The action concentrated on land sales over the weekend – and they continued to confirm the upward trend of the market and the insatiable appetite there is for a plot in Toorak.
8 Sargood Street, Toorak, small block, small frontage, surrounded by two large properties, sold for $1,573,000. All 2,900 sq ft of it. That’s $542.00 per foot and it isn’t even in the AAA precinct.
In the next street, also with a south-facing rear garden, 8 Dunraven Avenue sold for $2,820,000. Considering that the property has a single-level covenant, $414.00 per square foot is arguably over the odds.
1 Church Street, Toorak ? not a “known” street – sold for over $4.5 million against a $4 million expectation. That works out to $475 per foot and it’s questionable whether the house contributed anything to that result.
And there was some evidence of too-hungry vendors getting a blood nose ? 8 Evans Court, Toorak, sold for $2,585,000 – after knocking back a private offer of $2.6 million six months ago with no agent’s fees or advertising costs to pay.
Even in South Yarra (even in South Yarra!) land was chased hard. 1A Como Avenue (too close to Toorak Road and overlooked by flats at the rear) reached $475 per square foot. Only six months ago, if you said property would sell in excess of $400 per foot, pundits (OK, us) would have said you were mad!
Elsewhere? Mixed results with multiple bidding, but there wasn’t as much panic buying as we have seen over the past few weeks.
Two properties up for auction in Hawthorn. 44 Illawarra Road sold for $2,330,000 on 7,000 sq ft. 79 Illawarra Road on 7,200 square feet was passed in for only $1,695,000 and was later bought (stolen?) by … us.
It helps if you know how to negotiate.
The unit market was solid ? nothing outrageous and again we saw investors returning to the fold and pushing first homebuyers aside.
There are limited offerings next weekend – the market will go into hibernation for two weeks as most of the top end heads overseas or to Noosa.
But things can happen quickly and it can pay tenfold to keep your ear to the ground.
* Links are to agents? and search websites – they may be taken down after properties are sold.