oc | Thursday 12th December

Market News » rt edgar


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. [...]
There are buyers around but no exciting stock. However, the market may be stronger than it appears.

There are buyers around but no exciting stock. However, the market may be stronger than it appears.

Key Points: We covered 7 auctions across Stonnington today. Four had 3 bidders or more and 3 had none. This is a true reflection of Stonnington now: good stuff gets support but there is precious little of it on offer. Analysis: Our view is that demand is there – and this is supported by our buyer [...]
Being an Auctioneer in Albert Park is a casual job. Sell houses in Summer and Hot Pies in Winter.

Being an Auctioneer in Albert Park is a casual job. Sell houses in Summer and Hot Pies in Winter.

Key Points 41 sales for the month of July – only one over $3m. Albert and Middle Park combined reported only six $M+ sales in July Two BidderBuzz Auctions – both with four bidders and both bought under the hammer in the $1.4 millions. 367 Dorcas St with Gerald Betts and 6 Tribe St with Geoff Cayzer. Agent Comments re [...]
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 [...]
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 [...]
Waving not drowning – even some bidding. Things seem to be balancing back (a bit) over the last fortnight.

Waving not drowning – even some bidding. Things seem to be balancing back (a bit) over the last fortnight.

Stonnington seems to have got itself back into the game with a second “OK, sort of – almost normal” auction week in the 60’s clearance rate wise. We monitored 23 homes of which 15 were bought; that’s a 65% clearance rate (last week 69%). Of the auctions we  attended 7 of the 10 were bought. What’s happening? Price reduction is [...]
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 [...]
WOW and we said the market was frosty – it’s cooling, but frosty was too harsh. K&B continues the strong results and RT Edgar joins in.

WOW and we said the market was frosty – it’s cooling, but frosty was too harsh. K&B continues the strong results and RT Edgar joins in.

Stonnington was surprisingly strong with Park St South Yarra (Warwick Anderson of RT Edgar) going well past $3,900,000 on multiple bidding; 81 Clendon Road Toorak (Gerald Delany of Kay and Burton) selling post auction north of $7,350,000 and 64 Burke Road Malvern East selling before for 3,320,000 or $1366 per sqm for main road land. The [...]
Enjoy the footy as not many auctions this Saturday afternoon to talk about

Enjoy the footy as not many auctions this Saturday afternoon to talk about

Smaller numbers of homes over $1,000,000 for auction in Bayside this weekend – we only had 14 to look at.  We covered six and three sold, three passed in.  Of the three that sold there were two bidders on each and there were no bidders on those that passed in. Stephen Tickell of Hocking Stuart successfully [...]
A softening maybe on the horizon. In Brighton and Brighton East 4 from 18 were reported as bought today. That’s 22%.

A softening maybe on the horizon. In Brighton and Brighton East 4 from 18 were reported as bought today. That’s 22%.

Discussions this week with Robin Parker of RT Edgar Real Estate included the  firm’s initiative to disclose the reserve price at the commencement of the campaign of 12 Cowper Street, Brighton. Throughout the campaign,  Rowan Thompson (the auctioneer), advised prospective buyers that property would be on the market at $1,425,000.   Buyers were informed and [...]
Only thing dropping in Stonnington is the Toorak median price statistic – but we haven’t seen too many prices dropping though. Confusing!

Only thing dropping in Stonnington is the Toorak median price statistic – but we haven’t seen too many prices dropping though. Confusing!

I remember when I was at university, one of my text books was “ How to Lie with Statistics”. Well if you read this morning’s press you will have seen that house prices in Toorak were reported  to have dropped by just over 7% in the first quarter of this year. However, it’s hard to [...]
Stonnington Wrap – A week is a long time in Real Estate

Stonnington Wrap – A week is a long time in Real Estate

The doom-sayers will be quiet for a while after some very good results in the area this week. Of the 10 auctions we attended this Saturday, 8 sold under the hammer while 2 were passed in. The outstanding results were 16 Mercer Rd Armadale ( where some additional capital will be required to renovate) which saw [...]
No easing in Bayside – in fact quite the opposite!

No easing in Bayside – in fact quite the opposite!

Bidderman was 2.5 of the 6 properties we covered in Bayside  (and 3 across Melbourne for all the properties we covered over $1,000,000.)  Clearance rates were high amongst most Bayside agents.  Justin Follett of Kay & Burton advised 100% clearance rate today, whilst Mark Earle of Buxtons Sandringham advised they sold 6 of 8 and [...]

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