oc | Sunday 23rd January

Stonnington



Stonnington Weekly

Right now just as a stretching buyer has to ask the question: Am I buying a price or am I buying the , so all sellers are now being asked that perplexing question by the market: are you selling a or are you selling a price? Big difference in strategies!

BUT, and it’s a big but, a very big but. When the property has the right 3P’s – Price, Property and Position how sweet the market is for sellers. That’s the splintering effect.

Let’s look at two sales in Toorak to prove a point.

They were both land sales, we had tentative interest in both around the quote but we were never serious contenders as we told our clients that while the homes may have been quoted with an eye on the reserves, they were never quoted with an eye on the expected final result.

So while both below went miles over the reserve they actually didn’t go miles above the professional estimated buying range (please this is not about us – just giving some perspective on the final price)

11 Tashinny Toorak – 511 square metres of north facing rear land with two period apartments on it that needed serious renovation – a multitude of uses. Agents were Scott Patterson and Michael Armstrong. Quote was around $1.7m but the agents did expect more and they said that. We put the range at $2.1m to $2.5m with it expected to go low $2m’s. On the market fairly at $1.85m and with 6 bidders it pushed through to $2,395,000. This set land at $4,700 per sqm which is strong for that little pocket but normal for other land nearby, e.g. the nearby Dunraven precinct.

6 Verdant Toorak (Philippe Batters) – 836 sqm – as you can see buy our rating (761/1000) this was one of the best mid-sized Toorak blocks offered in a long time, and the $3m+ quote – well it was courageous – two street frontages and wide and Verdant Ave – please… We thought circle $4m with the rider it could go more – so the final result of $4,445,000 after 4 bidders had fought it out was not a complete shock but it was still very strong. This says great land down near the Royal South Yarra Tennis courts is worth $5,300 per sqm.

In two places not that far apart you had 10 bidders saying land (just land, no house) was worth circle $5,000 sqm. 10 bidders plus those that didn’t speak up – there is still a very strong market for the right PPP’s.

All the P’s above were good – Position, Property and Price. The smart agents got these A-graders on the market quickly and then let nature take its course – very different from a number of pass-ins where the agents and sellers wanted a price that the market did not support.

This is what is happening out there since Melbourne Cup – buyers are more discerning and if it’s not right they are moving on. This is a change from a month ago.

That is the splintering effect we are talking about.

Now is this smart for buyers? Let’s wait and see – being buyer agents we would encourage you to think that if it’s the right one you should still consider going for it (within reason) as there is no guarantee this level of will be here next year even if many of today’s underbidders still are.

 

GLEN IRIS (Stonnington), 23 Creswick St
GLEN IRIS (Stonnington), 23 Creswick St | Richard Earle (Jellis Craig)
Under Hammer: $1,399,000 - 6 Bidders (Photo: David Adamowicz)
Bidderbuzz Auction
"Around 60 were there to see Richard Earle holding the reins of what ended up being a remarkable auction. A bullish introduction drew two bidders from the outset, taking us from an even $1,000,000 towards $1,100,000 quite quickly. Bidder 3 helped meet the reserve price of $1,130,000, Mr Earle's forceful and busy style keeping the bidding coming at a steady clip. "Come on, stay with me" was a favourite phrase. The second bidder tried shaking Bidder 3 off with $5,000 and $10,000 bids, but she stuck to her plan with responses of $1,000, then $500. Mr Earle did not object to the more sluggish pace and was rewarded with a fourth bidder at $1,210,000. The tortoise strategy of Bidder 3 was blown away with an aggressive entry by a fifth bidder, who placed a number of quick $10,000 bids. Just when we thought we'd seen enough twists and momentum swings, Bidder 6 came in at $1,290,000, and the last two entrants sprinted to the line, with the property bought for $1,399,000 by Bidder 5." (David Adamowicz)

 

Biggest Sale: TOORAK, 6 Verdant Av
Philippe Batters (Williams Batters); Under Hammer, $4,445,000 - 4 Bidders

"Philippe Batters, in his matter of fact style, started on time and explained why this was a good buy. He told the crowd of 90 or so that they had been quoting $3,000,000 and asked those gathered, "who would like to start at that level?' It didn't take long for a bid of $3,000,000 by an agent from within his company, who, Philippe immediately explained, was acting for a client sitting around the corner who did not want to be identified. He asked for $25,000 rises, but Bold Bidder 2 came back with a $3,300,000 bid. After a quick referral, Philippe announced that the property was indeed on the market and Bidder 1 offered a $25,000 rise. At $3,700,000, Bidder 3 entered the fray and offered $10,000. Bidder 1 and Bidder 3 both battled it out before Bidder 4 came in with a rise to $4,100,000. Philippe was now asking for $10,000 rises and after some to-ing and fro-ing, again Bold Bidder 2 increased the stakes, putting $4,200,000 on the table. The crowd were smiling with surprise each time Bold Bidder 2 came back with a strong bid. A battle ensued between Bidders 2 and 4, with Bidder 4 lasting the distance, taking home the prize for $4,445,000. A great and entertaining battle resulting in a sale price that was a whopping $1,000,000 over reserve! " (Gina Kantzas)

 

Biggest Pass In: TOORAK, 8 Myrnong Cr
Gerald Delany (Kay & Burton); Passed In: $2,800,000 - 0 Bidders

"Auctioneer, Gerald Delany welcomed the 35 people who had turned up to the auction of this inter-war family home with an impressive street presence overlooking Kooyong Park. A vendor bid of $2,800,000 was placed for the 870m2 property, but no bidders came forth. After a short break nothing had changed, so Mr Delany was forced to pass in the home and send the observers on their way. " (David Adamowicz)
$1M+ stonnington Featured Auctions
714
/1000
JAMES HOME RATINGS
ARMADALE: 1/29 Huntingtower Rd
1/29 Huntingtower Road
BOUGHT: $1,625,000
576
/1000
JAMES HOME RATINGS
GLEN IRIS : 23 Creswick St
23 Creswick Street
BOUGHT: $1,399,000
728
/1000
JAMES HOME RATINGS
MALVERN EAST: 5 Kardella St
5 Kardella Street
BOUGHT: $2,270,000
627
/1000
JAMES HOME RATINGS
SOUTH YARRA: 46 Macfarlan St
46 Macfarlan Street
BOUGHT: $3,200,000
663
/1000
JAMES HOME RATINGS
TOORAK: 5 Evelina Rd
5 Evelina Road
BOUGHT: $2,351,000
UNDISCLOSED
JAMES HOME RATINGS
TOORAK: 8 Myrnong Cr
8 Myrnong Crescent
PASSED IN: $2,800,000
636
/1000
JAMES HOME RATINGS
TOORAK: 11 Tashinny Rd
11 Tashinny Road
BOUGHT: $2,395,000
761
/1000
JAMES HOME RATINGS
TOORAK: 6 Verdant Av
6 Verdant Avenue
BOUGHT: $4,445,000
Stonnington Weekly
stonnington Scheduled Auctions
PRAHRAN
19 ABeckett Street, PRAHRAN
Bought $1,875,000
19 ABECKETT STREET
MALVERN EAST
5 Kardella Street, MALVERN EAST
Bought $2,270,000
5 KARDELLA STREET
KOOYONG
PRAHRAN
129 Chomley Street, PRAHRAN
Bought undisclosed
129 CHOMLEY STREET
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
ARMADALE
1/29 Huntingtower RoadBought$1,625,000$5,2422013-11-16
23 Gladstone AvenueBought$1,066,000$4,8242013-11-16
GLEN IRIS
23 Creswick StreetBought$1,399,000$2,7922013-11-16
11 Maitland StreetBoughtUndisclosed2013-11-06
KOOYONG
114 Elizabeth StreetPassed InPI: $1,550,000
MALVERN
34 Johnstone StreetPassed In
25 Gordon GroveBought$1,290,000$4,7252013-11-16
MALVERN EAST
5 Kardella StreetBought$2,270,000$2,9952013-11-16
PRAHRAN
8 Cecil PlaceBoughtR: $2,397,500 - $2,637,500$8,018 - $8,8212013-11-16
33 Irving AvenueBoughtBought (2013-11-18) - $1,350,000$6,2792013-11-18
129 Chomley StreetBoughtR: $1,179,570 - $1,297,650$2,006 - $2,2072013-11-16
19 ABeckett StreetBought$1,875,000$8,6812013-11-16
19 Westbourne StreetBought$1,348,000$6,6732013-11-16
SOUTH YARRA
4/168 Toorak Road West StreetBought$1,400,0002013-11-16
72 Oban StreetBought$2,335,000$3,8402013-11-16
4/168 StreetNot Reported
12 Davison PlacePassed InPI: $1,700,000
11 Oxford StreetBought$1,140,000$3,0162013-11-16
46 Macfarlan StreetBought$3,200,000$17,9782013-11-16
TOORAK
3/103 Mathoura RoadNot Reported
11 Tashinny RoadBought$2,395,000$4,6872013-11-16
678 Orrong RoadBoughtR: $1,750,175 - $1,925,375$4,051 - $4,4572013-11-02
5 Evelina RoadBought$2,351,000$3,3022013-11-16
6 Verdant AvenueBought$4,445,000$5,3172013-11-16
8 Myrnong CrescentPassed InPI: $2,800,000$5,3172013-11-16
stonnington Private Sales
TOORAK
27 Linlithgow Road, TOORAK
Bought: undisclosed
27 LINLITHGOW ROAD
ADDRESSBOUGHT PRICEIMPROVED $/SQM
TOORAK27 Linlithgow RoadRange: $3,250,051 - $3,575,395$4,483 - $4,932
ARMADALE, 1/29 Huntingtower Rd
ARMADALE, 1/29 Huntingtower Rd | Kevin O'Brien (Jellis Craig)
Under Hammer: $1,625,000 - 6 Bidders (Photo: Josie Wagstaff)

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