The mysteries of the top end grow ever-darker. Where is Bilbo Baggins when you need him?
A rustling in the bushes here, a whiff of smoke there. A tiger waiting to pounce? An estate agent ducking out for a fag?
Signs of agents
Expressions of interest campaigns have become signs of agency expertise. Sales campaigns which do not last to their closing dates because an astute agent has pounced on a rare buyer, while those less in touch will go beyond and beyond and beyond their closing dates in hopes of snaring someone who just is not there.
Could they have raised their vendors’ expectations to the heights of the impossible dream? Surely not.
Signs of Hot
There’s so much about the top end which is idiosyncratic, but…
The expressions of interest closing on Mayfield Avenue saw a local and an expat go head-to-head. At just under $5.4 million, only the ex pat still stood – considerably above where it failed to sell at just over $5 million late last year.
One-off, or sign of things to come?
Signs of Not
3 Montalto Avenue. Not a bidder in sight. Another Toorak pool and court joins the wallflowers.
12 Grandview Grove. Heaps of interest, we’re told. $5 million, easy, we’re told. Acres of crowd, but just two bidders and they ran out well short of anything that started with a 5.
Signs of Expat
With the AUD faltering, will we see more expats making a move?
When it was at $1.03, there were agents predicting a surge in expat activity. Didn’t happen. But a falling dollar may prompt some to get off the fence.
Signs of numbers
We’ve seen houses with street numbers including an 8 sell for 10% over what reason would explain.
We’ve seen those with a 4 go to early graves.
Real estate ruled by something other than reason? Surely not.
That’s like saying purchasing decisions could be influenced by emotions.
Forget Bilbo, where’s an economist when you need one?
Bayside: Brighton backflip
Just when a trend seems to be taking shape in Bayside (the Brightons and Bentleigh up, anything south of South Road going begging) there’s a reversal of fortunes – at least in Brighton.
Yes, a week is not a long time in real estate – but it does illustrate that even in a market which is seen to be recovering, there will be stumbles.
In Brighton, nineteen auctions were scheduled of which four were recorded as being sold prior (in fact 15 Rothesay Avenue sold in late March – stretching “prior” to a new dimension).
Of the fifteen put up on the weekend, fewer than 50% sold, the lowest in Brighton for some months.
The standout was The Cedars at 6 Were Street. In the same family for 20 years, it’s on 3,300 sq m and close to Were Street beach. Despite the recent sale of Blair Athol on the other side of the train line and even more adjectives than we’re accustomed to, the agent’s efforts went unrewarded at auction. Silence. Passed in at the Council valuation of $6.18 million. Reserve? Secret. But there was a pre-auction clue (gone now) on the agent’s website of $6.5 million.
52 Cole Street. Executor’s auction. A lot of work to do. Close to Head Street Park. New owners will need deep pockets and to be up for a serious challenge. Sold for $2,055,000. Solid.
2A Collins Street sold privately on Friday for a hair’s breadth over $3 million.
Leave Brighton proper and gears moved up a notch.
Brighton East …
Twelve months ago a seven lots sold in Tregenna Court (where? – between Dan Murphy’s and Landcox Park) for an average of $758,000. Lot seven was auctioned again on Saturday. $906,000. 15% in 12 months.
3 Welwyn Avenue in Far East Brighton, near Dendy Park. Four bedrooms, four bathrooms and more marble than Carrara. Sold immediately after the auction for $2,575,000. Expected.
Hampton/Sandringham and Beaumaris/ Black Rock…
… defied recent odds by selling close to 100% from fifteen auctions plus a half dozen or so private sales. Despite increased clearance rates, there are still reasonable buying opportunities.
Sold. As almost always. Remarkable was 9 Hobart Street. A new house on a regular Bentleigh 600 sq m, it went for $1,515,000.
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