oc | Sunday 15th December

Market News » Elwood


The $3m+ market is continuing to return to some life

The $3m+ market is continuing to return to some life
Another strong (well stronger than Winter) fortnight for auctions and private sales over $3m. Rather than wax lyrical lets look at some facts. See below for results, reports, ratings and analysis. Full Auction Report: Click here https://www.marketnews.com.au/auction-reviews/8807/42-Wattle_Valley-Road-CANTERBURY Full Auction Report click here: https://www.marketnews.com.au/auction-reviews/8705/24-Somers-Avenue-MALVERN Full Auction Report: Click here https://www.marketnews.com.au/auction-reviews/8829/4-Forrest-Court-TOORAK Full Auction Report click here: http://www.james.net.au/rating/49-Harcourt-Street-HAWTHORN_EAST Full Auction Report click here: https://www.marketnews.com.au/auction-reviews/8670/1-Myamyn-Street-ARMADALE/ Full Rating click here: http://www.james.net.au/rating/6-Head-Street-BRIGHTON Full Video [...]
Port Phillip continues to start Spring like a tortoise.

Port Phillip continues to start Spring like a tortoise.

Key Points: We focused on Albert Park today and there were reasonable bidder numbers across several auctions. However, Port Phillip has still started Spring very slowly. Prices had been falling during Winter and the factors are there for that to continue; especially if any sort of Spring stock level surge is not met by a corresponding increase in bidder numbers – our [...]
No exaggeration to say it was an auction train wreck today. The saving grace was low stock quality.

No exaggeration to say it was an auction train wreck today. The saving grace was low stock quality.

Key Points: None of the auctions we covered in Port Phillip were bought under the hammer this weekend. As of 7pm, only one had been bought post auction. Across five auctions, there were only two bidders in total. On a positive note, 3 out of 3 townhouses/apartments sold at auction around a $million Analysis: This was Spring’s first test [...]
The $3m+ market starting to make a bit of noise.

The $3m+ market starting to make a bit of noise.

At 6pm on Saturday the James Million-Dollar-Plus clearance rate was 58% for the 24 auctions we attended. Of those, eight sold under the hammer. Bidderman, our Demand Indicator, increased to nearly 1.5 bidders per auction. However, a third of the auctions we attended still had only one bidder. Due to the election we have a reduced coverage this weekend
This is a Market Performing Differently at Different Price Points

This is a Market Performing Differently at Different Price Points

At 6pm on Saturday the James Million-Dollar-Plus clearance rate was 59% for the 31 auctions we attended. Bidderman was at 1.5 – a more representative number than last week’s 2.2 we think.  Main Points: A significant, but largely expected, drop in activity and dollar value 3 Longstaff Kew East – sold by Glen Coutinho of Hocking Stuart, had a [...]
The Private Sale Clearance Rate in $M+ Melbourne was around 1 in 4 over last 6 weeks. However at auctions this weekend it was ‘even-stevens’ between Buyers and Sellers. Bidderman 2.2

The Private Sale Clearance Rate in $M+ Melbourne was around 1 in 4 over last 6 weeks. However at auctions this weekend it was ‘even-stevens’ between Buyers and Sellers. Bidderman 2.2

At 6pm Saturday the James Clearance Rate on the 22 $M+ Auctions we covered was 59%. Our Demand Indicator Bidderman was 2.2.  Hmmm – an interesting increase but it was off a very low turnover. Today’s Highlights 1)      Bidders were present at 18 of the 22 auctions we covered –  and at three auctions there were 6+bidders 23 [...]
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 [...]
A bit of gloom (for sellers) if you’re auctioning in Bayside and we’re not talking about the weather

A bit of gloom (for sellers) if you’re auctioning in Bayside and we’re not talking about the weather

A bit of gloom maybe an understatement.  We covered 10 properties auctioned in Bayside today over $1,000,000 and saw a clearance rate of  zer0!  That’s right, nothing was bought under the hammer today.   6 bidders in total, and Park Road, Sandringham had two of them.   That’s Bidderman at 0.6.  Properties to pass in today on vendor bids  [...]
The numbers show things are happening and something may be coming; but that something may be nothing more than a breather. Buying Opportunities in the $2m to $4m range.

The numbers show things are happening and something may be coming; but that something may be nothing more than a breather. Buying Opportunities in the $2m to $4m range.

It’s 6pm Saturday and the James million-dollar-plus Clearance Rate on the 41 auctions we attended today was 61%. Bidderman is 1.7 and it seems to have found a momentary level of some strength on large numbers of auctions. We monitored 174 $million sales across 56 Melbourne suburbs. Overall Clearance rate is 60% for those 174 auctions and in [...]
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 [...]
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 [...]

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