oc | Monday 24th February

Market News » jellis craig


Inner City bidder numbers down

Inner City bidder numbers down
Well, after a few weeks of modest bidders numbers I think its fair to say that the market is softening in the inner city. Softening in terms of bidder depth (bidderman at 1.7) and a much higher degree of buyer discretion. Russell Cambridge of Biggin and Scott said:  “whilst bidder numbers and open attendance numbers are falling [...]
Strong Clearance Rates considering the big numbers of auctions. Yes it has eased, but Bidderman still looks to have some legs.

Strong Clearance Rates considering the big numbers of auctions. Yes it has eased, but Bidderman still looks to have some legs.

In contrast to last week, we saw all 9 properties we covered over $1,000,000 today, sell.   Three sold before auction, 3 sold under the hammer and 3 were bought after.  That’s a 100% clearance rate and Bidderman was back up to two. Five of the nine properties had two or more bidders.  Richard Jellis of Jellis Craig [...]
Market change – we know it has, so why is the next question. Is it supply up (shorter term) or demand down (longer term)?

Market change – we know it has, so why is the next question. Is it supply up (shorter term) or demand down (longer term)?

Its 6.00 pm Saturday and the James $Million+ Clearance Rate on the 36 auctions we attended was 64%. Interestingly, 20 of the auctions initially passed in. Therefore we witnessed an under the hammer clearance rate of 41% – obviously a number were bought almost immediately afterwards. Bidderman is up from 1.5 last week to 1.8 bidders per auction this [...]
There does seem to be some East easing. Price that is. Last month land was gold; now bidding buyers are the new gold.

There does seem to be some East easing. Price that is. Last month land was gold; now bidding buyers are the new gold.

Although major Boroondara agencies were reporting around 75-80% clearance rates this seemed incongruous to what we saw. The clearance rate on reported auctions including Glen Iris was 68% down from 75% last week. This we calculated on the 43 reported auctions (we had 53 scheduled in our records).  Of the seven auctions we covered today – only one sold under [...]
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 [...]
Inner Melbourne still showing no signs of slowing down

Inner Melbourne still showing no signs of slowing down

In Richmond today, the auction at 501 Swan Street had 9 bidders. It felt like we were back to the start of the year in which this was a very common occurrence. Andrew Gibbons of Hocking Stuart announced the property on the market at $795,000 and that’s really when the serious bidding started with bids [...]
Boroondara – marching time on an expectedly quiet weekend

Boroondara – marching time on an expectedly quiet weekend

As expected with only a  handful of $1,000,000  plus  auctions this weekend due to the Anzac Day holiday the market was fairly quiet. Of the six auctions we attended today Bidderman was just under 2 with 1 bought before, 1 passing in and 4 bought on the day. 32 Through Rd Camberwell (Walter Dodich, Marshall White)  – 1 bidder – $1,320,000 sold after 18 [...]
Inner Melbourne strong and seemingly getting stronger!

Inner Melbourne strong and seemingly getting stronger!

Its been a few weeks since our last update and despite the recent interest rate rises the market broadly is still where we left off – moving upwards. Starting at the Top End of Town in East Melbourne a crowd of 60 strong witness 50 Berry Street pass in on an opening vendor bid of $1.9 [...]
Boroondara marches on!

Boroondara marches on!

After a week or two off for serious buyers and sellers, the market in Boroondara keeps on keeping on, with clearance rates for most agencies around the 85 per cent-plus mark. The weather in Melbourne was perfect today – perhaps the last breath of summer – and there were good people numbers at  auctions and at [...]
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 [...]
Easter is here and time for some reflection

Easter is here and time for some reflection

Easter is a week away and its the first break since the start of 2010 for most frantic home buyers (unless you have bought). A great time from reflection, no doubt there will be those who have purchased who will be thinking what I have done, whilst some will be thinking thank God we have bought before [...]
The Million dollar plus market still has some very strong results; but we are seeing a slight easing of demand continuing on the overpriced or less than perfect.

The Million dollar plus market still has some very strong results; but we are seeing a slight easing of demand continuing on the overpriced or less than perfect.

It is 6pm Saturday and the James Million Dollar-Plus Clearance rate for the 27 Auctions we attended today was 65 per cent. Bidderman remained steady at 2 bidders per auction. However 1 in 3 of the auctions we attended today had no bidders. 33% of auctions (on OK James rated homes) had no bidders under the hammer today!! If you look [...]
Boroondara had a strong week. No market turn obvious today.

Boroondara had a strong week. No market turn obvious today.

Strong day in Boroondara today for good properties, with many homes selling under the hammer and selling strongly. However not all auction results have been reported.   Scheduled Reported Ashburton 1 1 Balwyn 8 6 Balwyn North 7 6 Camberwell 7 7 Canterbury 1 1 Glen Iris 4 4 Hawthorn 4 4 Hawthorn East 9 4 Kew 14 7 Kew East 3 3   58 43 Some of the auctions that we attended – 8 Moorhouse Street Camberwell (Heather Elder, Marshall White). Sold for $1,997,000 – 4 bidders 14 Lyndhurst Crescent Hawthorn (Peter Batrouney, [...]
The million dollar-plus view

The million dollar-plus view

This article was written in The Age, Business Day section. http://www.theage.com.au/business/property/the-million-dollarplus-view-20100314-q62r.html AS BUYER advocates, my colleagues and I attend 30 to 50 auctions a week and 100 or so open for inspections of properties in inner Melbourne’s million-dollar-plus residential market. We are regularly asked what’s happening in the million-dollar-plus market, what’s driving this market, [...]
Stock Quality was down. Significant drop in Bidderman and Clearance Rates at Today’s $m+ Auctions. A hiccup or the start of a rebalancing? It’s only one day so stay tuned!

Stock Quality was down. Significant drop in Bidderman and Clearance Rates at Today’s $m+ Auctions. A hiccup or the start of a rebalancing? It’s only one day so stay tuned!

It is 6pm Saturday and the James Million Dollar-Plus Clearance rate from the 31 Auctions we attended today was 61 per cent. Wow that was a bit of a surprise! Please note we thought the quality of the homes on offer was not as high as the last two weeks in February or the upcoming March 27th auction [...]

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