G’day and welcome to “The Opening Market 2020”. Our first 100 Auction Test for high-end Inner Melbourne homes this year. Week one of our 3-week campaign. The results were pretty clear.
You can see them below and we also kept additional stats at all auctions today, which we have decided not to evidence here as ……. well basically they will be taken the wrong way by some people.
The market did not start as well as it could have, or as well as I thought it would have.
Structurally our market is currently most affected by two main groups; bankers and people with overseas money connections. These groups were the catalysts in the market drop of 2018 and again the market rise of 2019. They were the creators and saviours of the 2007, 2008 and 2009 markets.
Today on what we witnessed, if it continues, then the market may well ease, not rise before Easter, because of one of these two groups. Having said that – it’s very early days and one weekend does not with any certainty, make the opening market or definitively set the tone for the first half of the year.
The first auction test Saturday last year was, in reality, identical to today’s result.
Bidderman 1.5, lower stock levels and 61 per cent clearance rate.
So on perceived low stock levels, with an OK Bidderman and borderline clearance rate, one additional stat today suggested our market may be about to change again.
Stay tuned over the next fortnight – we shall cover the market again in depth – we shall take similar measurements – and then we will adjust or confirm our views intimated here.
Hugely interesting times and today may be an anomaly – but if it continues it will be significant.
Coincidentally you divide the Domain total auctions into the Domain good news, voluntarily agent reported results and you get 672/1123 or 59%.
That’s not totally correct either. However, one figure is what is really happening in the Melbourne High-End market today.
I’m sure we all know which figure will be quoted in agent spiels this coming week.
It is about what you buy
Our pre-auction text today to our client
4 Park Street Brighton, Matthew Pillios, 4 Bidders
MALVERN EAST, 7 Washington Avenue. Daniel Wheeler (Marshall White) Under the Hammer $2,300,500 5 Bidders
ISP: $1,750,000 -$1,900,000
BRIGHTON, 4 Park Street. Matthew Pillios (Marshall White) Under the hammer $3,550,000 4 Bidders
ISP: $2,900,000 – $3,100,000
SANDRINGHAM, 9 Spring Street. Nick Jones (Hodges) Under the hammer $2,680,000 4 Bidders
ISP: $2,200,000 – $2,300,000
Gowan Stubbings. 3 St Martins Close Kooyong. Sold after auction, 3 Bidders – undisclosed
SOUTH YARRA, 15 Hawksburn Road. Philippe (Williams Batters) Under the Hammer $2,810,000 3 Bidders
ISP: $2,700,000 – $2,900,000
PRAHRAN, 78 York Street. Andrew Hayne (Marshall White) Under the Hammer $2,420,000 2 Bidders
ISP: $2,100,000 – $2,300,000
MALVERN EAST, 13 Ardrie Road. James Tomlinson (Marshall White) After auction $undisc 0 Bidders
ISP: $1,800,000 – $1,980,000
GLEN IRIS (STONNINGTON), 14 Aintree Road. Passed in $3,600,000 0 Bidders
ISP: $3,700,000 – $3,900,000
PRAHRAN, 25a Murray Street. Passed in $1,900,000 0 Bidders
ISP: $2,000,000 – $2,200,000
PRAHRAN, 27-29 Wrights Terrace. Passed in $2,000,000 0 Bidder
ISP: $2,200,000 – $2,420,000
108 Sackville Street Kew, James Tostevin, 3 Bidders $5,060,000
KEW, 108 Sackville Street. James Tostevin (Marshall White) Under the Hammer $5,060,000 3 Bidders
ISP: $4,200,000 – $4,600,000
SURREY HILLS, 9 Thistle Road. Steve Burke (Hocking Stuart Belle Property) Under the hammer $2,166,000 3 Bidders
ISP: $2,000,000 – $2,200,000
KEW, 35 Edgevale Road. Rebecca Edwards (Kay & Burton) Bought before $undisc
ISP: $2,250,000 – $2,400,000
CAMBERWELL, 30 Sunnyside Avenue Paul Walker (RT Edgar) After auction $undisc 2 Bidders
ISP: $2,900,000 – $3,190,000
KOOYONG, 3 St Martins Close. Gowan Stubbings (Kay & Burton) After auction, $undisc 3 Bidders
ISP: $5,500,000 – $5,900,000
KEW, 11 Pleasant Avenue. Richard Earle (Jellis Craig) After auction, $undisc 2 Bidders
ISP: $1,900,000 – $2,000,000
HAWTHORN, 3 Salisbury Grove. Passed in $2,505,000. 3 Bidders
ISP: $2,400,000 – $2,640,000
SURREY HILLS, 4 Albert Park Crescent. Passed in $2,810,000. 1 Bidder
ISP: $2,800,000 – $3,000,000
HAWTHORN EAST, 2a Harcourt Street. Sam Wilkinson (Kay & Burton) After Auction $undisc 1 Bidder
ISP: $3,800,000 – $4,000,000
CAMBERWELL, 95 Broadway. Passed in $4,300,000 1 Bidder
ISP: $4,200,000 – $4,500,000
CANTERBURY, 17 Bryson Street. Passed in $2,600,000 0 Bidders
ISP: $2,600,000 – $2,800,000
CAMBERWELL, 32 Pine Avenue. Passed in $2,900,000 0 Bidders
ISP: $2,900,000 – $3,190,000
KEW, 18 Finhaven Court. Passed in $2,450,000 0 Bidders
ISP: $2,500,000 – $2,700,000
114 Page Street Albert Park, under the hammer 2 bidders Oliver Bruce
BRIGHTON, 95 Cole Street. Stephen Smith (Marshall White) Under the hammer $4,510,000 3 Bidders
ISP: $3,800,000 – $4,150,000
ALBERT PARK, 114 Page Street. Oliver Bruce (Marshall White) Under the hammer $2,820,000 2 Bidders
ISP: $2,200,000 – $2,400,000
BRIGHTON, 46 Orchard Street. Stephen Smith (Marshall White) After auction $2,800,000 2 Bidders
ISP: $2,500,000 – $2,700,000
PORT MELBOURNE, 192 Esplanade East. Oliver Bruce (Marshall White) After auction $2,075,000 2 Bidders
ISP: $1,750,000 – $1,900,000
BRIGHTON, 5 Rooding Street. Bill Stavrakis (Biggin & Scott) After auction $undisc 1 Bidder
ISP: $2,500,000 – $2,700,000
BRIGHTON, 21 Norwood Avenue. Brett Graham (Follett & Co) After auction $undisc 2 Bidders
ISP: $3,495,000 – $3,844,500
MIDDLE PARK, 370 Danks Street. Passed in $2,950,000 0 Bidders
ISP: $2,950,000 – $3,200,000
BRIGHTON, 823 Hampton Street. Passed in $2,800,000 1 Bidder
ISP: $2,650,000 – $2,800,000
ALBERT PARK, 29 Philipson Street. Passed in $2,800,000 0 Bidders
ISP: $2,800,000 – $3,080,000
