oc | Tuesday 21st January

Market News » bennison mackinnon


Covering Toorak, Malvern, Armadale, South Yarra, Caulfield and Elsternwick $1m+ homes

Covering Toorak, Malvern, Armadale, South Yarra, Caulfield and Elsternwick $1m+ homes
Andrew McCann of Bennison Mackinnon says we are now very close to 2007 prices. Apartments Sam Wilkinson and Tim Blackett of Kay and Burton got 2-4 Lansell Road Toorak away pre-auction. It was a $2 million-plus sale but the apartment market at the Top End really does appear to be non-existent right [...]
There was a real loathing from buyers today as they did what they had to – pay more than eight weeks ago.

There was a real loathing from buyers today as they did what they had to – pay more than eight weeks ago.

It’s 6pm Saturday and we have been to 16 auctions (less than usual because there is a real shortage of $1 million-plus auctions that are worthwhile covering) and the James Clearance rate is 81 per cent. Please note our Chinese translation and Wormy to the right (our price opinion and a general guide [...]
News of Toorak, South Yarra, Malvern, Armadale and Malvern East.

News of Toorak, South Yarra, Malvern, Armadale and Malvern East.

The million-dollar-plus market is looking reasonably stable in Stonnington on low stock levels. 63 Albany Toorak (Coonara) with Kay and Burton is back on the market again and it will be interesting to see what happens. It sold early last year through Marshall White’s Marcus Chiminello for a reported $8 million. Since that [...]
Agent auction quoting seems OK for now. But some individuals are still pushing the boundaries.

Agent auction quoting seems OK for now. But some individuals are still pushing the boundaries.

We thought it would be timely to take a snapshot of how we are finding selling agents’ quotes. In a rising market, it’s easy to fall back on old habits; however, we think, on yesterday’s results, that most of the major companies are making an attempt to improve their auction quoting standards. Now, before you think we [...]
In our opinion, the Melbourne million-dollar-plus market could have risen by as much as 10 per cent in the past six weeks

In our opinion, the Melbourne million-dollar-plus market could have risen by as much as 10 per cent in the past six weeks

The James Clearance rate stands at 83 per cent on the 23 auctions of million-dollar-plus properties we attended today. Please note James Market News is now translated into Chinese by Su who now works with us and can be viewed by clicking button to the right of this column. This weekend, we thought you may be interested to read part [...]
It didn’t feel a weaker market but more pass-ins today.

It didn’t feel a weaker market but more pass-ins today.

It’s 6pm and the James Clearance Rate stands at 63% for Melbourne’s million-dollar-plus homes. It’s down from last week, but it’s a stat that doesn’t truly reflect the market right now, as the market hasn’t dropped its intensity of the past few months. All markets reflect human needs, wants and desires. Today’s drop [...]
Commentary and Case Study with Glen Coutinho from Hocking Stuart

Commentary and Case Study with Glen Coutinho from Hocking Stuart

The Boardroom Auction is back on the agenda. There are traps, pitfalls and strategies required with a boardroom auction. However, in many ways, a properly conducted boardroom auction is a transparent way to conduct business. The jury seems to be out on whether or not a boardroom auction is covered by [...]
Hope you weren’t expecting an easy buy in Toorak today! Clearance rates right up there – prices improving but most still down on this time last year.

Hope you weren’t expecting an easy buy in Toorak today! Clearance rates right up there – prices improving but most still down on this time last year.

At 6pm Saturday, the James Auction $m+ Auction Clearance Rate stands at a strong-for-sellers 78% of the 23 auctions we attended today. Today, four clear messages came out of the results: The market is very fickle at the moment – up one week and down the next. If the market perceives the property is good, there [...]
More homes to buy are being listed by agents on and off market – will the buyer demand be there to match?

More homes to buy are being listed by agents on and off market – will the buyer demand be there to match?

There is definitely more housing stock coming onto the off-market part of the market; however: 1. it’s not across all geographical markets and dollar market levels; and 2. it’s not necessarily the home you must buy; ie the price and quality is mixed. Specific off-market properties that we have heard about, driven by, or looked [...]
There is a sense of a drop in buyer activity from February – it could be stock quality, it could be the wave.

There is a sense of a drop in buyer activity from February – it could be stock quality, it could be the wave.

At 5pm, the $1 million-plus James Clearance Rate is 35% on the 17 auctions we attended. We had a sense at auctions today that March was looking weaker at $1 million-plus levels than February – but maybe it was the wind and rain. Time will tell. 2009 could be turning out to be the [...]
Auctions this weekend

Auctions this weekend

16 Moss Street Prahran. Position AAA+++ in Melbourne real estate and a most fascinating auction. Marshall White’s John Manton began the campaign quoting $1.6m and auctioneer John Bongiorno opened the bidding with a vendor bid of $1.7m. Spirited bidding by two parties was strong with $50,000 bids, down [...]
What are you going to do at AUCTION on a PASS IN or VENDOR BID?

What are you going to do at AUCTION on a PASS IN or VENDOR BID?

Many buyers turn up to an auction with little planning having been done, other than “I think I will bid up to …” or plan B “I will see what others do”. If you want to spend all your money in this market that, as a general rule, has shifted downwards between 5 and 20% in [...]
Auctions attended this weekend.

Auctions attended this weekend.

As we have been stating for some time and was again confirmed this week, the market is still continuing to fall in the order of 10 to 20% for most homes in inner Melbourne since February. Reading recent stats from the various authorities the fall has been greater [...]
What is driving the market?

What is driving the market?

Market News To say the market is experiencing incredibly growth in capital values is an understatement. Last year we reported values increasing by as much as 30% despite what the stats people were saying and there are ever greater increases this year. These large increases as per most of the rest [...]

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