – all of a sudden they have turned the bank sign on the door, from closed to open for business.
  3. More people now believe they can transact – especially the buy/sells – more now feel that if they buy, then they can sell and vice/versa. BUT stock levels are still lowish overall.

Halli Moore powering away 32 Letchworth Avenue, Brighton East.

Anything not working?

The Top of the Top End is not dormant however, it’s not leading the charge this time around – it’s dragging its feet somewhat when compared to the lower end of the Top End.

Why? We think the Top End market is still a lot about seller price expectations rather than buyer demand.

It’s Spring and it’s hot. 20 Percy Street, Balwyn – Antony Woodley. $2,625,000, 5 Bidders.

Kew, 77 Sackville Street. Campbell Ward (Jellis Craig) After auction $ undisclosed, 3 Bidders

Glen Iris, 41 Peate Avenue. Andrew Hayne (Marshall White) Under the hammer $3,275,000, 3 Bidders

Surrey Hills, 88 Durham Road. David Gillham (Noel Jones) Under the hammer $2,370,000, 3 Bidders

Glen Iris, 90 Great Valley Road. Daniel Wheeler (Marshall White) Under the hammer $2,180,000, 3 Bidders

Surrey Hills, 5 Albert Street. Stuart Evans (Marshall White) Bought before auction, $ undisclosed

Balwyn, 31 Knutsford Street. Passed in $2,875,000, 1 Bidder

Hawthorn East, 4 Lovell Street. Passed in $2,800,000, 0 Bidders

Balwyn, 93 Yerrin Street. Passed in $2,020,000, 2 Bidders

Hawthorn East, 38 Fletcher Street. Passed in $1,800,000, 0 Bidders

Surrey Hills, 14 Gladstone Street. Passed in $1,600,000, 0 Bidders

Hawthorn East, 67 Harold Street. Passed in $1,440,000, 0 Bidders

Read all 31 auction reports here

11 Kent Court, Toorak – Justin Long. $4,700,000, 3 bidders.

Toorak, 11 Kent Court. Justin Long (Marshall White) Under the hammer $4,700,000, 3 Bidders

Malvern, 52 Horace Street. John Bongiorno (Marshall White) After auction, $ undisclosed, 1 Bidder

Malvern East, 4 Emo Road. Daniel Wheeler (Marshall White) Under the hammer $2,360,000, 2 Bidders

Prahran, 17a Upton Road. Andrew James (Hocking Stuart) Under the hammer $1,682,500, 3 Bidders

Read all 31 auction reports here

45 Wells Road, Beaumaris – Alex Spanidis. $1,890,000, 3 Bidders.

, 16 Martin Street. Oliver Bruce (Marshall White) After auction undisclosed , 2 Bidders

Brighton East, 32 Letchworth Avenue. Halli Moore (Buxton) After auction $ undisclosed, 2 Bidders

Port Melbourne, 16 Nelson Street. Justin Holod (Marshall White) Bought before auction, $ undisclosed

Beaumaris, 45 Wells Road. Alex Spanidis (Buxton) Under the hammer $1,890,000, 3 Bidders

Black Rock, 65 Stanley Street. Stephen Tickell (Hocking Stuart) Under the hammer $1,891,000, 3 Bidders

Brighton East, 34 Baird Street. Passed in $2,060,000, 2 Bidders

Beaumaris, 11 Mariemont Avenue. Passed in $1,600,000, 0 Bidders

, 16 Neptune Street. Passed in $1,500,000, 0 Bidders

Read all 31 auction reports here

Off markets are part of our client’s lifeblood – bought another ripper off-market family home mid-week @ approximately $2,500,000 – agent Peter Vigano.

Offmarket.com.au

 

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