oc | Thursday 12th December

Market News » justin long


Bumper last edition for 2010 – and we leave the market looking balanced and healthy.

Bumper last edition for 2010 – and we leave the market looking balanced and healthy.
At 6pm on Saturday the final James $M+ Clearance rate for the year on the 35 auctions we covered was 69%. You may be interested to remember that back in our first Marketnews report for 2010 it was 83%. Those figures point to the year that was. Bidderman, our demand indicator, was a strong 2.1 bidders per [...]
Felt the bounce here stronger than anywhere else

Felt the bounce here stronger than anywhere else

Key Points: I personally went to 8 auctions in Stonnington today – five were bought. Bidderman at the auctions I went to (7, 3, 7, 0, 4, 0, 4, 3) Agent chatter has been more upbeat this week than at any other time this Spring 376 Glenferrie Road Malvern with Iain Carmichael of Benmac – bought on Sunday [...]
Mixed at 55% this weekend – but we do have next week to look forward to

Mixed at 55% this weekend – but we do have next week to look forward to

Key Points: Of the eight Stonnington auctions we attended, only two were bought under the hammer – 19 Karma Ave, Malvern East (Karl Fitch, Noel Jones), for $1,241,000, and 1 Nareeb Crt, Toorak, (Jeremy Fox, RT Edgar), for $2,710,000. Karma Ave had five bidders, but there were only five bidders in total across the remaining seven [...]
No real big guns on offer at auction today – lacklustre

No real big guns on offer at auction today – lacklustre

Key Points Fall in Clearance Rate today Stock offering not as good as October 23rd Very little new stock in this week owing to Melbourne Cup in 4 weeks A lot of off market on offer $3m+ homes have come on in big numbers compared to winter Biggest sale 5 Glassford St, Armadale, Justin Long, Marshall White, Under the Hammer $2,350,000 “Good [...]
It’s only one week – but Stonnington was the big improver today.

It’s only one week – but Stonnington was the big improver today.

Key Points: Only two from the nine we attended were bought under the hammer, however five from the nine were bought after auction Big improvement on Clearance Rates on reasonable number of monitored auctions (21 $M+) $3m+ sales this week: 1 Myamyn Street, Armadale – Andrew Macmillan of Bennison Mackinnon ($3,215,000) 6 Bonview Road, Malvern – Peter Bennison of Marshall White (0ver $3,600,000) 1 [...]
Brighton’s $3m+ market moves out of the doldrums – for this week anyway. Longer term the jury is still out!

Brighton’s $3m+ market moves out of the doldrums – for this week anyway. Longer term the jury is still out!

August has seen a bit more noise in the $3m+ market and deals are seemingly back on the agenda at this price level. In Ivanhoe two bidders fought it out for over a million dollars to get to the $4,300,000 result, as the above picture states  – a full $800,000 over a fair and reasonable reserve. [...]
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 [...]
Supply is everywhere and prices are falling. How long will it last? Maybe not as long as you think! The market still has an underlying strength.

Supply is everywhere and prices are falling. How long will it last? Maybe not as long as you think! The market still has an underlying strength.

At 6pm Saturday the James Clearance Rate on the 42 Million-Dollar-Plus Auctions we covered was 50%. Our Demand Indicator, Bidderman, is down to 1.1  –  which is pretty amazing considering that a few months ago it was riding high at around 3.0. Our Highlights Of the 42 auctions we attended this weekend, 26 had no bidders at all. [...]
The Toorak high wire balancing act. Price is a fickle animal in June 2010.

The Toorak high wire balancing act. Price is a fickle animal in June 2010.

Talking with James Connell of Marshall White as he scoots off for a bit of a break, he tells me the market is sound with no real price drops. When you get the figure of 140 sales in May for Marshall White, it’s hard to argue with that. It’s also hard to argue when Kay and Burton’s [...]
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 [...]
Kay and Burton strong month says the market is not dead yet in Trak town!

Kay and Burton strong month says the market is not dead yet in Trak town!

  In Toorak and South Yarra it was 50% at auctions today – which actually wasn’t that bad when compared to the last few weeks. Stonnington today had a reported clearance rate including Glen Iris over $1m of 66% (12 from 18). Not a lot to be taken from specific results today except to say that [...]
Are Vendors Getting Ahead of Themselves? South Yarra and Toorak were almost bidder free today.

Are Vendors Getting Ahead of Themselves? South Yarra and Toorak were almost bidder free today.

Of the 11 Stonnington auctions we attended today, four properties sold under the hammer, one before with the balance passed in (one of those six has since been reported as sold). Of the pass ins, five were passed in with no bids (apart from a vendor bid). So are vendors getting ahead of themselves? Let’s first look at what [...]
Slower in South Yarra and Toorak

Slower in South Yarra and Toorak

If the vendor and/or the vendor’s agent get a touch  aggressive concerning the price of a property in this market, the property is more likely to be passed in – and the only way to sell it is to meet the market. Andrew McCann of Ben Mac stills believes there is plenty of demand out [...]
Stonnington Land maybe the new gold or is it the houses?

Stonnington Land maybe the new gold or is it the houses?

At the end of last year there were a couple of auctions in Toorak which serve as benchmarks for land value – at least for normal Stonnington properties. The first sale was at 44 St Georges Road. This 600 square metres of land – with a knockdown house on it, sold at auction through Gowan Stubbings [...]
Mixed results but overall still strong.

Mixed results but overall still strong.

Surprisingly Malvern East’s Gasgoine Estate was dead as a doornail today with 3 pass-ins from 3 homes (0% clearance); as was Toorak with only 1 from 5 selling or 20% clearance rate but everywhere else was very strong. Overall Stonnington which covers Armadale, Malvern, Malvern East, South Yarra, Toorak and we include [...]

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