Brevity, soul of wit…

Morrell and Koren, the 1st buyer's advocates

If brevity really is the soul of wit (thanks, Will) this week’s report should have you rolling on the floor.

Nothing to report from Prahran to points East. Nothing of note at the top end. Won’t waste your time. Doesn’t even warrant another full stop

David Morrell

Bayside: About %

  • The Brightons 81% sold – out of the dip last week
  • The Bentleighs 66% sold – a dip, a trend? Keep watching
  • Beaumaris and Black Rock 80% sold – but fewer of them
  • Hampton and Sandringham 70% of 10 offered

The strength of the residential market showed up at the auction of Flat 6, 46 Cole Street, Brighton. In an area of mostly period houses and large allotments, it’s an apartment in a compact older block ripe for a first home buyer or investor. It was always going to be a battle of hearts and heads.

Hearts won. Four hands went up to start and it all concluded with the departure of an advocate acting for an investor. Sold for a tad shy of $600,000.

15 Wolseley Grove, Brighton Beach. Substantial family house. Recently refurbished. A lot to like. North-facing garden, but not much of it.


Auctioneer offers $2.6 million.

Added silence.

Still available. Reserve is close to $2.8 million.

Merton Avenue is a short street with a kink between Drake Street and St Kilda Street. That short strip has seen much recent action – close to half the houses in the street are up for lease, for sale, or recently sold. Don’t care for the neighbours? Wait half an hour.

Numbers 3 and 5 went under the hammer on Saturday. Different owners, different agents. Two (different) bidders for each.

5 Merton Avenue sold at hammer’s fall for $2,080,000, 3 Merton Avenue sold post-auction half an hour later for exactly $2 million.

Your kind of street? Number 1 is available for lease (or sale, we believe), number 6 can be yours for around $2 million and 12 was offered late last year for not much less and they may still be persuadable.

Profit in the gloom?

So that was May; and the shadows of winter are soon to descend.

While most lower to middle tiers across many suburbs are seeing multiple bidders, the top end – as always – is more selective. Right property, right price still rules.

The sense we’re getting now is that there are buyers ready to move to the right property but their choice is limited and until those buyers know they’ll find what they want, they’re reluctant to sell what they have.

Chicken, meet egg.

It’s also our suspicion that those who are prepared to list prior to the Spring rush may well be rewarded by those who would rather not wait for another 3-6 months.

But that means going agin the herd.

Hibernation, here we come?

Damian Taylor

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