Wounded Underbidders Aplenty

Saturday, March 2nd, 2024

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.

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 Photo: Catherine

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).

Volcano: 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 Photo: Randall

'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%
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 Photos: Randall

'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%
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 Photo: Catherine

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

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%
Volcano: 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 Photo: Phe

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%
ARMADALE, 11 Inverness Avenue SOI: $2,800,000 - $3,000,000 Crowd: 40 Opening Bid: $2,800,000 VB Passed in: $2,800,000 VB Bidders: 0 Photo: Kieran

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. 

BRIGHTON, 2a Albert Street SOI: $4,700,000 - $5,100,000 Crowd: 40 Opening Bid: $4,800,000 VB Passed in: $4,800,000 VB Bidders: 0 Photos: Catherine

Abbotsford

Hampton

Lysterfield

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 Photo: Kathy