Spring sprung, ducks disorderly

Morrell and Koren, the 1st buyer's advocates

What’s up? The short story:

  • realistic prices work (mostly)
  • at $3 million and under, expect competition
  • over $5 million, you’ll probably be alone
  • over $5 million, if all boxes are ticked you probably won’t
  • over $5 million, all boxes are rarely ticked
  • over $5 million, all ducks must line up
  • ducks are famously uncooperative

13 Millicent Avenue Bewilderment

On the market at $2.6 million and agent and vendor would have been breaking out the champagne. It finally went for $3.17 million. Delirium sets in.

779 Orrong Road Issues rule (again)

Last sold, painfully, at $6.8 million. On Saturday it managed a vendor bid of $7 million. With Stamp Duty and renovations to come. Issues. It’s not the price, it’s the Issues.

Ducks refuse to line up

Buyers are there at $5 million and above, but they want to buy at their price and sell at their price.

“If I can get $6 million for mine, there’s one at $8 million that pushes all my buttons.”

“But yours isn’t worth $6 million.”

“But that’s my price.”

Right. Yes.

Or …

“I’ve got a buyer but he’s got to sell and he’s got a buyer but she’s got to sell and she hasn’t got a buyer yet, so…”

David Morrell

Bayside: Spring sprungs (again)

Spring is sprung, the grass is riz and you’re wondering where the bidders is?

  1. There may still be some left at 69 Willis Street, Hampton. There were seven there at one stage and three were still going when it was knocked down at $1.405 million – which is sufficiently above its $1.17-1.27 million quote to suggest that perhaps the market is firming – or that seven frustrated buyers were all chasing a too-rare quality property.
  2. Same day, same suburb: 1 Avelin Street. On the Castlefield estate, on 810 sq m, recently renovated, four bedrooms and four bathrooms, all boxes ticked. Limps to $1.31 million.

Agents frown. Try to connect dots between 1. and 2. Can’t.

Head across South Road. 49 Plantation Avenue. Modest, original 40s/50s house on 621 sq m. Good location but that’s about it. Quoted at $950,000 to $1,000,000. Declared on the market at $1,075,000, four bidders took it to a considerable $1.26 million. Another suggestion that the market is firming?

26 Barkly Street. Asking $3 million plus. An opening bid of $3.2 million led to an invitation to come inside. $3.5 million is mooted.

And there’s at least one agency which has found an antidote to winter’s gloom. Private sales of $12 million in the past week makes a powerful tonic.

And then …

  • 36 Normanby Street – comprehensively renovated and including tennis court, pool and a basement for cars began proceedings at $4.8 million
  • 22 Normanby Street changed hands a week after auction at $3.65 million
  • 7 Park Street sold for – we believe – $3.95 million … a serious discount to the $4.4 million paid sight-unseen a few years ago. Repent at leisure?

And then there was a high profile tenant of 2a Collins Street who had been renting for $4,500 a week before making another career move. It sold for $3 million – about right, its twin at 2 Collins sold earlier in the year for $3.1 million.

The Bentleighs. Again

14 auctions scheduled, 13 sold. Could someone tell them that’s not possible.

Elsewhere. Indifferent

Beaumaris had a handful of private sales, Black Rock had three planned auctions – two sold before, the other under the hammer. No dancing in streets.


The patient is showing some signs of improvement, but not enough to signal a complete recovery. The next four weeks will be … interesting

Damian Taylor

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