Dec 21: Bayside: It’s lonely at the top.

As predicted over the past few weeks, the very pointy end of the Brighton market has failed to deliver. A swag of top end properties remains unsold despite serious amounts of vendor’s money being spent on marketing and the very best efforts of some of Bayside’s finest agents.

The tom toms are telling us that although reasonable offers have been made by buyers, in many cases the response from sellers has been less than reasonable; with some agents grumbling about clients getting ahead of the market.

A sample of those still to call on the titles office:

  • 15 Dudley Street. Expecting over $5 million and a rumoured offer rejected in the very, very high $4’s. Patience may not be a virtue.
  • 22 Glyndon Avenue. Initially expecting over $9 million for what is essentially land only. The market is probably closer to $7 million.
  • 319-323 St Kilda Street. Initial hope was for over $8 million. While hope springs eternal, time may run out.
  • 184 The Esplanade. Agent was “confident” of achieving at least $8 million. So far, buyers are not on the same page.
  • 142-142a The Esplanade. Paid $4.1 million back in April. Three bidders at the recent auction. The highest bidder ($4.96 million) invited inside and asked to pay more. Politely declined. Any takers?
  • 316 St Kilda Street. Originally asking around $7 million. Some months later we understand something close will tempt.
  • 23 Cosham Street. Initially up for private sale at around $7 million, the recent auction saw the property passed in to the auctioneer at around $5 million. Offers will be considered.
  • 52 South Road. Chasing $15 million. The word locally is that an offer a little under that mark was recently rejected.

All notable wallflowers. Those invited onto the floor during the last dance of the real estate year included:

Meanwhile, in Brighton East:

  • 40 Heathfield Road. Passed in on a vendor bid at $1.6 million. Reserve $1.79 million in one of the few auctions in Brighton E over the weekend.
  • 11 Plantation Avenue. Expressions of interest suggested interest at $2.185 million. Sold.
  • 42 Glencairn Avenue, a contemporary house on 700 sq m, sold very privately for $2.23 million.

Elsewhere in Bayside, most concerns were about Christmas parties and shopping.

Coming weeks will see us pursuing anything but real estate over the Christmas break. Thank you for your attention over the past year and we hope your next will be peaceful, cheerful and prosperous.

Damian Taylor.

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