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Expressions of Interest – EOI
Learn how to break your bad negotiation habits and buy good fundamentals
Understanding good fundamentals is a key approach to your family living a good life
As Buyer Agents we guide to buy good fundamentals (PPPs - price, property, position)
James Marketnews posted every Saturday. Inbox every Monday
by Mal James and Gina Kantzas
Well done to our clients Martin, Jane and Sally; Nadia, Alex and his team (selling) and Phoebe and our team (managing buy/sell), on achieving Melbourne’s highest auction result today AND in a tough Bayside market. Well done, a journey but we all stuck fat!
All James Buy Sell fees on this home were used to sponsor nearly 100 child surgeries.
2nd week of 2023 1st Major - 100 Auction Test (2023M1)
After the podcasts are today’s Top End auction results with our analysis: same as last week – a strong Boroondara – a weaker Stonnington/Bayside all on low stock.
Today at James Buy Sell we begin our limited-edition podcast interview series at the absolute top of Melbourne’s Top End in agency, architecture, mortgage and more. Enjoy!
This Week Marcus Chiminello
For those that are new hi, I’m Mal James
I buy 30 to 50 homes a year for clients, mainly in the $3m to $30m price range and I have for over 20 years. I first ran into Marcus Chiminello more than a decade ago when two years running, we awarded him the Young Agent of the Year. Marcus is in my Top 5 agents that I have worked with or competed against and is a consistent record breaker.
Our topic is the buyer minefield method of sale, that is Expressions of Interest or Expression of Interest or EOI. This method is a common reason why buyers engage us to act as their advocate/agent and our role includes dealing with quotes, processes and the selling agent.
EXPRESSION OF INTEREST MELBOURNE || With Marcus Chiminello (Full Interview)
- What is an Expression of Interest.
- Why are they so prevalent at Top End?
- How many would you sell in a good year in each category roughly?
Lower $3m – $6m Middle $8m – $12m Top – $15m+
- EOI – why are they prevalent and not auctions? which are universally $2m and below.
- When do they work best for the seller?
- Can they ever work better for the buyer?
- Rookie mistakes then as a seller and as a buyer when it comes to EOI?
- Is there a formula to an EOI? Everybody’s process seems different
- How can a buyer know the rules when they are never written down?
- What would you do Marcus if you are about to buy an $8m home in an EOI?
- Would you wait till deadline day to offer or go another day and what do you offer?
Next Week - The "Weird" Architect
the "weird"
architect
we bought
$4m
he & client built
$5m
total spent
$9m
we sale managed
$14.5m
client gain
$5.5m
Week After - No 1 Mortgage Broker in Australia
Coincidentally since this recording, we have bought for the couple Grant talks about on the podcast as thinking they were “bank ready” but a few months ago were with other “advisors” and found they could not buy!
'Round the Grounds March 4
Stonnington
Bidderman
0.6
Stock
LOW
Clearance
33%
Bayside
Bidderman
1.1
Stock
LOW
Clearance
50%
Boroondara
Bidderman
1.6
Stock
LOW
Clearance
79%
Bayside & Port Phillip Live!
by Gina Kantzas and Mal James
Albert Park Brighton Brighton East Elsternwick Elwood Hampton Middle Park
FEB 25
Bidderman
1.1
Stock
LOW
Clearance
53%
MAR 4
Bidderman
1.1
Stock
LOW
Clearance
50%
Photo: Catherine
Brighton East, 9 Heathfield Road
South Melbourne, 3 Anderson Street
SOI: $3,200,000 – $3,500,000
Sales Agent: Oliver Bruce – Marshall White
Before Auction: $undisc
Bidders: 1
Hampton, 16 Earlsfield Road
SOI: $3,600,000 – $3,700,000
Sales Agent: Simon Wood – Buxton
Crowd: 47
Opening Bid: $3,500,000
On the Market: $3,700,000
Under the Hammer: $3,840,000
Bidders: 2
The sunshine brought the crowds out as well as 2 competitive bidders. After much to-ing and fro-ing with the bids the property was subsequently sold above reserve.
Brighton, 93 Asling Street
SOI: $2,950,000 – $3,245,000
Sales Agent: Trudy Biggin – RT Edgar
Crowd: 60
Opening Bid: $2,900,000 VB
Passed in: $3,000,000
After Auction: $3,195,000
Bidders: 2
Bill Stavrakis spearheaded the action in Asling Street Brighton today as 60 people saw two people raise the bidding past the $2,900,000 opening vendor bid. The home was passed in at $3,000,000 and sold after.
Elwood, 42 Meredith Street
SOI: $3,200,000 – $3,500,000
Sales Agent: Kaine Lanyon – Marshall White
Crowd: 35
Opening Bid: $3,200,000 VB
Passed in: $3,250,000
After Auction: $undisc
Bidders: 1
Families lined the Elwood street, but with only one couple putting their hand up, the property was passed into that bidder.
Hampton, 25 Kingston Street
SOI: $2,600,000 – $2,750,000
Sales Agent: Jenny Dwyer – Belle Property
Crowd: 30
Opening Bid: $2,500,000
On the Market: $2,750,000
Under the Hammer: $2,832,000
Bidders: 3
As the crowd gathered in the sunny courtyard of this Hampton home, the bidders came out. 3 keen bidders battled it out to see this property over reserve.
Brighton, 26 Bay Street
SOI: $7,400,000 – $7,600,000
Sales Agent: Alex Schiavo – Kay & Burton
Crowd: 80
Opening Bid: $7,100,000 VB
On the Market: $7,300,000
Under the Hammer: $7,300,000
Bidders: 3
Gathered in the front yard in front of a large crowd, 3 bidders battled for the keys. Bidder 2 was too strong, and the home was knocked down.
Port Melbourne, 14 Cruikshank Street
SOI: $2,500,000 – $2,700,000
Sales Agent: Warwick Gardiner
Crowd: 38
Opening Bid: $2,700,000 VB
Passed in: $2,710,000
After Auction: $2,820,000
Bidders: 1
Auctioneer, Warwick Gardner, enthusiastically pointed out the modern features of the home. Vendor opening bid with one bidder, the property was passed in at $2,710,000. Sold after
Port Melbourne, 143 Farrell Street
SOI: $2,000,000 – $2,200,000
Sales Agent: Justin Holod – Marshall White
Crowd: 75
Opening Bid: $2,100,000
On the Market: $2,280,000
Under the Hammer: $2,322,000
Bidders: 2
A large crowd congregated to watch a spirited contest between 2 interested parties battle it out before the property was sold under the hammer.
Brighton East, 9 Heathfield Road
SOI: $4,650,000 – $5,100,000
Sales Agent: Russ Enticott – Atria
Crowd: 50
Opening Bid: $4,650,000
Passed in: $4,800,000
Bidders: 1
Despite adding a vendor bid to take the participation level over $4,800,000 the property was passed in for private negotiation with the initial bidder.
Brighton, 7 Rooding Street
SOI: $3,100,000 – $3,400,000
Sales Agent: Stefan Whiting – Buxton
Crowd: 40
Opening Bid: $3,000,000 VB
Passed in: $3,000,000 VB
Bidders: 0
David Hart makes short work of the auction scheduled with Buxton today at 7 Rooding street, Brighton as he opens and closes the bidding with a vendor bid of $3,000,000 in front of 40 people
Elwood, 71 Milton Street
SOI: $2,250,000 – $2,385,000
Sales Agent: Torsten Kasper – Chisholm & Gamon
Crowd: 43
Opening Bid: $2,300,000 VB
Passed in: $2,300,000 VB
Bidders: 0
As the auction commenced the auctioneer, Torsten Kasper, highlighted the properties excellent beach location. A vendor opening bid with no bidders, the property was passed in at $2,300,000.
Middle Park, 86 Harold Street
SOI: $2,200,000 – $2,400,000
Sales Agent: Ben Manolitsas – Marshall White
Crowd: 60
Opening Bid: $2,300,000 VB
Passed in: $2,320,000 VB
Bidders: 1
The auction opened with a vendor bid $2,300,000. Following a half time break and further $20,000 bid, the property was formally passed in.
Port Melbourne, 143 Cruikshank Street
SOI: $2,700,000 – $2,900,000
Sales Agent: Justin Holod – Marshall White
Crowd: 48
Opening Bid: $2,800,000 VB
Passed in: $2,825,000
Bidders: 1
A large crowd of mostly locals and their children gathered to watch the auction of this modern home. Despite the best efforts of the auctioneer there was only one bit placed prior to the property being passed in.
Port Melbourne, 128 Clark Street
SOI: $3,400,000 – $3,600,000
Sales Agent: Simon Carruthers – Cayzer
Crowd: 31
Opening Bid: $3,500,000 VB
Passed in: $3,500,000 VB
Bidders: 0
As the afternoon heat set in the auctioneer, Simon Carruthers, pointed out pool in the home. With no bidders the property was passed in at $3,500,000.
Elwood, 76 Marine Parade
SOI: $5,500,000 – $5,750,000
Sales Agent: Simon Gowling – Jellis Craig
Crowd: 20
Opening Bid: $5,700,000 VB
Passed in: $5,700,000 VB
Bidders: 0
76 Marine parade was passed in without participation at the vendor bid of $5,700,000
South Melbourne, 8 Ferrars Place
SOI: $3,900,000 – $4,250,000
Sales Agent: Oliver Bruce – Marshall White
Crowd: 50
Opening Bid: $4,100,000 VB
Passed in: $4,100,000 VB
Bidders: 0
About 50 people gathered under the shady trees to watch Oliver Bruce from Marshall White open and close the home at 8 Ferrars place South Melbourne with a vendor bid of $4,100,000.
Multi-List Off-Market
Brighton
$3.125m
Elwood Style T/House
Lift & Double Garage
Sam 0425 702 574
Halli 0403 777 661
Simone 0403 857 266
Boroondara Live!
by Gina Kantzas and Mal James
Camberwell Canterbury Glen Iris Hawthorn Hawthorn East Kew
FEB 25
Bidderman
1.9
Stock
LOW
Clearance
80%
MAR 4
Bidderman
1.6
Stock
LOW
Clearance
79%
Photo: Randall
Mont Albert, 63 Victoria Crescent
Kew, 2 Mawson Street
SOI: $4,000,000 – $4,200,000
Sales Agent: Stuart Evans – Marshall White
Before Auction: $undisc
Bidders: 1
Glen Iris, 59 Martin Road
SOI: $3,400,000 – $3,600,000
Sales Agent: Zali Reynolds – Shelter
Before Auction: $undisc
Bidders: 1
Hawthorn, 76a Kooyongkoot Road
SOI: $2,300,000 – $2,500,000
Sales Agent: Joanna Nairn – Marshall White
Before Auction: $undisc
Bidders: 1
Deepdene, 17 Deepdene Road
SOI: $5,900,000 – $6,400,000
Sales Agent: Mark Read – Jellis Craig
Before Auction: $undisc
Bidders: 1
Kew, 126 Sackville Street
SOI: $10,000,000 – $10,500,000
Sales Agent: Sam Wilkinson – Kay & Burton
Before Auction: $undisc
Bidders: 1
Hawthorn East, 12 St Helens Road
SOI: $3,000,000 – $3,300,000
Sales Agent: Sam Christensen – Anton Zhouk
Crowd: 75
Opening Bid: $3,000,000
On the Market: $3,250,000
Under the Hammer: $3,390,000
Bidders: 3
A well-orchestrated auction that saw three bidders battling to an on market price and then forge onwards.
Surrey Hills, 22 Newton Street
SOI: $2,100,000 – $2,300,000
Sales Agent: Spring Chen
Crowd: 70
Opening Bid: $2,050,000 VB
Passed in: $2,189,000
After Auction: $undisc
Bidders: 2
The auction opened with a vendor bid of $2,050,000. Two bidders battled it out until the half time break. At $2,189,000 the bidding stalled, ultimately resulting in a pass in & negotiation. Sold After.
Glen Iris, 1 Courang Road
SOI: $2,300,000 – $2,500,000
Sales Agent: Jason Brinkworth – Marshall White
Crowd: 68
Opening Bid: $2,300,000 VB
On the Market: $2,700,000
Under the Hammer: $2,700,000
Bidders: 3
Although initially met with silence when he called for bids, auctioneer Daniel Wheeler soon had spirited bidding from 2 bidders. Bidder 3 came in late with a single bid to buy the home.
Mont Albert, 63 Victoria Crescent
SOI: $2,900,000 – $3,190,000
Sales Agent: Tori McGregor – Marshall White
Crowd: 75
Opening Bid: $2,800,000
On the Market: $3,400,000
Under the Hammer: $3,465,000
Bidders: 2
Two bidders exchange consistent bids and take the hammer price comfortably over the reserve.
Camberwell, 69a Rowell Avenue
SOI: $2,500,000 – $2,700,000
Sales Agent: Charlie Tostevin – Marshall White
Crowd: 70
Opening Bid: $2,500,000 VB
On the Market: $2,825,000
Under the Hammer: $3,150,000
Bidders: 4
Rapid bidding activity from 4 bidders quickly escalated the price from a $2,500,000 starting bid, to being declared on the market at $2,825,000, with the hammer eventually falling on $3,150,000.
Surrey Hills, 10 Banool Road
SOI: $2,000,000 – $2,200,000
Sales Agent: Spring Chen – Fletchers
Crowd: 50
Opening Bid: $1,980,000 VB
Passed in: $2,000,000 VB
Bidders: 0
Auctioneer Jeremy Desmier entered a $1,980,000 vendor bid to kick off but was met with silence. Then a second vendor bid of $2,000,000 was forthcoming, however no bidding activity was forthcoming from the 50-strong crowd, therefore the property was passed in.
Deepdene, 8 Kitchener Street
SOI: $3,000,000 – $3,300,000
Sales Agent: Scott Patterson – Kay & Burton
Crowd: 60
Opening Bid: $3,000,000 VB
Passed in: $3,025,000 VB
Bidders: 0
Slow start with a $3,000,000 vendor bid, a second vendor bid of $3,025,00, only to be met with silence. This was followed by a halftime break, after which, no encouragement from Auctioneer Scott Patterson could entice bidding, resulting in a pass-in.
Kew, 8 Barry Street
SOI: $4,900,000 – $5,300,000
Sales Agent: Scott Patterson – Kay & Burton
Crowd: 35
Opening Bid: $4,700,000
Passed in: $5,000,000 VB
Bidders: 1
A low starting offer is stepped up via a vendor bid and passed in on a second at $5,000,000.
Glen Iris, 31 Staughton Road
SOI: $2,200,000 – $2,400,000
Sales Agent: Jesse Matthews
Crowd: 75
Opening Bid: $2,400,000
On the Market: $2,750,000
Under the Hammer: $2,850,000
Bidders: 3
A genuine opening bid set the tone. Bidders 2 and 3 went back and forth, bringing the property on the market without a referral. Sold under the hammer for $2,850,000.
Stonnington Live!
by Gina Kantzas and Mal James
Armadale Malvern Malvern East Prahran Richmond South Yarra Toorak
FEB 25
Bidderman
1.4
Stock
LOW
Clearance
56%
MAR 4
Bidderman
0.6
Stock
LOW
Clearance
33%
Photo Kieran
South Yarra, 65 Argo Street
Malvern, 13 Shaftesbury Avenue
SOI: $2,900,000 – $3,190,000
Sales Agent: Joanna Nairn – Marshall White
Before Auction: $undisc
Bidders: 1
Malvern East, 119 Finch Street
SOI: $3,500,000
Sales Agent: David Banks – Jellis Craig
Crowd: 60
Opening Bid: $3,250,000 VB
Passed in: $3,325,000
After Auction: $undisc
Bidders: 2
Opening with a vendor bid of $3,250,000 before 2 bidders joined in. The home passed into bidder 1 for $3,325,000 with Bidder 2 trying to place another bid post pass in. the negotiations moved inside and the home sold soon after.
Glen Iris, 7 Fairview Grove
SOI: $4,200,000 – $4,500,000
Sales Agent: Kellie O’Neill
Crowd: 55
Opening Bid: $3,900,000
On the Market: $4,150,000
Under the Hammer: $4,360,000
Bidders: 2
Iain Carmichael was met with an opening bid just moments after he had finished the opening proceedings. A second bidder joined the race and the property was declared on the market at $4,150,000. The property was purchased by the first bidder for $4,360,000
Kooyong, 33 Avenel Road
SOI: $2,100,000 – $2,300,000
Sales Agent: Hugh Tomlinson
Crowd: 30
Opening Bid: $2,150,000 VB
Passed in: $2,150,000 VB
Bidders: 0
The auctioneer opened with a vendor bid of $2,150,000. Following a half time break and no crowd participation the property was formally passed in
South Yarra, 45 Arnold Street
SOI: $4,800,000 – $5,000,000
Sales Agent: Jake Richardson – Abercromby’s
Crowd: 20
Opening Bid: $4,700,000 VB
Passed in: $4,700,000 VB
Bidders: 0
The opening vendor bid went unanswered, resulting in a vendor pass.
South Yarra, 65 Argo Street
SOI: $2,200,000 – $2,400,000
Sales Agent: Grant Wallace – Belle Property
Crowd: 40
Opening Bid: $2,250,000 VB
Passed in: $2,250,000 VB
Bidders: 0
After an opening vendor bid, no rise was taken and the property was passed in.
Armadale, 96 Sutherland Road
SOI: $3,000,000 – $3,200,000
Sales Agent: Anthony Grimwade – RT Edgar
Crowd: 14
Opening Bid: $3,000,000 VB
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. Fundamental Provenance, PPP’s, Processes.
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.
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