Early Markets Surprisingly Volatile
Mal James
Buy Sell Agent
0408 107 988
mal@james.net.au
How's Opening 2024M1 Market Started?
The stats surprised me - it thought it felt a lot better in terms of enquiry and action personally. However today was volatile in result and seemingly shallow in demand.
Stonnington
Bidderman
1.0
Stock
GOOD
Clearance
50%
Boroondara
Bidderman
1.6
Stock
GOOD
Clearance
55%
By The Bay
Bidderman
1.0
Stock
GOOD
Clearance
73%
2023M4 Pre-Xmas
Bidderman
1.4
Stock
LOW
Clearance
58%
2024M1 Opening
Bidderman
1.2
Stock
AVERAGE
Clearance
59%
Bidderman1.2: Clearance 59%: 34 auctions covered
From James Buy Sell the market feels better.
Nov to Feb 2023 James Buy Sell did $6m in buy sells Nov to Feb 2024 we have done $60m in buy sells
Ten times! But the market today did not show that.
Wow what a shocker on the streets of Stonnington. We covered 12 auctions and a third were sold before, only 1 under the hammer and 1 after. The rest passed-in. A third before shows agents knew things were not flying.
Boroondara auctions fell off their perch late last year and it still feels like the Monty Pythons Dead parrot sketch, Its alive, its alive. But the stats say it’s tougher. The clearance stats are lying, look at Bidderman - the market is healthyish. C'mon agents get buyers and sellers into line and stop the dead parrot sketches!
By The Bay is the hot market right now - although 30% of homes sold before auction. Highlight was super strong bidding to $5,500,000 at 57 Baird St Brighton East see below.
GLEN IRIS, 4 Wahroonga Court SOI: $6,200,000 - $6,800,000 Crowd: 36 Opening Bid: $6,000,000 VB Passed in: $6,000,000 VB Bidders: 0 One of the original homes built in Glen Iris was unable to draw a bid from the gathering.
KEW, 25 Edward Street SOI: $6,700,000 - $7,200,000 Sales Agent: Nick O’Halloran – Jellis Craig Crowd: 70 Opening Bid: $6,400,000 Passed in: $6,600,000 Sold after: $undisc Bidders: 2 A couple of bids for this land auction were tabled before a pause and a vendor chat at $6,550,000. A further bid to $6,600,000 was offered and here it passed in for negotiations.
Stock has increased and more coming on BUT Bidderman per auction is falling. Showing active market has little depth - shallow.
Today the market HAS NOT been able to absorb rising stock levels. The most telling point.
Today rammed home the blanket auction scenario, meaning just auction, only benefits the agencies turnover. It does NOT help the individual sellers who had no or one bidder - which was 22 of the 34 auctions we covered or over 60%.
If you think OFIs and auctions where you show your main buyer the lack of interest (no other buyer) in your home is smart, then WOW. Private inspections and EOI’s were possibly a better option for more than half the auctions held today. Bidderman proves today’s auction market was weaker than you think (weaker than I thought), and buyers still have the upper hand. Private inspections and EOIs could have made it more balanced. But its week 1 in Opening 2024M1, lets see next week’s results.
SURREY HILLS, 77 Middlesex Road Sales Agent: Zali Reynolds - Shelter. An engaged crowd and multiple bidders saw this auction move strongly onto market and beyond. Three bidders made cameos in a fight that saw two others ultimately emerge. One deliberated each rise while the other moved decisively and became the ultimate winner.
57 Baird St Brighton East (We missed this at auction)
Tennis Courts are back in vogue in Bayside. If you've got a court you'll have some interest. Stephen should know!
James Auction Report: Crowd: 100+ Auctioneer: Stephen Smith Agent Quote: $4.5m to $4.95m Opening Bid and On Market $5.0m. Under the Hammer $5.5m Bidderman: 3 but felt like a huge volcano if started in the quote.
James Buy Sell Values To Client Week Before
The above numbers are what we gave our client in the week before at our pre-auction meetings, so they could confirm with mortgage brokers what they would need before they went to auction. We felt there would be multiple bidding at $4.8m – there was three of us @ the opening bid of $5m. We thought there would be concentrated interest at $5.25m and there was nervousness at this level and you would be last bidder standing at $5.6m but somebody else was at $5.5m with no competition from us.
We gave this information before. Auctions (whether selling or buying) are 90% preparation and 10% perspiration. Below is the comparable information we presented to justify our values and why we thought the initial agent quote (either side of $4.5m, was going to be 20% off the mark.
Stephen lifted the quote ethically and diligently and executed a very smart step quote finishing at $4.95m, a few days before auction – on market at opening bid of $5m.
BY THE BAY - BAYSIDE & PORT PHILLIP
Xmas 2023M4
Bidderman
1.2
Stock
LOW
Clearance
51%
Opening 2024M1
Bidderman
1.0
Stock
GOOD
Clearance WOW
73%
11 Auctions
Clearance: 73%
Bidderman: 1
ST KILDA WEST, 57 York Street
SOI: $5,700,000
Sales Agent: Simon Gowling – Jellis Craig
Bought before: $undisc
Bidders: 1
ALBERT PARK, 62 Danks Street
SOI: $2,500,000 – $2,750,000
Sales Agent: Nick Johnstone – Nick Johnstone Real Estate
Before auction: $undisc
Bidders: 1
ALBERT PARK, 59 Barrett Street
SOI: $2,100,000 – $2,300,000
Sales Agent: Mack Burgoine – Jellis Craig
Before auction: $2,510,000
Bidders: 1
SANDRINGHAM, 64 Bamfield Street
SOI: $4,300,000 – $4,500,000
Sales Agent: Romana Altman – Buxton
Bought before: $undisc
Bidders: 1
ELWOOD, 302 Barkly Avenue
SOI: $2,600,000 – $2,800,000
Sales Agent: Sam Gamon – Chisholm & Gamon
Bought before: $undisc
Bidders: 1
BRIGHTON EAST, 57 Baird Street
SOI: $4,500,000 – $4,950,000
Sales Agent: Stephen Smith – Marshall White
Crowd: 100
Opening Bid: $5,000,000
On market: $5,020,000
Under hammer: $5,500,000
Bidders: 3
Rapid fire, opening at $5,000,000, one bid of $20,000 and the rest in $100k rises. $5,400,000 saw the bids break down to smaller increments. Bidder 3 came in at $5,500,000 with one bid and took the keys.
BRIGHTON EAST, 23 Shasta Avenue
SOI: $2,500,000 – $2,600,000
Sales Agent: John Clarkson – Buxton
Crowd: 85
Opening Bid: $2,450,000
On market: $2,890,000
Under hammer: $2,912,000
Bidders: 2
A strong crowd gathered to watch 2 interested parties battle it out to purchase this Brighton East site with development opportunities.
BRIGHTON, 35 Champion Street
SOI: $2,800,000 – $3,000,000
Sales Agent: Simon Monnier-Penny – Marshall White
Crowd: 56
Opening Bid: $2,800,000 VB
Passed in: $2,800,000 VB
Sold after: $3,300,000
Bidders: 0
. The sun shone brightly but the bidders hands remained firmly behind their backs. The property was passed in on a vendor bid of 2.8 million. Sold after.
BRIGHTON, 2 Alverna Grove
SOI: $3,000,000 – $3,300,000
Sales Agent: Simone Howell – Jellis Craig
Crowd: 29
Opening Bid: $3,100,000 VB
Passed in: $3,125,000
Bidders: 1
After an opening vendor bid, a loan bid was made prior to the property being passed in.
MIDDLE PARK, 170 Page Street
SOI: $3,400,000 – $3,600,000
Sales Agent: Arthur Apostoleros – Buxton
Crowd: 50
Opening Bid: $3,400,000 VB
Passed in: $3,400,000 VB
Bidders: 0
A decent crowd of neighbours and interested parties gathered to watch this home pass in after an opening vendor bid was placed.
SANDRINGHAM, 45 Tennyson Street
SOI: $3,700,000 – $3,900,000
Sales Agent: Jenny Dwyer – Belle
Crowd: 53
Opening Bid: $3,700,000 VB
Passed in: $3,700,000 VB
Bidders: 0
A crowd of over 50 gathered in the tropical garden of this bayside home but not even the sunshine and surrounds could entice the crowd to bid. The property was passed in on a vendor bid.
BOROONDARA
Xmas 2023M4
Bidderman
1.5
Stock
LOW
Clearance
56%
Opening 2024M1
Bidderman
1.6
Stock
AVERAGE
Clearance
55%
11 Auctions
Clearance: 55%
Bidderman: 1.63
CAMBERWELL, 13 Waterloo Street
SOI: $3,500,000 – $3,800,000
Sales Agent: James Tostevin – Marshall White
Before auction: $undisc
Bidders: 1
SURREY HILLS, 77 Middlesex Road
SOI: $2,600,000 – $2,800,000
Sales Agent: Zali Reynolds – Shelter
Crowd: 100
Opening Bid: $2,600,000
On market: $2,920,000
Under hammer: $3,346,000
Bidders: 5
An engaged crowd and multiple bidders saw this auction move strongly onto market and beyond. Three bidders made cameos in a fight that saw two others ultimately emerge. One deliberated each rise while the other moved decisively and became the ultimate winner.
CAMBERWELL, 16 Brynmawr Road
SOI: $3,980,000 – $4,300,000
Sales Agent: Toni El-Helou – BigginScott
Crowd: 70
Opening Bid: $4,000,000 VB
Passed in: $4,225,000
Sold after: $undisc
Bidders: 2
Opening with a $4,000,000 vendor bid, bidder 1 swiftly took the price to $4,125,000, encouraging another bidder to enter the ring. However, bidding stalled at $4,225,000, resulting in the property being passed in. Sold after.
KEW, 22 Wimba Avenue
SOI: $3,400,000 – $3,700,000
Sales Agent: Richard Winneke – Jellis Craig
Crowd: 30
Opening Bid: $3,000,000
Passed in: $3,350,000
Sold after: $3,375,000
Bidders: 2
Bidder 1 was straight out of the gate at $3,000,000 however, together with a second bidder’s offerings, only reached $3,350,000, which wasn’t enough to bring the hammer down. Sold after.
KEW, 25 Edward Street
SOI: $6,700,000 – $7,200,000
Sales Agent: Nick O’Halloran – Jellis Craig
Crowd: 70
Opening Bid: $6,400,000
Passed in: $6,600,000
Sold after: $undisc
Bidders: 2
A couple of bids for this land auction were tabled before a pause and a vendor chat at $6,550,000. A further bid to $6,600,000 was offered and here it passed in for negotiations.
CAMBERWELL, 17 Mabel Street
SOI: $3,000,000 – $3,300,000
Sales Agent: Sam Wilkinson – Kay & Burton
Crowd: 70
Opening Bid: $3,000,000
Passed in: $3,350,000
Sold after: $3,400,000
Bidders: 2
The auction opened with two bidders offering the requested rises. Bidding slowed than stalled at $3,350,000. A vendor referral soon paused the auction and a pass in followed. Sold after.
CANTERBURY, 4 Boronia Street
SOI: $3,500,000 – $3,850,000
Sales Agent: Tom Staughton – Kay & Burton
Crowd: 50
Opening Bid: $3,500,000 VB
Passed in: $3,600,000 VB
Bidders: 0
A quiet auction with two vendor bids bookending the opening and closing remarks.
GLEN IRIS, 4 Wahroonga Court
SOI: $6,200,000 – $6,800,000
Sales Agent: Nathan Waterson – Jellis Craig
Crowd: 36
Opening Bid: $6,000,000 VB
Passed in: $6,000,000 VB
Bidders: 0
One of the original homes built in Glen Iris was unable to draw a bid from the gathering.
HAWTHORN EAST, 11 Gillman Street
SOI: $3,600,000 – $3,900,000
Sales Agent: Ivy Lung – First National
Crowd: 25
Opening Bid: $3,500,000
Passed in: $3,830,000
Bidders: 2
Two bidders competed for the keys of this property, however this failed to reach the reserve, with a pass-in at $3,830, 000.
HAWTHORN, 16a Glen Street
SOI: $5,200,000 – $5,600,000
Sales Agent: Judy Balloch – Kay & Burton
Crowd: 28
Opening Bid: $5,000,000 VB
Passed in: $5,100,000 VB
Bidders: 0
Quiet auction, two vendor bids place – one to open the auction and one to close the auction.
CAMBERWELL, 48 Spencer Road
SOI: $2,900,000 – $3,190,000
Sales Agent: Jonathon O’Donoghue – Jellis Craig
Crowd: 40
Opening Bid: $2,900,000 VB
Passed in: $3,000,000
Bidders: 2
Two bidders’ activities reached exactly $3,000,000 but this was not enough to meet the reserve so the property was passed in.
STONNINGTON
Xmas 2023M4
Bidderman
1.5
Stock
GOOD
Clearance
71%
Opening 2024M1
Bidderman
1.0
Stock
GOOD
Clearance
50%
12 auctions
Clearance: 50%
Bidderman: 1
MALVERN, 26 Elizabeth Street
SOI: $4,700,000 – $5,100,000
Sales Agent: Yili Ma – Belle Property
Before auction: $5,150,000
Bidders: 1
PRAHRAN, 3 Linden Court
SOI: $3,500,000 – $3,850,000
Sales Agent: Carla Fetter – Jellis Craig
Before auction: $undisc
Bidders: 1
MALVERN EAST, 11 Baker Street
SOI: $2,600,000 – $2,850,000
Sales Agent: John Manton – Marshall White
Bought before: $undisc
Bidders: 1
MALVERN EAST, 4 Dundonald Avenue
SOI: $2,000,000 – $2,200,000
Sales Agent: Daniel Wheeler – Marshall White
Bought before: $undisc
Bidders: 1
MALVERN, 35 McKinley Avenue
SOI: $3,600,000 – $3,800,000
Sales Agent: John Manton – Marshall White
Crowd: 70
Opening Bid: $3,600,000 VB
On market: $3,900,000
Under hammer: $4,120,000
Bidders: 3
Three bidders provide the crowd of about 70 people some lively entertainment at 35 McKinley street Malvern. The opening vendor bid of 3,600,000 is quickly in the rear vision mirror as bidding passes the reserve of $3,900,000 and to an eventual sale price of $4,120,000.
PRAHRAN, 4 Leila Street
SOI: $2,950,000 – $3,200,000
Sales Agent: Nicholas Brooks – Marshall White
Crowd: 60
Opening Bid: $2,950,000 VB
Passed in: $3,350,000
Sold after: $3,350,000
Bidders: 2
Two bidders fought it out bidding in 25k increments, the property reached $3,350,000 when it was passed in and sold soon after for the same amount.
MALVERN EAST, 71 Kerferd Street
SOI: $2,800,000 – $3,000,000
Sales Agent: Chris Cain – JA Cain
Crowd: 25
Opening Bid: $2,625,000 VB
Passed in: $2,625,000 VB
Bidders: 0
A quiet crowd in a quiet street. No bids from onlookers and the property was passed in.
GLEN IRIS, 16 Grandview Road
SOI: $2,900,000 – $3,190,000
Sales Agent: John Morrisby – Jellis Craig
Crowd: 70
Opening Bid: $2,950,000 VB
Passed in: $2,950,000
Bidders: 1
The dogs have caught the upswing vibe at Grandview Road today in Glen Iris as John Morrisby opens the bidding for Jellis Craig with a vendor bid of $2,950,000. A member of the crowd agrees to match the bid There is no further competition however, and the home is passed in on the vendor turned bidder offer.
MALVERN, 8 Valetta Street
SOI: $2,900,000 – $3,190,000
Sales Agent: Simon Dale – Biggin Scott
Crowd: 50
Opening Bid: $2,900,000 VB
Passed in: $3,000,000 VB
Bidders: 0
The sun has come out and it’s warm standing in the sun as Simon Dale tries to persuade the crowd of about 50 people to participate in the auction at Valetta today, by opening the auction with a vendor bid of $2,900,000. However, everyone is just enjoying the autumnal sunshine and the home is passed in on a further vendor bid of $3,000,000.
MALVERN EAST, 11 Clarence Street
SOI: $2,700,000 – $2,970,000
Sales Agent: Fraser Cahill – Marshall White
Crowd: 50
Opening Bid: $2,700,000 VB
Passed in: $2,700,000 VB
Bidders: 0
James Tomlinson works the crowd of about 50 people at the auction of 11 Clarence street Malvern East but there are no bidders and the home is passed in at the opening vendor bid of $2,700,000.
ARMADALE, 18 Moorhouse Street
SOI: $3,000,000 – $3,300,000
Sales Agent: Lachie Fox – RT Edgar
Crowd: 20
Opening Bid: $3,000,000
Passed in: $3,000,000
Bidders: 1
Small crowd with a single bid enough to pass the property in and deal with the lone bidder.
MALVERN EAST, 9 Epping Street
SOI: $2,800,000 – $3,000,000
Sales Agent: Carla Fetter – Jellis Craig
Crowd: 30
Opening Bid: $2,650,000 VB
Passed in: $2,670,000
Bidders: 1
Just when the auction looked done and dusted with a half time break and no bidding from the crowd. Bidder 1 raised their hand, and the property was passed into them.
Things are happening in Brighton (Selling)
