Style v Substance
23 Top End Auction Reports Below
In a week of style vs. substance, where those who didn’t vote for him hate his style, and those who did love his substance, I witnessed another incredible transformation on the Top End Melbourne property front – 7 Gawith Court Toorak
But rather than make it a bespoke, “woke” interaction of ideas or a “down ‘n’ dirty” menu of commoner’s actions, let’s look at what I know to be one of 2024 or post-COVID transformations to beat all —a masterpiece where a silk purse truly has been created from a sow’s ear. The home is 7 Gawith Court, Toorak.
I have zero financial interest in this home or its outcome, but I take my hat off to the bravery, imagination, and execution I see here, achieved under the most difficult of circumstances – the original starting point.
You may still find the floor plan a little too quirky for your liking, and if you had a blank canvas, you’d have a point. But two years ago, I saw a seemingly irreparably damaged master that was actually (and couldn’t be due to heritage) no blank canvas, with major challenges: restrictions, overlooking, and a problematic home position. I saw potential, but I couldn’t see what Lauren Tarrant could. She is the genius behind this, able to see grandeur and volume where most would see “pokey” and “money pit.”
The self-belief, skill, and chutzpah required to accomplish this transformation are the equivalent of Everest on a budget in poor weather. Despite its look now, there was no easy walk up the mountain here—only the will to push on from that first day. Well done, Lauren. While I see reveal and award shows of little intrinsic value to me, she truly deserves some public recognition for what has been achieved – it’s so transformational.
Before: I was involved in the sale of this block with the magnificent Warwick Anderson of RT Edgar and the feisty Gina Kantzas, now of GK Buy Sell, and our very brave client M, two years ago during COVID. It sold in the mid-$9 million range, and we didn’t undersell it. It had four “valuations” in the low-to-mid $8 millions. We could only get two people through, and as stated, the incredibly sparkling Lauren Tarrant was one of them and bought it. At the time I felt we were lucky, and now I feel she was lucky as well. Despite Gawith’s many flaws, it had the potential of a masterpiece—but like a Nick Daicos run, which many can’t see in advance, it still needed to be weaved.
Now: The home is being sold circa $20 million, and in my opinion, despite a very tough market, it wouldn’t be surprising if the irrepressible Marcus and the exquisite Nicole of Marshall White achieved that price. If anyone can, then it has a high chance it will be them. This is worth a look, worth your admission price of some extra effort to go and check it out. Before and after pics, plans and videos below
Why does this work? Well, it has the PPPs Provenance that could work, the greatest P = Position, and that works for many things, schools, CBD train, but it’s the Positional Provenance=Precinct. When the going gets tough as we are seeing now, then great precincts hold their own a lot better than fringe areas, at the higher other Ps, in particular Price.
In booming markets, fringes fire, but in weakening markets, they fail, and this is more so the higher you go up the Price food chain.
I have discussed the property. While it remains unchanged, the issues that stood out two years ago are still present but are no longer as noticeable. They are no longer the visitors’ focus, as everyone has been addressed in some manner. Now, the only question is when and where to enjoy a G&T.
Price: This is another part of Lauren’s smarts —the price upgrade can work because while the bought price connected to the area, the new upgraded selling price also does.
Many amateur renovators don’t get the money in, money spent, and money out pipeline right. What has been done here will represent a masterclass of those $ points.
That was the Provenance of the PPPs, so why does this work emotionally for me?
Projects that come across my path so rarely, where a human(s) of great merit, intellect, and empathy has transformed potential into something special, something beautiful, and something truly uplifting, deserve to be supported.
Gawith made me feel great this week when I could see a fair bit of concern over other transformations within our society.
Again well done, Lauren, truly inspirational.
James Buy Sell Market News with Off Markets every Monday
'Round the Auction Grounds
• In 3 years at the Top End we have dropped 10-40% off the 2021 Cup peak depending on your Grade (A,B or C) of your PPPs (Price, Property and Position)
• The market is retreating back to quality of PPPs street, build and price. Whilst for most of 2015 - 2021 flaws in homes, such as next to railway, smaller living areas, weak garaging, bad light and poor flow were overlooked, the class of '24 has been brutal in their marking down.
Today’s Biggest Auction – Volcano: Five bidders joined the race swiftly and the property was declared on the market
at $4,000,000. The fifth bidder was victorious purchasing the property under the hammer for $4,230,000.
• Overall Pre Xmas was a down market, the 10th in the last 13 quarters (M1 - Opening, M2 - May, M3 - Spring, M4 - Pre Xmas)
• Underquoting and overquoting - what penalties will the CAV be applying to the real estate websites that give "valuations"
Ethically their behaviour is all about your eyeballs and damn the consequences on the poor seller whose home they "valued" without even a visit.
And speaking of valuations what penalties are CAV applying to councils for over and underquoting rateable properties - well said Rae and the Tomlinson clan.
One law for agents, but Trumpian like freedom from the laws for council valuers and "value estimate" websites.
• Many sellers are still being recommended to go to auction, right now that seems unfathomable in the logic department, especially when the seller is spending $10,000 to $20,000 to fail.
Apart from agent advertising, the only thing being put into the marketplace is what people don't think your home is worth.
• MAL you are being gloomy! Nope. Top End Buying is better than its been for 3 years and the same as 5 years ago, but thats a Catch 22, for as soon as buyers realise and act on this, then it won't be. Not gloomy, just truthful, you buy and sell well with truths.
Melbourne's Top End Markets
• Bidderman again at a poor 1.4 bidders per auction and clearance rates are consistently in the 60s and whilst we have little bursts of ups or positives we are in a down market when clearance rates are consistently in the 60s. This is contrary to mainstream reporting who say the market is rising in the 60's.
Has it been rising this year?
The market is full of opportunities right now and leading into Xmas the off-market will also be awash with stock. Upsizing buyers it doesn't get much better to save a million or 2.
Our Pre Xmas 100 Auction Test - Full Results
Overall Pre Xmas 1st Week 2024
Bidderman
1.6
Stock
More
Clearance
58%
Attended
33
Volcanoes
12%
Ducks
27%
Overall Pre Xmas 2nd Week 2024
Bidderman
1.0
Stock
Lots
Clearance
55%
Attended
44
Volcanoes
5%
Ducks
32%
Overall Pre Xmas 3rd Week 2024
Bidderman
1.4
Stock
Lots
Clearance
65%
Attended
23
Volcanoes
9%
Ducks
17%
Geographical
Quarterly for 2024
• Stonnington is weaker pre Xmas compared to Spring
Stonnington – 6 auctions
Week 3
Bidderman: 1.2
Clearance: 83%
SOUTH YARRA, 1 Oxford Lane
Agent: Andrew Sahhar – Kay & Burton
SOI: $2,300,000 – $2,500,000
Crowd: 10
Opening Bid: $2,400,000 VB
Passed in: $2,510,000
Sold After: $undisc
Bidderman: 2
Two bidders contended for the property. The property failed to reach the reserve price and was passed in to the second bidder for $2,510,000. Sold after auction.
MALVERN EAST, 5 Emo Road
Agent: Jack Moss – Marshall White
SOI: $2,750,000 – $2,850,000
Crowd: 30
Opening Bid: $2,700,000 VB
Passed in: $2,725,000
Sold After: $undisc
Bidderman: 1
Gathering in the backyard a lone bidder threw their hat in the ring. The property later passed into them. Sold after auction.
WINDSOR, 29 Ann Street
Agent: Charlie Clemons – McGrath
SOI: $2,100,000 – $2,300,000
Crowd: 5
Opening Bid: $2,125,000
Passed in: $2,210,000
Sold After: $2,260,000
Bidderman: 1
It was the lone bidder vs the auctioneers two vendor bids. After some back and fourth and seeking instructions twice, the property was passed in. Sold after auction.
MALVERN EAST, 8 Hilda Street
Agent: Daniel Wheeler – Marshall White
SOI: $2,600,000 – $2,800,000
Crowd: 35
Opening Bid: $2,600,000 VB
Passed in: $2,800,000
Sold After: $undisc
Bidderman: 2
A decent crowd gathered with 2 bidders joining the race. They did not meet the reserve and the property was passed in. Sold after auction.
MALVERN EAST, 246 Waverley Road
Agent: David Volpato – Marshall White
SOI: $2,100,000 – $2,300,000
Crowd: 20
Opening Bid: $2,100,000 VB
Passed in: $2,125,000
Sold After: $undisc
Bidderman: 1
Joseph Ben-Danan opened the bidding placing a vendor bid of $2,100,000. A single bid was placed. The property was passed in to the only bidder for $2,125,000.
TOORAK, 22 Church Street
Agent: Mark Harris – Marshall White
SOI: $6,500,000 – $7,150,000
Crowd: 20
Opening Bid: $6,250,000 VB
Passed in: $6,250,000 VB
Bidderman: 0
No bidding from the crowd, the property passed in on a vendor bid.
Medical Rooms Day Surgery Richmond
1023 sqm: 4 permits: 17 carparks
Off Market Expressions of Interest Closing Tuesday November 26 @ 2.00pm (unless sold prior)
Jonathon McCormack 0418 835 885
Mal James 0408 107 988
• Bayside is weaker pre Xmas compared to Spring
Bayside – 10 auctions
Week 3
Bidderman: 1.1
Clearance: 50%
BRIGHTON – Method change/Withdrawn
BRIGHTON EAST – Method change/Withdrawn
MIDDLE PARK, 145 Neville Street
Agent: Oliver Bruce – Marshall White
SOI: $5,100,000 – $5,500,000
Before auction: $undisc
Bidderman: 1
BEAUMARIS, 24 Haydens Road
Agent: Kate Fowler – Jellis Craig
SOI: $2,900,000 – $3,150,000
Crowd: 60
Opening Bid: $3,000,000 VB
Passed in: $3,010,000
Sold After: $undisc
Bidderman: 1
Nick Renna welcomed everyone and begun the action with a $3,000,000 vendor bid. Encouraging bidders to come forward one bidder joined with a $10,000 bid. With no further interest the property was shortly after passed in at $3,010,000. Sold after auction.
BEAUMARIS, 372 Beach Road
Agent: Bert Geraerts – Nick Johnstone Real Estate
SOI: $3,100,000 – $3,300,000
Crowd: 40
Opening Bid: $3,200,000 VB
Passed in: $3,210,000
Sold After: $undisc
Bidderman: 1
A backyard ‘no referral’ auction. After an opening vendor bid, one party from the crowd raised $10,000 to secure the first right to negotiate. Sold after auction.
MIDDLE PARK, 83 Harold Street
Agent: Oliver Bruce – Marshall White
SOI: $3,500,000 – $3,800,000
Crowd: 140
Opening Bid: $3,600,000
On the Market: $4,000,000
Under the Hammer: $4,230,000
Bidderman: 5
Five bidders joined the race swiftly and the property was declared on the market
at $4,000,000. The fifth bidder was victorious purchasing the property under the hammer for $4,230,000.
BRIGHTON, 22 Hanby Street
Agent: Simon Monnier-Penny
SOI: $2,600,000 – $2,800,000
Crowd: 40
Opening Bid: $2,600,000 VB
On the Market: $3,050,000
Under the Hammer: $3,125,000
Bidderman: 3
After an opening vendor bid, a rapid contest between two bidders began. A vendor referral and one more bid brought the property on the market. A late third bidder tried to snatch the auction but Bidder 1, undeterred, held on to take the keys.
BRIGHTON EAST, 23 Hornby Street
Agent: Andy Nasr – Marshall White
SOI: $2,600,000 – $2,800,000
Crowd: 35
Opening Bid: $2,600,000 VB
Passed in: $2,600,000 VB
Bidderman: 0
Open and closed on a vendor bid, with no participation from the crowd.
BRIGHTON EAST, 41 Glencairn Avenue
Agent: Nick Johnstone – Nick Johnston Real Estate
SOI: $2,500,000 – $2,700,000
Crowd: 35
Opening Bid: $2,600,000 VB
Passed in: $2,600,000 VB
Bidderman: 0
Nick Johnston welcomed the crowd and encouraged initial bids. With no bids he placed a vendor bid of $2,600,000. After this no further bids were placed and the property was soon after passed in.
BRIGHTON EAST, 59 Baird Street
Agent: Nick Johnstone – Nick Johnston Real Estate
SOI: $3,000,000 – $3,300,000
Crowd: 42
Opening Bid: $3,150,000 VB
Passed in: $3,150,000 VB
Bidderman: 0
Nick Johnston welcomed the crowd and begun the action with a $3,150,000 vendor bid. Mr Johnston encouraged bids but with no further interest the property was shortly after passed in.
HAWTHORN - Get into the fast growing storage business
brilliant cashflow
Jonathon McCormack 0418 835 885
Matt Nicholls 0418 186 488
• Boroondara is the turnaround, pre Xmas stronger than Spring
Boroondara – 7 auctions
Week 3
Bidderman: 2.1
Clearance: 71
GLEN IRIS, 30 Staughton Road
Agent: Steve Burke – Belle
SOI: $3,800,000 – $4,000,000
Crowd: 30
Opening Bid: $3,800,000 VB
Passed in: $3,870,000
Sold After: $undisc
Bidderman: 1
The crowd contained one bidder who revealed themselves after a couple of vendor bids were placed at the start of the auction. Passed in for negotiations. Sold after auction.
ASHBURTON, 10 Burbank Street
Agent: Daniel Wheeler – Marshall White
SOI: $2,750,000 – $3,000,000
Crowd: 40
Opening Bid: $2,800,000
On the Market: $2,975,000
Under the Hammer: $3,210,000
Bidderman: 3
Bidder 1 opened with a $2,800,000 offer, which gave way to a second bidder and a protracted stint of steady bidding. The property was declared “on the market” at $2,975,000 and the hammer fell at $3,210,000.
GLEN IRIS, 37 Bourne Road
Agent: Emma Yu – Ray White
SOI: $3,000,000 – $3,300,000
Crowd: 50
Opening Bid: $2,900,000
On the Market: $3,110,000
Under the Hammer: $3,415,000
Bidderman: 3
An entertaining auction with fresh banter from the auctioneer and amusing commentary from an underbidder. Strongly contested between three bidders who each had real dip until it eventually sold well over the reserve.
CANTERBURY, 12 Logan Street
Agent: Mike Beardsley – Jellis Craig
SOI: $2,300,000 – $2,500,000
Crowd: 60
Opening Bid: $2,500,000
On the Market: $2,890,000
Under the Hammer: $2,892,000
Bidderman: 4
From a quiet start, to a rapid-fire contest between the final two bidders (out of 4), the business end of the auction saw the hammer come down on $2,892,000.
KEW, 25 Studley Park Road
Agent: Geordie Dixon – Jellis Craig
SOI: $2,950,000 – $3,200,000
Crowd: 30
Opening Bid: $2,800,000 VB
Passed in: $3,010,000
Bidderman: 2
A mid century home that saw some interest from two bidders. A battle didn’t really eventuate and the property passed in for post-auction negotiations.
CANTERBURY, 23 Boronia Street
Agent: Paul Walker – RT Edgar
SOI: $3,000,000 – $3,300,000
Crowd: 60
Opening Bid: $2,900,000 VB
Passed in: $3,000,000 VB
Sold After: $undisc
Bidderman: 1
A bidder opened on $2,975,000 and was met by a $3,000,000 vendor bid. The bidder refused to budge from here on and the property passed in on the round number.
CAMBERWELL, 35 Lansell Crescent
Agent: Stephen Gough – Marhsall White
SOI: $2,100,000 – $2,300,000
Crowd: 20
Opening Bid: $2,100,000 VB
Passed in: $2,125,000
Bidderman: 1
An opening $2,400,000 vendor bid from auctioneer Doug McLauchlan, gave rise to the first bidder, whose offer turned out to be the only activity for the auction, causing the property to be passed in.
On the subject of transformations here is a special place a friend of mine is selling.
121 Buckley Road, Kin Kin, Qld 4571