oc | Sunday 8th December

Market News » Albert Park


C’mon let’s get on with it – there are homes to buy!

C’mon let’s get on with it – there are homes to buy!
This week we have combined the council wraps. There is little to report within specific council areas, and for those who normally just read one wrap we hope you will benefit from looking at some data graphs across the council areas that confirm what we have been saying so far this year. Hopefully, this will help you as [...]
Somebody gave Port Phillip an Auction Pep Pill and we think we know why!

Somebody gave Port Phillip an Auction Pep Pill and we think we know why!

Of the 10 auctions we attended, three were bought before auction, three were bought under the hammer and four were passed in (with one bought after).  Our demand indicator Bidderman was at 1.5 bidders per auction. So out of 10, seven were bought. That seems a big improvement on the last few weeks. We have [...]
More and more choice for buyers and at good prices if you know how to buy well!

More and more choice for buyers and at good prices if you know how to buy well!

At 6pm Saturday the James Million-Dollar-Plus Clearance Rate on the 35 auctions we attended was 51%. Our Demand Indicator, Bidderman, was up at 1.7 – still hanging in there. PRICE CORRECTION There is no doubt the market has eased, “corrected” – call it what you like. One easy word to understand  is “dropped”. On a few properties it [...]
Overhang is the issue, but new stock numbers are dwindling so a rebalance is possible.

Overhang is the issue, but new stock numbers are dwindling so a rebalance is possible.

SUPPLY OVERHANG BUILDS First some stats. Last Saturday’s (May 29) Auction results showed strong evidence of “auction overhang” in Port Phillip where the clearance rate was 32% clearance rate on the 22 auctions we monitored. Seven days later the reported clearance rate had lifted from 32% to 45%, with only three of the pass-ins and unreporteds reported as having [...]
The Auction Method is under real pressure. Vendors will be asking for new ideas soon as another week of low clearances hits Port Phillip

The Auction Method is under real pressure. Vendors will be asking for new ideas soon as another week of low clearances hits Port Phillip

With Bidderman less than 1 – meaning more auctions than bidders  – it may be time for a change of scenery for Port Phillip auctioneers unless things turn very quickly or they can come up with some new ideas. And the post auction sales are not happening either according to reported REIV results, so a [...]
Ladies and Gentlemen. Roll Up, Roll Up. Welcome to the new Port Phillip one man shows. Turn Up – Speech – Vendor Bid – Exit

Ladies and Gentlemen. Roll Up, Roll Up. Welcome to the new Port Phillip one man shows. Turn Up – Speech – Vendor Bid – Exit

Not a lot on offer today and despite our headline a few were put away albeit on lower interest levels than last month. Of the reported sales we saw 7 from 13 go under the hammer or sell soon after for a 54% clearance rate. The standout auction was 65 Beacon Vista Port Melbourne with [...]
Port Phillip truly is 50/50 and good news for Consumer Affairs – no need to come here the Agents are Quoting brilliantly.

Port Phillip truly is 50/50 and good news for Consumer Affairs – no need to come here the Agents are Quoting brilliantly.

So how is Port Phillip (Port Melbourne to Elwood) travelling in this changing market. Lets look at some stats on the auction we had scheduled to visit, bid on or review below. Of the 16 auctions all bar one reported their results so the clearance rates are accurate. The clearance rate was 50%. That is for every auctioned [...]
Not a stellar weekend for stock quality but the winds of change are no longer blowing – they’ve blown. The market HAS changed.

Not a stellar weekend for stock quality but the winds of change are no longer blowing – they’ve blown. The market HAS changed.

1) Its 6.00 pm on Saturday and the James Clearance Rate for the 32 auctions we attended was 47%. May of course rise overnight as more results are reported. 2) Bidderman – now at 1.5 and falling. Significant change from a month ago. 3) This weekend is the weakest of the Big 5 auction weekends in May as far [...]
$2m+ is leveling quickly as buyers become more discerning on price; but $1m+ remains full steam ahead on almost anything!

$2m+ is leveling quickly as buyers become more discerning on price; but $1m+ remains full steam ahead on almost anything!

It is 6pm Saturday and the James Million Dollar-Plus Clearance rate for the 36 Auctions we attended today was a solid  75 per cent on good stock numbers. The “frenzy” feel has left the highest of the higher end market for now as the new age businessman and establishment money, who determine the Toorak market, reconsider after (1)    looking at [...]
Ssshhh not a churchmouse was stirring

Ssshhh not a churchmouse was stirring

Very little happening in Port Phillip today. See results below. We were aware of 6 quality M+ auctions and nothing startling happened. Next week the 1st of May we are looking at 21 auctions. The following week 23 and 16 auctions on the 15th of May. The last two weeks in May are looking strong as [...]
By the Way, Buy the Bay – Before somebody else does!

By the Way, Buy the Bay – Before somebody else does!

Port Phillip seems to be firing along on all cylinders with 16 properties sold over a million since our last report just before Easter. You know how we said land in the good parts of Elwood was around $3000 per sq metre before Easter. Well that was before Easter now it’s after Easter and land [...]
In the words of Oscar Wilde any talk of the market’s death was greatly exaggerated. Wow what an incredibly powerful market day for $million+ homes and this was local not overseas buying strength.

In the words of Oscar Wilde any talk of the market’s death was greatly exaggerated. Wow what an incredibly powerful market day for $million+ homes and this was local not overseas buying strength.

It is 6pm Saturday and the James Million Dollar-Plus Clearance rate for the 39 Auctions we attended today was 77 per cent and we have no late REIV results so could be higher. Bidderman was well up at 3 bidders per auction and any talk from us of the last two weeks looking a bit soft has been well and [...]
The Truth about BOOM! Suburbs

The Truth about BOOM! Suburbs

There is always a great deal of talk about “Boom” suburbs! The media love it, some so-called property experts love it, and it is a hot topic at dinner parties. “Where are property prices going to BOOM next? ” The word “boom” creates a buzz and gets everyone’s attention Unfortunately, a ” boom suburb ” can be like a [...]
Port Phillip overall was strong with 17 $m+ homes selling at auction today – there were some surprise pass-ins though.

Port Phillip overall was strong with 17 $m+ homes selling at auction today – there were some surprise pass-ins though.

The two big ones in Elwood didn’t go off under the hammer today. Our top rating home for the year with 904 out of 1000; 71 Addison St Elwood (Torsten Kasper of Chisholm and Gamon) did not attract a bid at the price asked and remains unreported at time of writing. 396 Barkly St Elwood [...]
While they needed some work, some great homes on offer in Port Phillip today. They all sold.

While they needed some work, some great homes on offer in Port Phillip today. They all sold.

A lot has been happening in Port Phillip (Elwood, St Kilda, Albert Park, Middle Park, Port Melbourne) with 18 buys over a million in the last week. The thing we have been happy with as buyers is the amount of quality stock – we know everybody tells you that’s low and Bidderman is saying there [...]

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