oc | Thursday 23rd January

Market News » st kilda west


Uncertain times and new $3m+ stock not as strong as May last year

Uncertain times and new $3m+ stock not as strong as May last year
Week Ending 30th April: Back from a week or two off, this market now, has a fairly clear run till Christmas, with a only brief breaks for a couple of holiday weekends. Over the next four to six weeks we should see more choice and some reasonable activity (although not expected anywhere near [...]
Despite Grand Prix and Easter there has been a bit of action in Port Phillip this month

Despite Grand Prix and Easter there has been a bit of action in Port Phillip this month

St Kilda, 367 Beaconsfield, a ripper property, finally sold with Andrew Macmillan for about half the initial very ambitious asking price after a long time on the market, with a number of different campaigns and agents. Albert Park, 62 Barrett St (Peter Simmons) a  three bedroom Victorian single fronted with parking, showed that if the quality is [...]
Not a lot of excitement with Grand Prix finishing and Easter starting

Not a lot of excitement with Grand Prix finishing and Easter starting

Agent Q & A : How does current pricing compare with the same time last year? Nick Yannopoulos, RT Edgar, Albert Park: “The intensity at auctions and buyer enquiry has certainly dropped over the last year particularly in the top end of the market. However outstanding homes in premier locations are still going strong as it [...]
Very solid with 13 from 17 being bought today or 76% Clearance

Very solid with 13 from 17 being bought today or 76% Clearance

Key Points: Port Phillip the star performer today and especially solid in that early one million bracket Bidder depth would be best described as shallow except for the Volcano (4+ bidder auction) at 76 Blessington St St Kilda with Greg Hocking – see report below Agent Q & A:“What is your take on the Economist’s article that Australian [...]
$3M+ market February market was a bit flat  – except for Brighton

$3M+ market February market was a bit flat – except for Brighton

Week Ending February 26th: If last week was the season opener for the $1m+ auction market, then this week was the beginning of the $3m+ auction market
$3M+ market stumbles at 2011's first hurdle – except for Brighton

$3M+ market stumbles at 2011's first hurdle – except for Brighton

Week Ending February 26th: If last week was the season opener for the $1m+ auction market, then this week was the beginning of the $3m+ auction market and the main focus for this weekend’s report. We don’t have all this weekend’s numbers in yet, so it’s hard to call, but it [...]
Bidders Gone Fishin’

Bidders Gone Fishin’

Key Points 284 Albert South Melbourne bought at auction for $2,170,000 Nick Yannopoulos of RT Edgar Many homes on offer today failed to attract any interest Two good $2m+ homes in Park St. St Kilda West  failed to attract a bid BidderBuzz auction of the day 229 Page St, Middle Park, Andrew Stuart, Hocking Stuart, Under the Hammer $1,620,000, 2 [...]
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 [...]
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 [...]
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 [...]
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 [...]
The weather wasn’t hot, but the auctions certainly were

The weather wasn’t hot, but the auctions certainly were

  To quote Rodney Morley of TBM real estate  at the auction of 23 Loch Street today, “That’s 8 of you!”  – and the bidders weren’t just there.  They were everywhere!  Loch Street, in St Kilda West, was buzzing with a crowd of more than 150 and bids came from everywhere. Stuart Lopez of Kay & Burton [...]

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