Wounded Underbidders Aplenty
3 hammer sales over $7m - leading to 6 wounded underbidders - @$7m prepared to pay more next time. Market stats say its a little weak - that feels a lie.
Mal James
Buy Sell Agent
0408 107 988
mal@james.net.au
Bidderman says Inner East returning to cauldron - wounded underbidders aplenty.
At the Top End, the market is strengthening, both at auction and in the sometimes murky shadows away from the public (EOIs).
'Round the Auction Grounds This Week
The market is volatile right now – up and down like newlyweds’ pj’s – but the underlying volatility feels like more volcanoes than ducks are coming. The market feels like it’s heating up, not cooling down, but yes, it is far from consistent. Bidderman is the key!
Boroondara feels Back: In the Inner East this week, there were way more people who bid and missed, than who bid and bought. If this continues, at this pace, then quickly prices must rise on the A-graders.
2024 M1 Opening Week 1
Bidderman
1.2
Stock
Average
Clearance
59%
Auctions Attended
34
Volcanoes
3%
Ducks
25%
2024 M1 Opening Week 2
Bidderman
1.6
Stock
Average
Clearance
59%
Auctions Attended
37
Volcanoes
16%
Ducks
27%
'Round the EOI + Private Grounds This Week
The real market is just as much away from auctions, at EOIs and quiet sales, AND is a lot stronger than last week’s auctions results
Kew >$8m
SOLD
Sam Wilkinson
Kay and Burton
Malvern >$7m
SOLD
Fraser Cahill
Marshall White
Toorak >$11m
SOLD
Mark Wridgway
RT Edgar
Brighton >$6m
SOLD
Stefan Whiting
Buxton
Malvern >$5m
SOLD
Michael Ebeling
RT Edgar
Malvern East >$6m
SOLD
Damien Davis
Jellis Craig
South Yarra >$5m
SOLD
Jock Langley
Abercrombys
Mt Martha >$6m
SOLD
Fergus Nutt
Warlimont & Nutt
Hawthorn Out and About
Looking at a ready to move-in ripper today in Grace Park, $14m to $15m, being sold by Sam Wilkinson of Kay and Burton
Brighton Out and About
With Stefan Whiting & Kym Williams of Buxton at 6 Menzies Avenue Brighton, $10.5m to $11m
More and more of our bidding work at EOI, even some auctions, is focused on protecting privacy, deciphering agent speak, and demonstrating value YES
BUT
Increasingly, it's about being engaged by buyers who do not want to lose to another (more favoured) buyer. In rising markets, wounded underbidders almost invariably pay more the next time around, sometimes for a lesser home.
BUT
Sometimes a similar home is unfindable right at the TOP. That's it, a once in a lifetime opportunity Gone.
The market is currently volatile, the canary in the goldmine of impending change. Our only question: is this just the Feb Pep, is this a false dawn (like June of last year), or has the overall Top End market, including B and C-Graders, really reached a market turning point on the slide from Cup Day 2021?
BY THE BAY - BAYSIDE & PORT PHILLIP
2024 M1 Opening Week 1
Bidderman
1.0
Stock
Average
Clearance
73%
2024 M1 Opening Week 2
Bidderman
1.5
Stock
Average
Clearance
57%
Bayside/Port Phillip – 14 Auctions
Week 2
Clearance: 57%
Bidderman: 1.5
Combined Week 1 and Week 2 – 25 auctions
Clearance: 64%
Bidderman: 1.28
BRIGHTON, 17 Meek Street
SOI: $5,000,000 – $5,500,000
Sales Agent: John Clarkson – Buxton
Crowd: 90
Opening Bid: $5,100,000
On market: $5,400,000
Under hammer: $5,600,000
Bidders: 4
Johnny Clarkson nimbly steers 4 bidders to a successful sale of $5,600,000 at 17 Meek Street Brighton in front of about 90 people. Bidder 1 opened at $5,100,000 and three other bidders joined the race but bidder 4 was staunch, and in the end, successful.
ST KILDA WEST, 223 Canterbury Road
SOI: $6,300,000 – $6,700,000
Sales Agent: Warwick Gardiner – Jellis Craig
Crowd: 25
Opening Bid: $6,500,000
On market: $7,030,000
Under hammer: $7,050,000
Bidders: 3
The bidding opened at $6,500,000 and was called on the market at $7,030,000. Three bidders pushed the sale price to $7,050,000 and the delighted winning couple embraced in front of the happy crowd.
ALBERT PARK, 13-15 Faussett Street
SOI: $2,800,000 – $2,900,000
Sales Agent: Warwick Gardiner – Jellis Craig
Crowd: 60
Opening Bid: $2,900,000
On market: $3,180,000
Under hammer: $3,590,000
Bidders: 4
Auctioneer Warwick Gardner describe the property as a “once in generations opportunity” the bidding started at $2,900,000 and moved to $3,160,000 with 3 bidders involved until there was a short break. Soon after a bids between 2 parties took place in quick succession. The property was formally sold under the hammer at $3,590,000.
BRIGHTON, 87 Cole Street
SOI: $4,200,000 – $4,600,000
Sales Agent: David Hart – Buxton
Crowd: 65
Opening Bid: $4,200,000 VB
Passed in: $4,250,000
After auction: $undisc
Bidders: 1
With a large crowd of over 60 in attendance Mr Heart started the bidding with a $4,200,000 vendor bid. With a single bid of $4,250,00 the property was shortly after passed in.
BRIGHTON EAST, 9 Lockwood Avenue
SOI: $2,350,000 – $2,475,000
Sales Agent: Guy St Leger – Buxton
Crowd: 40
Opening Bid: $2,200,000
Passed in: $2,400,000
After auction: $undisc
Bidders: 2
The auction opened with a bid of $2.2 from bidder 1. This was followed by a vendor bid of $2.35 and a new bidder entered shortly after. The property was passed in at $2.4 to bidder 2
SANDRINGHAM, 5 Susan Street
SOI: $2,700,000 – $2,850,000
Sales Agent: Jenny Dwyer – Belle
Crowd: 40
Opening Bid: $2,700,000 VB
Passed in: $2,710,000
After auction: $undisc
Bidders: 1
The auctioneer opened with a vendor bid of $2.7. With one bid the property was passed in at $2.71. Sold after.
BRIGHTON, 5 Gould Street
SOI: $3,500,000 – $3,700,000
Sales Agent: Leanne Potter – Buxton
Crowd: 100
Opening Bid: $2,900,000
Passed in: $3,300,000
After auction: $undisc
Bidders: 3
A large crowd at Gould street sees action from the starting clock as bidder 1 opens at $2,900,000 and bidders 2 and 3 take the price to $3,300,000 where the home is passed in for later negotiations. Sold after.
ALBERT PARK, 108 Victoria Avenue
SOI: $3,300,000 – $3,600,000
Sales Agent: Mark Harris – Marshall White
Crowd: 41
Opening Bid: $3,400,000 VB
Passed in: $3,400,000 VB
After Auction: $undisc
Bidders: 0
A small crowd gathered with little enthusiasm to raise their hands for this period property. The home was quickly passed in on a vendor bid, soon sold after.
BRIGHTON, 2a Albert Street
SOI: $4,700,000 – $5,100,000
Sales Agent: Will Maxted – Kay & Burton
Crowd: 40
Opening Bid: $4,800,000 VB
Passed in: $4,800,000 VB
Bidders: 0
The sun is out and so are the neighbours in Albert Street, but no buyers today as the home is passed in on the original vendor bid of $4,800,000.
BRIGHTON, 47 Durrant Street
SOI: $4,000,000 – $4,400,000
Sales Agent: Andy Nasr – Marshall White
Crowd: 38
Opening Bid: $4,000,000 VB
Passed in: $4,000,000 VB
Bidders: 0
The family property in Durrant street had a good turn out and with a vendor bid of $4,000,000 from auctioneer Steven Smith started off the proceedings. After a brief consult with the vendors the property was soon after passed in.
SANDRINGHAM, 41 Vincent Street
SOI: $2,400,000 – $2,500,000
Sales Agent: Richard Slade – Buxton
Crowd: 40
Opening Bid: $2,200,000 VB
Passed in: $2,250,000
Bidders: 1
A vendor bid of $2.2 was placed to open the auction. A bid of $2.25 was shortly placed after. The property was passed in to bidder 1 at that price.
ALBERT PARK, 131 Beaconsfield Parade
SOI: $3,900,000 – $4,200,000
Sales Agent: Gerald Betts – RT Edgar
Crowd: 27
Opening Bid: $3,900,000
Passed in: $4,000,000 VB
Bidders: 1
Quiet and quick auction, one bid before a vendor bid to close the auction.
ALBERT PARK, 212 Beaconsfield Parade
SOI: $5,200,000 – $5,600,000
Sales Agent: Gerald Betts – RT Edgar
Crowd: 18
Opening Bid: $5,000,000
Passed in: $5,200,000 VB
Bidders: 1
After an opening bid of $5 million this beachside renovator , a vendor bid was place and the home was passed in.
ST KILDA WEST, 50 York Street
SOI: $4,500,000 – $4,850,000
Sales Agent: Simon Gowling – Jellis Craig
Crowd: 36
Opening Bid: $4,600,000 VB
Passed in: $4,600,000 VB
Bidders: 0
Quiet auction, opening and closing on the same vendor bid
WHAT HAS REAL LONG TERM GROWTH
IN TOORAK THIS IS $18M - IN BRIGHTON ITS $11M
6 MENZIES AVENUE BRIGHTON
BRIGHTON IS UNDERVALUED
EOI CLOSES MONDAY MARCH 25TH
5 Bedrooms, 5 Bathrooms, 8 Car Spaces
CLOSE TO ALL PRIVATE SCHOOLS. Ready to move-in, nothing to do, big garage, great floor plan, wonderful living spaces.
Close to beach, train and schools. Flexible Settlement. Contracts available.
Private viewings only with Buxton: Stefan Whiting (0411 473 153) and Kym Williams (0435 906 485)
Shelter By The Bay / James Buy Sell: Zali Reynolds (0422 576 049) and Mal James (0408 107 988).
SOI @ $11m its sold, @ $10.5m we can talk.
IS THERE A BETTER SUMMER ENTERTAINING HOME IN MELBOURNE?
BOROONDARA
2024 M1 Opening Week 1
Bidderman
1.6
Stock
Average
Clearance
55%
2024 M1 Opening Week 2
Bidderman
2.2
Stock
Average
Clearance
62%
Boroondara – 13 Auctions
Week 2
Clearance: 62%
Bidderman: 2.2
Combined Week 1 and Week 2 – 24 auctions
Clearance: 58%
Bidderman: 1.9
CAMBERWELL, 9 Lynden Street
SOI: $2,400,000 – $2,600,000
Sales Agent: Walter Dodich – Kay & Burton
Crowd: 50
Opening Bid: $2,400,000 VB
On market: $2,630,000
Under hammer: $2,664,000
Bidders: 5
From dormant beginnings, the auction became volcanic in nature, with five bidders duking it out to become the new owners of this property – the eruption yielded a sale price of $2,664,000.
HAWTHORN, 24 Yarra Street
SOI: $3,200,000 – $3,500,000
Sales Agent: James Tostevin – Marshall White
Crowd: 50
Opening Bid: $3,200,000
On market: $3,410,000
Under hammer: $3,630,000
Bidders: 3
A $3,200,000 vendor bid sparked a frenzied bidding war between three parties, to win the keys to the property with a sale price of $3,630,000.
KEW, 20 Madden Grove
SOI: $3,000,000 – $3,300,000
Sales Agent: James Tostevin – Marshall White
Crowd: 70
Opening Bid: $3,100,000
On market: $3,550,000
Under hammer: $4,100,000
Bidders: 3
Three bidders took proceedings from a $3,100,000 opening bid, to the property being declared on the market at $3,550,000, to the hammer eventually falling at $4,100,000.
CAMBERWELL, 59 Glyndon Road
SOI: $3,400,000 – $3,700,000
Sales Agent: Jonathon O’Donoghue – Jellis Craig
Crowd: 45
Opening Bid: $3,400,000 VB
On market: $3,645,000
Under hammer: $3,766,000
Bidders: 4
4 bidders and an hour long auction later, the property sold under the hammer.
HAWTHORN EAST, 138 Victoria Road
SOI: $2,900,000 – $3,150,000
Sales Agent: Yili Ma – Belle
Crowd: 30
Opening Bid: $2,900,000
On market: $3,200,000
Under hammer: $3,400,000
Bidders: 4
4 bidders didn’t waste anytime and quickly joined the race, with the property eventually selling to bidder number 4
SURREY HILLS, 4 Essex Road
SOI: $3,200,000 – $3,500,000
Sales Agent: James Tostevin – Marshall White
Crowd: 52
Opening Bid: $3,250,000 VB
On market: $3,520,000
Under hammer: $3,710,000
Bidders: 2
Two bidders got going after a vendor bid opened. A steady tussle continued after the home was called on market at $3,520,000.Rises trotted along steadily before slowing to a protracted phase of small increments in an arm wrestle that saw the initial bidder win out.
CANTERBURY, 24 The Ridge
SOI: $5,500,000 – $6,000,000
Sales Agent: Peter Vigano – Jellis Craig
Crowd: 110
Opening Bid: $6,000,000
On market: $6,600,000
Under hammer: $7,500,000
Bidders: 4
A fight broke out for this large slice of Canterbury land. Bidding quickly blew past the on market price. Calculators came out, bidders deliberated, but the bidding continued onwards, $900,000 above the reserve.
HAWTHORN, 1 Chrystobel Cres
SOI: $7,000,000 – $7,500,000
Sales Agent: Scott Patterson – Kay & Burton
Crowd: 100
Opening Bid: $7,000,000
On market: $7,750,000
Under hammer: $8,000,000
Bidders: 2
Some treading water at the start until a second bidder entered at $7,200,000. Got rolling around $7,600,000. Finished up in rises of $20,000 when the hammer fell at $8,000,000.
CANTERBURY, 1 Golding Street
SOI: $2,950,000 – $3,200,000
Sales Agent: James Tostevin – Marshall White
Crowd: 50
Opening Bid: $3,000,000 VB
Passed in: $3,000,000 VB
Bidders: 0
The opening $3,000,000 vendor bid failed to encourage offers from the 50-strong crowd, resulting in the property being passed in.
HAWTHORN, 3 Mason Street
SOI: $2,700,000 – $2,900,000
Sales Agent: Mark Read – Jellis Craig
Crowd: 30
Opening Bid: $2,400,000
Passed in: $2,500,000 VB
Bidders: 1
Just one bid from one buyer was forthcoming at this auction, resulting in the property being passed in on a $2,500,000 vendor bid.
HAWTHORN, 34 Robinson Road
SOI: $3,600,000 – $3,800,000
Sales Agent: Elsa Li – Marshall White
Crowd: 15
Opening Bid: $3,500,000 VB
Passed in: $3,700,000 VB
Bidders: 0
2 vendor bids, and no bidding from the crowd, the property was passed in.
CAMBERWELL, 67 Cookson Street
SOI: $2,700,000 – $2,900,000
Sales Agent: Richard Winneke
Crowd: 30
Opening Bid: $2,750,000 VB
Passed in: $2,830,000
Bidders: 1
A lone bidder successfully had the property passed into him after multiple vendor bids.
CAMBERWELL, 19 King Street
SOI: $3,000,000 – $3,300,000
Sales Agent: Shamit Verma – Marshall White
Crowd: 35
Opening Bid: $3,000,000 VB
Passed in: $3,000,000 VB
Bidders: 0
A vendor bid and then a pause to speak to the vendor. The restart attracted no crowd participation. A family headed inside with agents shortly after a pass in.
> $4m in Northcote and Geelong this week
Northcote >$4m
SOLD
Sam Rigopoulos
Jellis Craig
Geelong >$4m
SOLD
Jim Cross
McGrath
STONNINGTON
2024 M1 Opening Week 1
Bidderman
1.0
Stock
Average
Clearance
50%
2024 M1 Opening Week 2
Bidderman
0.8
Stock
Average
Clearance
60%
Stonnington – 10 Auctions
Week 2
Clearance: 60%
Bidderman: 0.8
Combined Week 1 and Week 2 – 22 auctions
Clearance: 55%
Bidderman: 0.9
MALVERN, 50 McArthur Street
SOI: $2,300,000 – $2,500,000
Sales Agent: David Sciola – Jellis Craig
Before auction: $undisc
Bidders: 1
MALVERN EAST, 9 Hughes Street
SOI: $2,800,000 – $3,000,000
Sales Agent: Carla Fetter – Jellis Craig
Crowd: 42
Opening Bid: $2,850,000 VB
Passed in: $2,910,000
After auction: $undisc
Bidders: 2
A damp morning and a cool auction. After opening with a vendor bid, only three bids were made. Auctioneer David Sciola passed the property in to the first bidder and negotiations moved inside. Sold after.
MALVERN EAST, 10 Warley Road
SOI: $2,100,000 – $2,200,000
Sales Agent: Anthony Reis – Marshall White
Crowd: 60
Opening Bid: $2,200,000
Passed in: $2,200,000
After auction: $undisc
Bidders: 1
Despite a large crowd, there was only one bidder in Warley St this morning. The property was passed in to the sole bidder and negotiations moved inside. Sold after.
WINDSOR, 61 Henry Street
SOI: $3,000,000 – $3,300,000
Sales Agent: James McCormack – Marshall White
Crowd: 42
Opening Bid: $2,850,000 VB
Passed in: $2,900,000
After auction: $undisc
Bidders: 1
A quiet crowd came to observe but not participate. After opening with a vendor bid, Auctioneer James McCormack passed the property in to the sole bidder and negotiations moved inside. Sold after.
SOUTH YARRA, 23 Nicholson Street
SOI: $3,000,000 – $3,300,000
Sales Agent: Matt Davis – Kay & Burton
Crowd: 20
Opening Bid: $3,000,000 VB
Passed in: $3,010,000
After auction: $3,125,000
Bidders: 1
One bidder answered the call to raise the opening vendor bid, but with no competition, the property was passed in. Sold after.
MALVERN, 32 Claremont Avenue
SOI: $3,900,000 – $4,250,000
Sales Agent: David Sciola – Jellis Craig
Crowd: 70
Opening Bid: $3,850,000 VB
Passed in: $4,000,000
After auction: $undisc
Bidders: 1
Auctioneer David Sciola turned a proposed opening bid into a vendor bid. After a half-time break, the same bidder matched the new $4,000,000 vendor bid at which the property was passed in. Sold after.
MALVERN, 31 Glendearg Grove
SOI: $2,800,000 – $3,000,000
Sales Agent: Carla Fetter – Jellis Craig
Crowd: 27
Opening Bid: $2,800,000 VB
Passed in: $2,800,000 VB
Bidders: 0
A quiet auction with no audience participation. Auctioneer Andrew McCann opened and closed the bidding with a single vendor bid.
MALVERN, 4 Derril Avenue
SOI: $5,000,000 – $5,500,000
Sales Agent: Daniel Ashton – Biggin Scott
Crowd: 20
Opening Bid: $5,000,000
Passed in: $5,000,000
Bidders: 1
An uncontested $5,000,000 bid secured the first right to negotiate.
ARMADALE, 11 Inverness Avenue
SOI: $2,800,000 – $3,000,000
Sales Agent: Hugh Tomlinson – Marshall White
Crowd: 40
Opening Bid: $2,800,000 VB
Passed in: $2,800,000 VB
Bidders: 0
Nobody in the crowd offered a bid and the property was passed in.
MALVERN, 14 Ewart Street
SOI: $2,400,000 – $2,600,000
Sales Agent: Fiona Ansell-Jones – Marshall White
Crowd: 40
Opening Bid: $2,400,000 VB
Passed in: $2,400,000 VB
Bidders: 0
With no bids forthcoming from the crowd, Auctioneer Daniel Wheeler opened and then passed in this property.
Glen Iris
Canterbury
Brighton East
Abbotsford
Hampton
Lysterfield
