It was the last hurrah for a couple of weeks and it produced a mixed bag; but what stood out most was lack of quality and lack of choice.
Top sale was 12 Lansell Road, Toorak. $11 million for a classified home on 32,000 square feet sounds incredibly cheap, but it’s living in a fish-bowl created by large blocks of flats on each side and even the house ain’t that flash. Not Toorak with a triple-A.
Land continued its upward spiral with a “B” Grade block of land at 5 Moonga Road, Toorak selling for $2,640,000, which equates to $425 per foot. It’s an “out there” result as it has a large 2-storey property on its northern boundary (any home here runs the risk of becoming a cave) and you could have bought land in Moonga Road a year ago for $300 per foot.
In Malvern, 12 Henderson Avenue passed in without a bid. The vendors are looking for $4 million ? given the position you would have thought there would have been a frenzy, but the house just doesn’t work. It’s a rabbit warren; and buyers at this level are not rabbits.
Elsewhere there were no real surprises. 22 Airlie Street, South Yarra, on 5,000 square feet, sold for $3,010,000 against a $2.5 expectation.
2 Yarradale Road, Toorak sold for $3,340,000, which is about right for “C” Grade Toorak.
One exception: 9 Currajong Avenue, Camberwell sold for $2,665,000 against a $2.2 expectation. This for a weatherboard! The lesson? People are looking at “fringe” areas such as Camberwell, Hawthorn and Canterbury as an alternative and prices are responding.
Once again there were examples of an emerging trend of buyers going up against investors. It’s no longer unusual to see 6-8 bidders competing for inner city apartments ? something agents could only have dreamed of six months ago. Now it’s common to see Dad bidding for the kids (spend the kids’ inheritance early, on the kids – saves on the funeral).
Looking for an agent over the next couple of weeks? Look in Noosa, or Europe. With the Grand Final and school holidays apon us, this is the year’s 2nd-biggest shut-down. Only Christmas/New Year is quieter.
We can take a hint. Top End Trends is taking a break.
See you in a couple of weeks.
Meanwhile. In SYD …
The inside running from Chris Curtis, Morrell & Koren’s new Sydney-based represenative (more on Chris here).
With clearance rates still hovering around the mid 60% mark and sellers resisting the springtime impulse to sell, the shortage of quality stock has meant disappointed buyers and solid prices – especially closer to the city.
In the eastern suburbs, Woollahra, Vaucluse and Point Piper continue their bullish run driven on by the end of the APEC conference, foreign money, investment bankers and the return of some investors.
The three bedroom, Rothwell designed 3/10 Wentworth Street, Point Piper with views of the harbour, bridge and Opera House sold at auction for $8.2 million – more than $27,500 per square metre. If that is a true indication of the market, it might explain why the Bezzina designed Sienna at nearby 38 Wolseley Road, Point Piper appears to be selling slowly with asking prices starting at over $48,000 per square meter.
Around the corner at 4 Lindsay Avenue, Darling Point, the owner accepted $18.5 million for a five bedroom home on 900 square meters of land overlooking McKell Park.
Head inland a little and Woollahra and Paddington remain hot spots despite a hint of pre-election nerves which led to some sales prior to auction. A bullish pre-auction $3.125 million was accepted for a master built three bedroom town home with no ensuite on 190 square meters at 37 Jersey Road, Woollahra representing an increase on the $2.8 million paid a few weeks earlier for the unrenovated 51 Jersey Road, Woollahra a few doors away. These sales again show the popularity of fully finished properties close to amenities.
Vaucluse remains tightly held especially in the prime pockets around Parsley Bay. In yet another recent sale before auction, $4 million bought the ‘built to the front boundary’ town home at 22A Fitzwilliam Road, Vaucluse.
Over the Bridge, Cammeray continues its upwards spiral with $1.27 million being accepted off-market for a well maintained three bedroom weatherboard cottage in need of upgrading on a large level block with an English country garden at 111 Bellevue Street, Cammeray.
Further up the line, tightly held pockets continue to generate a lot of competition with $2.69 million being paid for a five bedroom house at 41 Tindale Road, Artarmon and $2.52 million outlaid for a five bedroom house in the AAA rated Roseville Avenue, Roseville at number 25.
Some interesting sales in the west with a hefty $4.1 million picking up a five bedroom mansion at 9 Woolwich Road, Hunters Hill – proving again that this suburb continues to benefit form reduced aircraft noise.
Further west, $2.115 million secured a four bedroom house at 69 Newton Road, Strathfield.
With the school holidays having arrived, things are expected to slow a little but not a lot with fireworks expected in a string of mid week auctions when our Sydney based representative, Chris Curtis again goes into bat for our buyers
* Links are to agents? and search websites – they may be taken down after properties are sold.