oc | Sunday 26th January

Market News » million dollars


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 [...]
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 [...]
Bentleigh possibly showing the first signs of market fatigue – high number of pass-ins. 50% Clearance Rate.

Bentleigh possibly showing the first signs of market fatigue – high number of pass-ins. 50% Clearance Rate.

Today the Auctions around Glen Eira were a mix of pleasure and pain. Yes, prices continued in the million dollar mark. But more then a few homes passed in without a shot. Does this say the market is slowing or does this say vendors need to be pegged down? Rating Suburb Address Quote Result 631 BENTLEIGH 49 Bent Street $950,000 – $1,025,000 May 8 2010 12:30pm Bought 737 BENTLEIGH 1 Werona Street $1,100,000 [...]
It appears to be a tale of two markets with the $1m market still going gangbusters (for sellers) and the $2m – $5m+ market cooling (for buyers and sellers). Anything, almost irrespective of quality is still selling if it has a 1 in front of it; but once you get to 2 – you need to be good and market priced; if you are to sell. At 3, 4 and 5 million dollars there is activity but its well considered, patient and for the most part has lost that feeding frenzy feel.

It appears to be a tale of two markets with the $1m market still going gangbusters (for sellers) and the $2m – $5m+ market cooling (for buyers and sellers). Anything, almost irrespective of quality is still selling if it has a 1 in front of it; but once you get to 2 – you need to be good and market priced; if you are to sell. At 3, 4 and 5 million dollars there is activity but its well considered, patient and for the most part has lost that feeding frenzy feel.

Over a $Million: 14 from 16 reported sold at auction today and another 21 bought since Easter!

Over a $Million: 14 from 16 reported sold at auction today and another 21 bought since Easter!

Strength was seen in quality properties today, however, there were still a few surprise pass-ins.  Well-positioned land with homes of minimal value (some could argue no value) led the way.  4 Arkaringa, Black Rock, was auctioned by Campbell Cooney of Hodges and sold for almost $2,350 sqm (if there is no value in the house).  [...]
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 [...]
Strong results in Bayside – Highett leading the way with 3 over a million. Hello Highett!

Strong results in Bayside – Highett leading the way with 3 over a million. Hello Highett!

Another 24 sales over $1,000,000 in Bayside, moving the average for the month to 2.5 per day. It’s 6pm Saturday afternoon, and so far, our research shows 24 of 27 reported properties in Bayside have sold.  19 at auction, 3 before and 1 each by expression of interest and private sale.    Scheduled Reported Brighton 14 14 Brighton East 5 5 Hampton 1 1 Sandringham 2 2 Black Rock 2 1 Beaumaris 3 0   27 24 The current clearance [...]
It is time to hit the Button?

It is time to hit the Button?

It’s 6pm Saturday and the James Clearance Rate for million-dollar-plus auctions is 68 per cent on the 19 auctions we attended today. In this week’s Market Wraps, we are most appreciative of the time and effort Scott Patterson of Jellis Craig (Boroondara), Iain Carmichael of Bennison Mackinnon (Stonnington) and David Hart of Buxton (Bayside) put [...]
Covering Toorak, South Yarra, Armadale, Caulfield, Malvern and Malvern East

Covering Toorak, South Yarra, Armadale, Caulfield, Malvern and Malvern East

As much action as we have seen in Stonnington for many a day with 14 sales over a million dollars and four pass-ins. Three substantial sales were 25 Glassford St Armadale with Susan McGlashan and Iain Carmichael of Bennison Mackinnon – see our auction report. If you said the home was $1.2 million, [...]
Covering Beaumaris through Brighton to Port Melbourne in $1m+ homes

Covering Beaumaris through Brighton to Port Melbourne in $1m+ homes

Bayside was alive with the sound of keys changing hands. Well, except for 6 First Point at Port Melbourne – beachfront. Our auction report: A large crowd of about 90 people turned out for this auction. Auctioneer David Wood of Hocking Stuart opened with a vendor bid of $4.75 million but there were no [...]
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 [...]
The market is showing some signs that it is healthier than many outsiders believe. Stock levels are still incredibly low.

The market is showing some signs that it is healthier than many outsiders believe. Stock levels are still incredibly low.

It’s 6pm Saturday and the James $1 million-plus clearance rate is 77%. The market seems healthy at present. Today’s Herald Sun said the market had fallen in price and that is correct; however, if there was meant to be an implication that the $1 million-plus market is today dead or in the [...]
Yes, finally it’s over, a marathon. After almost an hour of bidding and in front of a crowd of over 200, James Tostevin auctioned 13 Woodlands Ave Camberwell. In the end bought very strongly for $2,552,500 after being on the market at $1,850,000

Yes, finally it’s over, a marathon. After almost an hour of bidding and in front of a crowd of over 200, James Tostevin auctioned 13 Woodlands Ave Camberwell. In the end bought very strongly for $2,552,500 after being on the market at $1,850,000

At 5pm on Saturday, the clearance rate of the 21 auctions we previewed was 58% and sure to go up overnight. Sounds ominous – sorry. The James Tostevin auction featured above was 13 Woodlands Avenue Camberwell. We knew this was going to be huge – the James Q rating was 778 (great [...]
Vibe is not all good or bad. 2009 is still hard to read

Vibe is not all good or bad. 2009 is still hard to read

At 5pm Saturday – welcome back. What is 2009 going to bring? Everybody is asking themselves questions such as should I sell now or wait a while? Is this the right price or is it not? By the way, if we hear one more time that a private banker has spoken to a [...]

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