Same old (money) story

Morrell and Koren, the 1st buyer's advocates

While we keep hearing about the imminent influx of expat and Asian buyers at the top end, the way this year has started it’s still the same old story.

It’s the locals, people.

And, at least below $4 million, they are out in numbers. Five or more people vying for auctioneers’ attention.

There’s more happening at this level at this time of the year than we have seen for … years.

Above $5 million? Auctions? Hen’s teeth. Auctions still aren’t doing it.

Up here needs something different.

  • 206 Kooyong Road. An EOI that didn’t go the distance. $8.26 million — more than many thought possible (including the vendor, including the agent).
  • 220 Kooyong Road. $5 million. Bird. Hand. Grabbed.

And yet, and yet …

Auction gets underway. Four likely bidders. Silence. More silence. Followed by not a sound (OK, auctioneer’s heavy breathing). All over bar the free-for-all post-auction where Rafferty rules.

And still, and all …

Five or six bidders. Hammer. Tongs. Still passed in.

Sold post-auction for … what?

You paid that when you knew the market wouldn’t?

Where did you leave your training wheels?

And still some trophies stand waiting. Waiting to catch that elusive breeze that blows in from off-shore. Must. Has to.

Waiting. Waiting.


1 Gahan Court. Sold for $2.72 million. Less than last year’s offer.

And so …

We have now seen most of what’s on offer prior to Easter. No surprises.

Post Easter? They say we’ll be spoilt for choice. There is demand. That may not translate to rising prices.

Spoilt for choice. That’s what they say. That’s what they always say.

The phone.

Sydney. Again. They’re on the move.

David Morrell

damian copy

Bayside: Ready, steady …

If the number of marketing campaigns is the measure, Bayside did not have the lightning start seen in comparable areas in Stonnington, Port Phillip and Boroondara, but it was preceded by a busy January when many of the hangovers from last year found new owners via private sales.

Notable among those:

Last weekend was the first real test of the auction market and early indications suggest a re-run of what we were seeing late last year. Somewhat suburb-related, but anything up to $1 million was snapped up, those between $1 and $2 million tended to have multiple bidders and the air grows thin above that — as suggested by the number sold prior to auction when prices are higher:

When it seems that only one buyer is interested at a figure that also interests a vendor, the risks of auction become too great and discretion the better part of valour.

All of which is not a guarantee (you wanted a guarantee?) of what’s to come, but it would be a brave buyer who decided to wait for a downturn.

Some of Saturday’s results:

18 Mulgoa Street, Brighton was among the relatively few which were passed in. To-ing and fro-ing prior to the auction suggested it might be sold prior but it went on the block to a solitary bid of $6,000,000 and a later offer added $50,000. Reserve undisclosed. Wallflower time?

The new Balwyn?


What is happening just across the highway in Mckinnon, Bentleigh and East Bentleigh is nothing short of amazing.

The lure of the Mckinnon School Zone has always added to value, but a new wave of buyers — often from mainland China — is taking it to a new level.

None more so than 39 Lees Street, Mckinnon last Saturday week.

In the zone, north facing rear, wide frontage. An old house ripe for redevelopment, perhaps into higher density apartments.

Worth a comfortable $1.1 million, a number of groups of Chinese bidders fought over it and ended up paying a very hefty $1,410,000.

Last weekend there were similar scenes at 27 Wheatley Road and more so at 24 Scotts Street; which was almost feverish in nature.

It appears that anything with a decent amount of land is cause for fierce competition — and the condition of the house is unimportant.

The new rule is add the usual X% to the agents quote and then another Y% if Chinese money is involved.

Street theatre? The vendors are applauding.

Damian Taylor

Scroll to Top