Where were we over the weekend of April 26/27? Checking out the (in)action in Hong Kong. While the AUD is up up up, ex-pat interest in the Australian market is down down down.
Back in the real world …
It has been … interesting. The weather is cool and buyers have, mostly, been keeping their hands in their pockets. It has been, gourmands, a four-quarter pizza of a market, with a different combo on each slice.
The top end? Came with the lot.
50 Hotham Street, East Melbourne sold for $8.25 million before an expressions-of-interest campaign had been completed. (Meaning? An agent who thought there was only one real buyer out there.) It’s a two-storey Victorian on 10,000 square feet of land, but needs $1 million plus spent on it.
73, 75 and 77 St Vincent Place, Albert Park. Three homes adding up to one bomb site on 1,365 square metres. It sold for an impressive $10.1 million.
But it wasn’t all beer and skittles. 26 St Vincent Place, a good 2-storey Victorian ended on a vendor bid of $2.6 million with a reserve well north of the CBD. If this was put up last year, you would have expected four or five bidders.
Toorak? Same story. 28 Linlithgow Road, a modern home on more than 11,000 square feet ended on a vendor bid of $4.3 million with a reserve of $5 million.
8 Yarradale Road, Toorak, a modern Nick Day home (the builder’s own, think spec job) was looking for interest between $7.5-8 million and was left sitting all alone like a shag on a rock.
Estate agents traditionally have professional worried, hurried looks. Now more and more of them are not having to fake it. Especially after properties are passed in.
And then …
77 Kerferd Street, East Malvern, a renovated 6-bedroom Edwardian house was passed in at $3.11 million and, following intense negotiations, sold for $3.275 million. Wind the clock back six months and you’ll see an estate agent paying almost $750,000 more for the near-identical property next door. That’s not yoga; that’s an estate agent in the foetal position.
Still selling and often selling well in these times of changing moods. Even in non-AAA areas we are seeing some close to record prices.
3 Monaro Close, Kooyong had three bidders and sold for $310.00 per foot.
And, at last, the block of land in Huntingtower Road, Armadale has been sold. A private sale at $366 per foot which also shows that if you have the time, someone will eventually come along with the money.
Single-fronted and units in the inner city seem to be holding up; but unless there’s Wow! in design or position, is not being actively pursued. Many are being passed in.
And then the Melbourne Football Club snatched an impossible victory which demonstrates that anything is possible. This could, for example, be the bottom of the market. But we don’t think so.
– from DM, Legend
Brighton’s reputation as the jewel in the crown of Bayside real estate continued to slip at the weekend. 10 sales from 23 auctions, plus five sold-before, meant a clearance rate of under 50% against a Melbourne-wide average of 60%.
However, amidst the debris, several sales of note occurred.
111 South Road, a well modernised and extended Victorian on deep land sold for $2.82 million against an expectation of $2.4-2.65 million. A good result for busy South Road.
6 Kent Avenue in the Golden Mile was quoted at $1.85-2.05 million and sold for considerably more: $2.505 million. Either an excellent result or a classic case of underquoting … our thoughts are the latter.
3A Chatsworth Avenue, also in the Golden Mile, sold before auction for $4.1 million.
A new house built by Simone (formerly Warne) Callahan in Albert Street achieved $4 million in a quick private sale.
18 Norwood Avenue is a case of SFT (sale fallen through ) after reportedly selling earlier this year for close to $7 million. An expression of interest campaign closes on the 27th May.
East Brighton? A new low, with only one result from six auctions. The three vendors who sold prior could be heard patting themselves on the back from three suburbs away.
And then it got ugly.
The further you travelled down the Bay, the gloomier things became.
Hampton and Sandringham had a glum day with only one happy seller from eleven would-be’s.
Black Rock and Beaumaris fared only slightly better: two sales from eight offerings.
Mentone? Barely has a pulse.
The middle market in Bentleigh and Bentleigh East continues to prosper with 15 from 20 sales; a relatively healthy 75% clearance. Maybe the reality check has already kicked in here; something not so apparent in the neighbouring beachfront suburbs.
What does all that mean? Quality properties with the right bells and whistles continue to attract value savvy buyers, but if it’s not spot on or priced in line with today’s value, then it’s likely to linger until the vendor’s expectations are reined in.
– from DT, Bayside Legend