Early 2023 Results In
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by Mal James
James Buy Sell Top End Property
Albert Park, 20 Page Street SOI: $3,500,000 - $3,850,000 Sales Agent: Adrian Wood – The Agency Crowd: 86 Opening Bid: $3,700,000 VB On the Market: $4,000,000 Under the Hammer: $4,165,000 Bidders: 3 Photo: Elise
Market in a Minute
Mixed Bag - Geographically
Stonnington
Bidderman
1.4
Stock
LOW
Clearance
56%
Bayside
Bidderman
1.1
Stock
LOW
Clearance
53%
Boroondara
Bidderman
1.9
Stock
LOW
Clearance
80%
Overall, today was a tale of 3 markets and it’s not about price – it’s about area.
If you were selling in Boroondara and you were priced correctly, then you sold well. In fact, it’s not too far of a stretch to say (as we did last week) that the Boroondara market is now officially hot (for now).
However, if you were selling in Stonnington or Port Phillip markets there has been improvement from last year’s pre-Christmas M4 low base – but for now, your auction markets are still lukewarm or borderline.
And in Bayside, if you were selling or buying then the sea breeze is still blowing somewhat of a cool market.
On the 41 Auctions we covered today – a massive cross-section of Top End auctions, we saw a clearance rate of 63% and we saw a Bidderman (bidders per auction) of 1.5 – (need closer to 2 bidders per auction to be rising) AND all this on historically low stock levels.
Despite this we feel the market is better than the above stats and as we have said many times, Boroondara is Melbourne’s driver, so if we wanted a market to be humming, then this is the one we want.
The stats say the making is cool or mixed and this certainly applies still to the laggard in Bayside – but overall our read is the market is heating up and the driver or leader (Boroondara) is warm to hot and growing in confidence.
The reasons are obvious – Aussie Asian money – strong in Boroondara – weaker in Stonnington and almost non-existent in Bayside. It’s a key reason why land values in Balwyn and Kew, once a fraction of Brighton now exceed the old girl.
The market feels on a move, albeit still coughing and spluttering in some parts. Is it just Feb Pep – in Boroondara’s case – no. Where will it go and how long will it last – unclear.
Lesson of the market – if ever you wanted proof that markets and price rises are all about demand and supply then look no further than Brighton v Balwyn – it’s a glaring chasm of difference now and for the foreseeable future.
We Don't Want You in Brighton
I live in Brighton; I love the Bayside. And in 2023 it’s a bargain, a fraction of the cost of Toorak – (20 years ago per sqm parity) and now cheaper than hotter parts of Kew, Hawthorn East, and so on.
Do I sound like I want you here? Na! Stay away you damned fools who love the gridlock and smaller skies with fewer stars in the East – we don’t want you!
Brighton has the quality private schools and culture and quality shopping strips and heritage free zones AND……. the water…….how is your swimming at Hawthorn Surf Beach or the fishing off the Malvern East pier………….and Brighton has one thing other than the highest per capita access to doctors and that is………. NO TRAFFIC.
Yes, the traffic down Auburn/Toorak/Glenferrie Road is just a nightmare compared to by the Bay. But Mal is takes 10 minutes extra to get to anywhere – what 10 minutes extra to get to a car park you lot in the East call a road or a freeway!
Lower Bayside is a bargain and today’s stats and auction climate only confirm this.
Summary for the first week of 100 Auction test 2023M1 – less than spectacular start BUT overall better than last year and Boroondara is the standout Top End market, then Stonnington and Port Phillip with the Bargain Bayside the current cellar dweller.
Acknowledgement: I would be happy to acknowledge the creators of the Brighton ditty if anybody knows who created it. And Go Vamps!
NEW TO JAMES BUY SELL? WELCOME – THE JARGON OF 4 SEASONS and 100 AUCTION TESTS: 100 Auction Test is where we randomly select Top End homes before they go to auction and then we turn up and report on all results, so as you can get a true picture of the current Inner Melbourne Top End Market. We do it 4 times a year in the major markets.
Opening Market usually sets a direction till Easter (sometimes the whole year)
May Market post Easter leading into Winter trends – capricious market usually.
Spring Market is Footy Finals and Pre-Cup – a major buy sell season. Can see a market turnaround either way, coming out of winter.
Christmas Market is from November till Santa comes. Often the hardest market to sell in, due to oversupply relative to unsatisfied demand.
Demand – Bidderman. How many bidders per auction? A very accurate measurement of market depth when taken over a wide sample. Number of Bidders / Number of Auctions.
1 bidder average – Falling Market. 2 bidders – Rising Market. 3 bidder average – On Fire
Supply – Stock Levels. It’s a nuanced opinion measurement, more so than scientific, as there can be a flood of unrenovated homes, but the market wants ready to move in.
Clearance Price % – Many data points give exaggerated readings as agents choose to leave out the bad news (unsolds). We choose the sample before auction and track down every result. The higher the clearance rate, the more agreement between buyer and seller on price and if Bidderman is also strong this shows prices are rising.
Measurements: Under 60% falling. 60-70% some stability. 70%-80% rising. 80%+ On fire.
GLOSSARY
PPP’s – All homes and all buyers have 3 characteristics. A good deal for a buyer is when their PPP’s match the homes PPP’s.
Position (land location) + Property (building) + Price = 3P’s. A buyer can adjust all three to get what they really, really want and to meet the market.
Whilst a home has 3 P’s, a seller has only 1 P they can adjust – Price. Although a good seller and agent can, prior to the sale, affect the P of Property through Presentation.
Overall there are 3P’s and Position is most often, the most important.
A-Graders – If the home’s PPP’s are desirable to many in the market we call that an A-Grader. However, it’s all the 3P’s that need to be desirable. You can have a great location, great building and be overpriced in which case you have only 2 desirable P’s – we call that a B-Grader. C-Graders have 1 or no desirable PPP’s and the only usual desirable P is Price – a weak one – this is why C-Graders are poor investments.
Volcanoes – When the market is hot you see increasing numbers of 4 or more bidders on homes. We call that a volcano. 1 or no bidders we call a duck.
Wounded Underbidders – Buyers who miss, go harder (more money) next time to avoid the hurt of missing out again. When there are multiple unhappy buyers, who have missed multiple times (wounded underbidders), the market rises quickly.
Cautious Buyers – Non-Bidders – Potential buyers who see lots of pass-ins, tend to not want to bid because their fear of overpaying is greater than their desire to buy and get out of the market.
Stales – Number and length of time a property remains unsold. The older the stale, the weaker the price (as a general rule). The more stales, the weaker the market as they clog up the market creating an oversupply.
Off-market – Homes that are for sale but are not advertised in the mainstream media like realestate.com.au. Over say $5 million there are considerably more homes off market than on market. More than ½ the homes we buy and sell are off-market.
Pre-market – Homes that some agents say are Off-market. Pre-market homes are homes coming to market but are not yet advertised and are often not really for sale at the moment.
On-market – usually refers to homes sold with major advertising say on Domain or realestate.com.au
Not for sale (and the 4 ducks) – there are many homes that are also said to be Off-market or Pre-market homes that are not really for sale. Why? Seller is testing the market. Agent is testing the market. Agent has no work. Seller wants a free valuation or some company.
For a home to be really for sale off-market, it needs to pass the 4 Duck Test.
- Agent Authority 2. Contract of Sale 3. Asking Price 4. Easy Access.
Good ól Boring Process – When you are cooking a cake – do you get your best results by making up the ingredients, the amounts and throwing them into together, hoping for the best? If you do great, but I’m not hungry. A good recipe is a good process. And in property a good recipe is 3 Questions starting with what do I really really want? If you can’t work that out, then engage a good agent. When you answer that question, you go to the 2nd and 3rd questions and make good decisions. Good decisions lead to good outcomes – for you.
Market Prices – Every price is supposedly a market price. It’s a lazy concept.
Market price is a living organism – lets imagine it’s like a human. The market is the blood, the circulatory system. The PPP’s are the bones, the skin, the main organs and we agents and agent marketing are the lipstick, perfume, clothes. All 3 – blood, bones and lipstick make up a price and its attractiveness, it’s not just the market.
Market Values – Values are opinions. All opinions have vested interests and biases. What the council, the bank, the agent, the buyer, the seller values a home at will all be different.
Last year two valuers came to a home I was looking to refinance – $4m home – 3 weeks apart the valuations were approx. $700,000 different – that’s qualified valuers – same criteria.
Market Value v Market Price – One is an opinion before the deal and one is the actual result after the deal.
Quote Range: It is thought to be an agent estimate of final price – it is not. See Quoting
Under the Hammer: is when a home is sold to a buyer under the auctioneer’s hammer that is on the street or in the home in front of crowd when we says sold – it can be just clapping his hands together – under the hammer refers to the old gavel now only sometimes used.
On the market: (different from on-market) is a colloquial term that an agent or auctioneer uses to state we are now at a level that it will be sold (now) even if there is no more bidding.
What affects markets?
Demand and Supply – yes sir re – that is what really affects markets.
Some Key Supply Variants
- Government restrictions
- Lag Times in supply of demand changes
- Builders and materials
Some Key Demand Variants
- Money – Bank credit and community wealth
- Overseas Buyers, Interstate Buyers, Migration
- Stock Markets and World Events
Predicting the Future
Economists, banking leaders and other market predictors are like horse race “experts” – entertaining but of little long-term value. In 2017, 2018, 2019, 2020 the pundits on where the market was going got it wrong, dead wrong 4 from 4. A coin toss should have got at least 2 from 4. The only pundit we listen to with respect, is the one that says they don’t really know.
Rising / Falling / Easing – Humans are herd animals.
When there are a number of pass-ins the market eases. When combined with increasing stock coming on and more stales, the market falls more sharply.
Increasing numbers of wounded underbidders and less stock the market edges up – when wounded underbidders combine with loose bank lending and tight stock and increasing migration, then market prices begin to run away.
A home can easily be 5% more or less in a week (1 bidder drops away) and parts of the market can change by 5% in a month. A property can change by 10% during the length of an auction campaign. It is very similar to the ASX in terms of its variability – it’s just not as transparent.
Individual property prices are very fluid, they are far from fixed as many think and claim.
Market Conundrum – often the best time to buy or sell is when everybody else doesn’t want to – eg counter to the markets.
Buy or sell timing maxims we live by? Assuming it’s an A-grader. If you really, really like it, buy now. If you really, really like it never sell.
Which brings us back to Doe. Doe is dear, a female deer. This is why 10,000 people read Marketnews.com.au. It’s the only property thing that makes no sense (smiley face).
Underquoting – is when an advertised price (an agent quote) is below one of
- Agent estimates of value or
- A written buyer offer or
- The Vendor reserve
An agent quote is not a valuation, it is not a fixed sticker price – a quote is seen by my industry as a vehicle to attract bees (buyers) to the honey (home) and that’s ok, if legal.
However underquoting is unethical but widespread. Underquoting has been endemic in the last week of an auction campaign in the markets of 2015, 2016, 2019, 2020 and 2021 – a new falling market may be different.
Underquoting is a badge of honour for some selling agents – for god sake there is cheering from the rafters with every $1,000,000 over reserve. It’s celebrated not put into balance or condemned in the media. Please note sometimes genuine market forces create $1,000,000 over reserve when it’s not an underquote (celebrate then) – but when it is happening week in and week out and to the same people and same companies, then they must be very unlucky or incompetent agents or they are serial underquoters.
Underquoting can work in a rising market – work for the agent and seller that is, not the buyers.
Underquoting can hurt inexperienced buyers in 4 bidder auctions BUT
In many instances in falling markets and with B and C Graders it actually hurts the sellers – e.g. duck or 1 bidder auctions.
Underquoting is fixable with a buyer education program as to what a quote is and what it can and cannot do AND moveable (not fixed) step up and step down written legal quoting AND timely stated auction reserves say ? days out from an auction AND mostly an industry desire, but there is minimal desire within my industry or the CAV or the government.
Legal Step Quoting: A term we invented to explain moves/strategies in quoting. We used to have a problem with it, but now we see it as sensible practise on behalf of the seller – so long as it is down legally and actually done. Step quoting if done legally is simply moving the written quote during the campaign in line with offers, changing or firming vendor reserves and any changing agent’s opinion of likely value.
Illegal Step Quoting: Is when the agent has a written quote, then tells you a higher quote on the phone and then an even high quote after you offer.
Legal Quoting: It is legal (and we consider ethical and professional) for the agent to quote above the seller’s reserve providing it meets the other two key criteria.
Legal Quoting: When it’s on the market and unexpected market forces take it well past expectations. Our only argument is how often can that happen to one agent or agency before it becomes obviously illegal.
Quoting even with the best intentions (and we have them) is not a perfect science, just as market valuations and your buying estimates are not.
James Buy Sell Process – Ethical quoting brings more real buyers and sellers to you:
Early Campaign: We quote to attract buyers but not below what we reasonably think the home may go for. Where the seller has a firm price, we do not quote below that price either.
We suggest the seller keeps an open mind on reserve (early days) if their main focus is to sell.
If the seller has a firm fixed reserve and it’s too high, then not only will he or she be unlikely to sell but he or she will get no feedback on price and therefore he or she could compound the selling issue down the track – a double negative for selling – eventually getting a lower price.
Middle of Campaign: We may Step Quote (change the quote, preferably up, but sometimes down to more accurately represent the sellers thought on possible reserve and/or feedback from buyers and/or if we have had an offer than has not been accepted)
Advertised final week of Campaign: We genuinely try and have the quote reflecting a seller reserve and where James Buy Sell now thinks the majority of buyers are. Please note: it is not an exact science, and we cannot predict all buyers (often buyers do not tell the door agent anything or say lower amounts – both sides can be guilty of misrepresentations).
We care about buyers and our quoting reputation. If you do a building inspection in the last week of the campaign and the reserve ends up outside the quote, please ring us and we will probably refund any professional building inspections up to $600.
The current Underquoting enquiry’s timing relates to a forthcoming election, is running into a falling market where underquoting is less noticeable.
The best way to deal with underquoting (currently) is through your own quality research or a quality buyer agent or if selling then an ethical selling agent.
Marketnews Poddys - Sensational Coming Up!
March 4
March 11
the "weird"
architect
we bought
$4m
he built
$5m
total spent
$9m
we sold
$14.5m
client gain
$5.5m
Bayside & Port Phillip Live!
by Gina Kantzas and Mal James
Albert Park Brighton Brighton East Elsternwick Elwood Hampton Middle Park
NOV 2022
Bidderman
0.9
Stock
MEDIUM
Clearance
13%
FEB 2023
Bidderman
1.1
Stock
LOW
Clearance
53%
Photo: Catherine
<b>Brighton, 44 Grandview Road </b>
SOI: $2,500,000 – $2,700,000
Sales Agent: Johnny Clarkson – Buxton Crowd: 70
Opening Bid: $2,400,000 VB
On the Market: $2,600,000
Hammer: $2,657,000
Bidders: 4 (Volcano)
Other Auctions
Brighton East, 186 Were Street
SOI: $2,600,000 – $2,750,000
Sales Agent: Campbell Butterss – Marshall White
Before Auction: $undisc
Bidders: 1
Middle Park, 69 Carter Street
SOI: $2,200,000 – $2,400,000
Sales Agent: Ben Manolitsas – Marshall White
Crowd: 60
Opening Bid: $2,300,000 VB
Passed in: $2,580,000
After Auction: $2,625,000
Bidders: 3
The auction kicked off with a vendor bid of $2,300,000. Three bidders battled it out until the property was passed in to the highest bidder at $2,580,000.
Hampton, 76 Willis Street
SOI: $2,600,000 – $2,700,000
Sales Agent: Jenny Dwyer – Belle Property
Crowd: 40
Opening Bid: $2,600,000 VB
Passed in: $2,665,000
After Auction: $2,695,000
Bidders: 1
Steve Tickell coaxed two potential buyers past the opening vendor bid of $2,600,000 but short of a final sale. The property passed in at $2,665,000 but sold shortly afterward.
Brighton East, 20 Alford Street
SOI: $2,300,000 – $2,500,000
Sales Agent: Stefan Whiting – Buxton
Crowd: 65
Opening Bid: $2,300,000 VB
Passed in: $2,310,000
After Auction: $undisc
Bidders: 1
After much hype and an opening vendor bid only 1 bid was placed resulting in the property being passed in – Sold after
Hampton, 17 Lagnicourt Street
SOI: $2,750,000 – $3,025,000
Sales Agent: Robin Parker – Marshall White
Crowd: 30
Opening Bid: $2,800,000 VB
Passed in: $2,8250,000
After Auction: $undisc
Bidders: 1
The rain set in just as the auction commenced but that didn’t stop a great turnout. Auctioneer, Robin Parker, was thrilled to point out the excellent location with schools and shops nearby. With 1 bidder the property was passed in at $2,825,000 – Sold after
Hampton, 32 Mills Street
SOI: $2,850,000 – $3,000,000
Sales Agent: Jenny Dwyer – Belle Property
Crowd: 50
Opening Bid: $2,750,000 VB
Passed in: $2,760,000
After Auction: $undisc
Bidders: 1
A light patter of rain accompanies Steve Tickell at 32 Mills street Hampton for the auction this afternoon, opening with a vendor bid of $2,650,000. One bid of $10,000 was offered but there was no further activity so the home was passed in for $2,660,000 – Sold after
Albert Park, 20 Page Street
SOI: $3,500,000 – $3,850,000
Sales Agent: Adrian Wood – The Agency
Crowd: 86
Opening Bid: $3,700,000 VB
On the Market: $4,000,000
Under the Hammer: $4,165,000
Bidders: 3
Enthusiastic auctioneer, Michael Paproth, highlighted the newly renovated home, close to shops and the beach. 3 bidders with an exciting battle for the property that was sold under the hammer at $4,165,000.
Brighton, 44 Grandview Road
SOI: $2,500,000 – $2,700,000
Sales Agent: Johnny Clarkson – Buxton
Crowd: 70
Opening Bid: $2,400,000 VB
On the Market: $2,600,000
Under the Hammer: $2,657,000
Bidders: 4
Buxton’s John Clarkson spread the glitter over the auction today with four bidders in the mix. After a vendor bid at $2,450,000 the slow burn turned into a tight contest as the property was announced on the market at $2,600,000 and sold under the hammer for $2,657,000.
South Melbourne, 130 Napier Street
SOI: $2,000,000 – $2,200,000
Sales Agent: Simon Gowling – Jellis Craig
Crowd: 30
Opening Bid: $2,000,000 VB
On the Market: $2,340,000
Under the Hammer: $2,450,000
Bidders: 3
Bidder 3 has nerves of steel… waiting for bid 1 and 2 to exhaust each other before taking home the keys.
Beaumaris – Withdrawn/Change of method
Brighton, 6 Iona Avenue
SOI: $2,750,000 – $2,950,000
Sales Agent: Stefan Whiting – Buxton
Crowd: 25
Opening Bid: $2,700,000 VB
Passed in: $2,700,000 VB
Bidders: 0
John No bids were forthcoming so the opening and closing vendor bid of $2,700,000 was as damp as the weather today.
Brighton, 74 Male Street
SOI: $4,900,000 – $5,300,000
Sales Agent: Trudy Biggin – RT Edgar
Crowd: 100
Opening Bid: $4,500,000 VB
Passed in: $4,500,000 VB
Bidders: 0
Warwick Anderson announced that today’s auction would be held on the “South Verandah” and it summed up the stately surrounds for the crowd of about 100 people to gather for the sale. Unfortunately, the home was passed in on the opening vendor bid of $4,500,000
Elwood, 87 Marine Parade
SOI: $2,800,000 – $2,900,000
Sales Agent: Marcus Willson – Professional
Crowd: 15
Opening Bid: $2,700,000 VB
Passed in: $2,700,000 VB
Bidders: 0
The auction open with a vendor bid of $2,700,000. After a half time break and no further bids, the property was formally passed in.
Hampton, 26 May Street
SOI: $2,850,000 – $3,025,000
Sales Agent: Shelley Orfanellis – Nick Johnstone
Crowd: 60
Opening Bid: $2,850,000 VB
Passed in: $2,850,000 VB
Bidders: 0
As the rain abated a strong crowd of 60 plus onlookers stayed quiet with the only action being a vendor bid. The property subsequently was passed in.
Hampton, 28 Littlewood Street
SOI: $2,200,000 – $2,400,000
Sales Agent: Adam Gillon – Buxton
Crowd: 30
Opening Bid: $2,100,000 VB
Passed in: $2,100,000 VB
Bidders: 0
The property was passed in with a vendor bid of $2,100,000
St Kilda, 63 Spenser Street
SOI: $2,500,000 – $2,750,000
Sales Agent: Sam Hobbs – Jellis Craig
Crowd: 5
Opening Bid: $2,550,000 VB
Passed in: $2,575,000
Bidders: 1
Elwood, 49 Tennyson Street
SOI: $2,000,000 – $2,200,000
Sales Agent: Julian Cannata – Belle Property
Crowd: 15
Opening Bid: $2,225,000 VB
Passed in: $2,225,000 VB
Bidders: 0
Vendor opening bid and the property was passed in $2,225,000.
Bayside – Deeper Analysis:
- One volcano at Grandview Grove (Johnny Clarkson) – great news as they have been extinct in Brighton for some time.
- Port Phillip far stronger than Lower Bayside. 3 Strong auctions with 3 bidders – more wounded underbidders around Middle and Albert Park than Hampton and Brighton.
- Looking at the rest of Bayside and removing Grandview it was still ghost town like by the lower parts of the Bay
Boroondara Live!
by Gina Kantzas and Mal James
Camberwell Canterbury Glen Iris Hawthorn Hawthorn East Kew
NOV 2022
Bidderman
1.5
Stock
MEDIUM
Clearance
70%
FEB 2023
Bidderman
1.9
Stock
LOW
Clearance
80%
Hawthorn, 39 Manningtree Road
SOI: $2,800,000 – $3,000,000
Sales Agent: Scott Patterson – Kay & Burton
Crowd: 52
Opening Bid: $2,800,000 VB
Passed in: $2,830,000
After Auction: $undisc
Bidders: 1
Other Auctions
Camberwell, 23 Victoria Road
SOI: $2,700,000 – $2,950,000
Sales Agent: Walter Dodich – Kay & Burton
Before Auction: $undisc
Bidders: 1
Hawthorn, 32 Illawarra Road
SOI: $3,500,000 – $3,700,000
Sales Agent: James Tostevin – Marshall White
Before Auction: $undisc
Bidders: 1
Kew, 24 John Street
SOI: $5,000,000 – $5,500,000
Sales Agent: Davide Lettieri – Marshall White
Before Auction: $undisc
Bidders: 1
Glen Iris, 69 Park Road
SOI: $3,800,000 – $4,180,000
Sales Agent: Jesse Matthews – Marshall White
Crowd: 70
Opening Bid: $3,825,000
Passed in: $4,050,000
After Auction: $4,200,000
Bidders: 2
Auctioneer John Bongiorno urged the 70-strong crowd to bid for this property; opening bid was $3,825,000 from bidder 1, almost straight away, another party threw their hat in the ring, until the interval at just above $4,000,000. Further encouragement failed to entice any more bids, however, resulting in a pass-in – Sold after
Glen Iris, 29 Gardiner Parade
SOI: $3,500,000 – $3,850,000
Sales Agent: Jesse Matthews – Marshall White
Crowd: 1
Opening Bid: $3,500,000 VB
Passed in: $3,550,000
After Auction: $undisc
Bidders: 1
About to pass in without a bid and a late offer comes. Auctioneer John Bongiorno allows time for counter bids before passing in to the sole bidder. It is seconds after the pass in that a man raises his hand, but it was too little too late, rules are rules and he walks off disappointed and shaking his head – Sold after
Hawthorn, 39 Manningtree Road
SOI: $2,800,000 – $3,000,000
Sales Agent: Scott Patterson – Kay & Burton
Crowd: 52
Opening Bid: $2,800,000 VB
Passed in: $2,830,000
After Auction: $undisc
Bidders: 1
It took two vendors bids and a referral before a gentleman eventually offered a $10,000 rise. Passed in on the single bid – Sold after
Hawthorn East, 24 Beaconsfield Road
SOI: $2,900,000 – $3,100,000
Sales Agent: Richard Winneke – Jellis Craig
Crowd: 50
Opening Bid: 2
Passed in: $3,010,000
After Auction: $undisc
Bidders: 2
Two bidders came forward with their bidding when called upon. A few bids each before the home was passed in – Sold after
Camberwell, 27 Kasouka Road
SOI: $2,500,000 – $2,750,000
Sales Agent: Tim Mursell
Crowd: 70
Opening Bid: $2,500,000
On the Market: $2,670,000
Under the Hammer: $2,820,000
Bidders: 4
Four bidders were competing for the chance to buy this property; after auctioneer Tim Mursell opened the proceedings, a selling price of $2,820,000 was eventually achieved.
Glen Iris, 11 Watson Street
SOI: $3,000,000 – $3,200,000
Sales Agent: Jason Brinkworth – Marshall White
Crowd: 65
Opening Bid: $3,000,000 VB
On the Market: $3,425,000
Under the Hammer: $3,510,000
Bidders: 3
3 bidders battled it out in decent bid increments too! Bidder 3 joined in after half time and took away the keys
Hawthorn, 9 Yarra Street
SOI: $5,000,000 – $5,500,000
Sales Agent: Scott Patterson – Kay & Burton
Crowd: 95
Opening Bid: $5,000,000 VB
On the Market: $5,300,000
Under the Hammer: $5,505,000
Bidders: 3
Slow to build before firm and steady competition got moving. The initial bidder fended off solid opposition, securing the home above the reserve.
Kew, 1 Yarravale Road
SOI: $2,900,000 – $3,190,000
Sales Agent: Toby Parker – Belle Property
Crowd: 60
Opening Bid: $3,000,000 VB
On the Market: $3,400,000
Under the Hammer: $3,805,000
Bidders: 3
The auction began with an opening bid of $3,000,000 million placed on behalf of the vendor and quickly saw three bidders joining the race. The property was declared on the market at $3,400,000 million, and two bidders continued placing bids ranging between $5,000 and $20,000. The property was ultimately sold to bidder three for $3,805,000.
Surrey Hills, 50 Empress Road
SOI: $2,000,000 – $2,200,000
Sales Agent: Duane Wolowiec – Marshall White
Crowd: 100
Opening Bid: $2,000,000 VB
On the Market: $2,350,000
Under the Hammer: Above $2,500,000
Bidders: 4
A volcano, was this one! Between quick action from auctioneer Tim Mursell and four bidders, the price escalated from the $2,000,000 opening vendor bid, to an on-the-market declaration at $2,350,000, to the hammer falling on the eventual result.
Canterbury, 2 Maling Road
SOI: $4,700,000 – $4,900,000
Sales Agent: Geordie Dixon – Jellis Craig
Crowd: 60
Opening Bid: $4,700,000 VB
Passed in: $4,800,000 VB
Bidders: 0
Big crowd but no bids
Hawthorn, 11 Melville Street
SOI: $2,500,000
Sales Agent: Rebecca Edwards – Kay & Burton
Crowd: 50
Opening Bid: $2,500,000 VB
Passed in: $2,510,000 VB
Bidders: 0
Auctioneer Scott Patterson said he could see people holding back. Hold back they did. After two vendor bids the property was passed in for $2,510,000.
Hawthorn, 47 Urquhart Street
SOI: $4,000,000 – $4,400,000
Sales Agent: Stuart Evans – Marshall White
Crowd: 110
Opening Bid: $4,000,000 VB
Passed in: $4,160,000
Bidders: 2
A bidder seated on the grass and one standing at the rear of the large gathering exchanged bids within the quoted range. With no further entrants making a presence felt the property passed in for negotiations.
Boroondara – Deeper Analysis:
- Strong multiple bidding on multiple homes – good number of wounded underbidders
- The market is hot!
- Good Hamma rate – but also a number sold before and after. It’s competitive.
- Two volcanoes with Duane Wolowiec in Surrey Hills and Tim Mursell in Camberwell.
- Quoting – overall seemed pretty accurate.
Kew - Underground Basketball Court
Multi-Agent - Off-Market
Kew
James Tostevin 0417 003 333
Marcus Chiminello 0411 411 271
Is this America I thought as I wandered from the grounds of tennis court, swimming pools, vast spaces to ………. down the lift, past the enormous underground car park and cinema, to wait for it………..and underground basketball court………..yes full height……….yes I have never, ever seen one before, nor a home like it.
Its AAA, it may well break all records (SOI $20m to $22m), yes even in this market and yes there are some recent big ones in Kew, and it will exchange hands, quietly and with possibly less than a handful of people through, possibly before Christmas, but probably next year says James Tostevin and Gina Kantzas.
Phenomenal, the grandest but most practical Boroondara family home with not a cent to spend, modern interiors to die for, combined with the character of a long history – never to be repeated as is – a truly true truism for this incredible home.
Stonnington Live!
by Gina Kantzas and Mal James
Armadale Malvern Malvern East Prahran Richmond South Yarra Toorak
NOV 2022
Bidderman
0.6
Stock
MEDIUM
Clearance
36%
FEB 2023
Bidderman
1.4
Stock
LOW
Clearance
56%
Photo: Phoebe
Glen Iris (Stonnington), 12 Hope Street
SOI: $3,500,000 – $3,850,000
Sales Agent: Andrew Hayne – Marshall White
Crowd: 55
Opening Bid: $3,500,000 VB
On the Market: $3,700,000
Under the Hammer: $3,975,000
Bidders: 2
Other Auctions:
Armadale, 46a Armadale Street
SOI: $2,025,000 – $2,100,000
Sales Agent: Carla Fetter – Jellis Craig
Crowd: 45
Opening Bid: $1,900,000 VB
On the Market: $2,050,000
Under the Hammer: $2,060,000
Bidders: 2
Done and dusted in under 10 minutes! After an opening vendor bid from Auctioneer, David Sciola, two bidders quickly, but quietly, traded bids until bidder 2 politely bowed out.
Glen Iris (Stonnington), 12 Hope Street
SOI: $3,500,000 – $3,850,000
Sales Agent: Andrew Hayne – Marshall White
Crowd: 55
Opening Bid: $3,500,000 VB
On the Market: $3,700,000
Under the Hammer: $3,975,000
Bidders: 2
What started slow with a vendor bid from Auctioneer Andrew Hayne, quickly turned into a bidding war between two bidders. Sold under the hammer with no going inside.
Malvern East, 27 Berrima Avenue
SOI: $2,000,000 – $2,100,000
Sales Agent: Kevin O’Brien – Jellis Craig
Crowd: 40
Opening Bid: $2,000,000 VB
On the Market: $2,120,000
Under the Hammer: $2,210,000
Bidders: 2
Quick auction is a good auction, 2 bidders and no half time break needed.
Glen Iris (Stonnington), 57 Maitland Street
SOI: $3,250,000 – $3,575,000
Sales Agent: Nathan Waterson – Jellis Craig
Crowd: 50
Opening Bid: $3,500,000
On the Market: $3,600,000
Under the Hammer: $3,740,000
Bidders: 2
A quick 10 minute auction. Two bidders back and forth and before you know it, it was on the market and sold.
Glen Iris (Stonnington), 17 Creswick Street
SOI: $2,350,000 – $2,580,000
Sales Agent: Stuart Evans – Marshall White
Crowd: 80
Opening Bid: $2,350,000 VB
On the market: $2,600,000
After Auction: $2,855,000
Bidders: 4
The auction opened with a vendor bid of $2,350,000. Bidder one kicked off the momentum with a $20,000 bid. Three more bidders joined the race shortly after and battled it out in the rain. The home was successfully sold under the hammer at $2,855,000
South Yarra, 29 Davis Avenue
SOI: $2,700,000 – $2,900,000
Sales Agent: David Volpato – Marshall White
Crowd: 40
Opening Bid: $2,500,000 VB
Passed in: $2,500,000 VB
Bidders: 0
Auctioneer John Bongiorno welcomed a crowd of 40 to 29 Davis Avenue, South Yarra. Mr Bongiorno opened and closed the bidding, placing a sole vendor bid of $2,500,000.
Malvern East, 20 Allenby Avenue
SOI: $2,500,000 – $2,600,000
Sales Agent: Daniel Wheeler – Marshall White
Crowd: 40
Opening Bid: $2,500,000 VB
Passed in: $2,500,000 VB
Bidders: 0
Crowd remained silent throughout this auction, even after auctioneer Daniel Wheeler kicked off with a $2,500,000 vendor bid, causing the property to be passed in.
Toorak, 8 Burnie Street
SOI: $2,900,000 – $3,190,000
Sales Agent: Hugh Hardy – Abercromby’s
Crowd: 20
Opening Bid: $2,900,000 VB
Passed in: $2,900,000 VB
Bidders: 0
A crowd of 20 gathered outside 8 Burnie Street, in what Auctioneer Hugh Hardy described as “The heart of Toorak”. No bids were placed and the property was passed in on a vendor bid of $2,900,000.
South Yarra, 40 Fawkner Street
SOI: $3,000,000 – $3,300,000
Sales Agent: Richard Nowak
Crowd: 55
Opening Bid: $3,000,000 VB
Passed in: $3,020,000
Bidders: 1
A slow start with a quiet crowd. Passed in to the single bidder after opening on a vendor bid.
Stonnington – Deeper Analysis:
- A more even coverage of bidders than Bayside
- More than half under the hammer – a good sign
- One volcano in Creswick Street with Stuie Evans
- Pass-ins and no bidders were generally at or on the bottom end of the quote.
Today: Driving new clients showing hidden Stonnington precincts
G’day J&J and thank you for a most enjoyable 2 hours together.
James Buy Sell Crypto & Blockchain
James Buy Sell has always been about Top End buying and selling innovation.
This week I started back to school at RMIT part-time, for the first time in 45 years, and it was both scary and exciting all at the same time. The course if I can complete, is a Masters in Blockchain and Cryptocurrency.
It was hard to get into (no was their first response to me) I am the only one without a degree, I am double everyone’s age (maybe including the teachers) and I think I am the only resident of Melbourne.
I hope to regularly report to you as part of James Buy Sell Marketnews the journey of Crypto and Blockchain and how (like the internet has) it will increasingly affect all our property lives buying, selling and marketing.
For me it’s not about gambling – I put $500 into crypto last year, now at time of writing worth considerably more, to experience it – that’s all. What really interests me is the power of decentralized systems in blockchain and how that can make a huge difference in the way we negotiate property ethically and transparently. As well for the poor in Africa in banking and the young (without homes) in partial or fractional ownership and providing more balanced services for Melbourne homeless. Blockchain options with and without a crypto currency are endless.
Blockchain is well suited to property titles and Crypto was behind the largest Melbourne property price last year at over $80m.
If you know little (and nobody knows all) of Crypto and Blockchain then I recommend the first 20 or so episodes of the Crypto Curious podcast – I found them really easy to understand and, in some way, inspirational in wanting to know more.
If we can help you with the traditional and the more innovate ways to buy and sell Top End Melbourne property, then please call
Mal – 0408 107 988
Below is a good intro on blockchain with a property focus -but its a whole lot more than titles – think marketing, offering, tenders, info distribution, taxes etc.
James Buy Sell Social Responsibility
Good people out there - $50,000 in 4 weeks
Dear James and Jack.
I have started today.
Thank you so much for supporting me to take my surgery program I really appreciate that so much.
Your donations will be very helpful to me and also to the children program surgery at Selian Hospital.
I hope to be able to complete my program at KCMC and become a pediatric surgeon and help those children
Am thankful to all of you but also Dr Elibariki and Dr Amon from Selian who have been doing great with the child program and supported me to start this journey and also to Kate. Stig, Anne, Murray, Mal, Maddie, Mark, Maree, Ian and Julie
May God bless you all for your endless support Dr Cresensia Muhere
Dr Cresensia dropped me a note in January saying she had been accepted into Tanzania’s premier surgeon training college. She is a qualified doctor and working as a volunteer in the child surgery program. To have achieved this from a poor background in a male dominated Massai culture was incredible. She had no money and was already 4 weeks overdue starting.
A trained surgeon can save 1000’s of children’s lives and without them it doesn’t matter how much money you donate as it’s not money that operates – it’s trained surgeons.
Wrote to a few friends and four weeks later the $50,000 over 5 years has been found.
Thank you to clients and friends Kate and Stig Jensen, Julie and Ian Spence, Anne and Murray Winstanley, and their friends Mark and Maree Forbes – finally to Marshall White directors Jack Bongiorno and James Connell – tough guys / even opponents sometimes, but big hearts.
There is so much BS on what Africa is about – it is dynamic, it is improving and your help can make a huge difference on a bang for buck basis medically. morechildsurgeries.com
Why Buyers Use James Buyer Advocates in 2003, 2013, 2023
Coming off a record year in 2021/2022 we have started strongly in 2023. Why? Why do buyers keep using James Buyer Advocates / James Buy Sell. We went back 10 years in our advertising and reporting at the birth of upwards market and this was our messaging.
2013 Messaging
Good Buyer Outcomes come from Good buying Fundamentals
3 James Buying clients
3 Fundamentally Good Decisions in 2013
Examples from three James Buying clients all of whom we have had contact with in the last month.
Fundamentally Good Decision (One) – Bought for a client in Bayside two years ago, agents knocking on their door recently asking if they wanted to sell. A significant premium offered seemed attractive. We suggested the figure was not really a premium but just market value as the Bayside market has fundamentally changed on this type of property. We discussed a different number to sell at, take a profit and buy a home in a nearby precinct not attracting overseas interest.
End result if it happens. Same home fundamentals but with a lot lower mortgage and therefore increased happiness as other non-home lifestyle options could be taken up. Worst case scenario: no deal at the premium but clients still living in a great home with a significantly increased value.
Fundamentally Good Decision (Two) – Bought for client in the Inner East instead of the Outer East two years ago. That decision has put $600,000 into their back pocket when the two properties are compared now. The downer was the home we bought needed a reno. Clients wanted to sell, take a profit and buy something else with a more completed home in the Outer East. Crunching the numbers; after stamp duty, selling fees, moving costs and new buy in premiums it could be shown that staying put and doing a $500K reno would be a substantially better longer term financial decision.
Fundamentally Good Decision (Three) – Our client bought into Scotch Hill two years ago which occurred after we spent a long and difficult time not buying a different but flawed property in Kew. This decision has conservatively put a million dollars into their back pockets in a very short space of time.
2013 Advertising
Markets Change - James Buying Advice 2003-2023 remained the same
We met our clients in 2011 and worked together till we bought Clendon in 2013. They are very smart and decent people. We sold for them multi-list in March 2022. So while markets change, James Buying Advice has not. Clendon is Provenance, PPP’s, Processes.
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