100 people – Not one Bid. Passed In at $3,800,000 – 69 Radnor Street, Camberwell
Hey, just when you started to think it was getting boring – you may, just may be in for a surprise over the next few weeks.
So what happened this week?
1. Some buyers were still getting smashed by a strong Bidderman on the A-graders (Price, Property or Position)
2. Some buyers paid big numbers on some pass-ins – surely not of all them had to.
3. Increasing bought befores – but that can be read as aggressive offering by buyers or it can be read as agents mopping up lone ranger auctions before today – probably a bit of both.
4. The C-graders (on Price, Property or Position) saw little interest as buyers swamped by this weeks New Stock surge, spent more time looking into the future than putting their hand up at auction.
5. Under the Hammer Rate took a beating this week – at 35% it felt like the lowest in months. What happened today was 2 out of 3 homes DID NOT sell under the hammer – but with a still healthy clearance rate that meant they sold before or after. WOW doesn’t that change bidding strategy(s) if it continues – well it should.
6. Big drop overall in Bidderman today. The Rise of the Duck and the Fall of The Volcano.
7. The Separation of Markets from under $2m and over $2m appears to be beginning.
Astute market watchers and/or those who read James Market News (that comment maybe a bit arrogant, forget I wrote it); anyway astute market watchers will know what this may, just may mean……. It’s early days and we were absolutely swamped by new stock this last week for the September 12th auction weekend……..but this week’s dichotomy of results, if sustained over a period of time, means we are in a changing market.
Now whoa – if you are reading we at James are saying the market is easing – well hold on, we are not saying that. What we are saying is OFI’s lost there buzz a bit last week and James Bidderman had a huge drop today and auction results were very, very inconsistent when you look behind the clearance rates. We are stating facts, not making claims. Today clearance rates were a bit of a false stat on market heat, as the depth was very mixed. Look to Bidderman as a better pointer. But…… its early days, huge stock surge this week and……… we need to see this for a few weeks before we make any definitive statement.
We have just had the hottest market year to date of all time and today maybe a statistical anomaly as the market was still white hot two weeks ago – it really was!
Stay tuned spring could be exciting after all – or maybe we’re just hoping for some balance for the buyers sake.
All of the above means only one thing till proven otherwise. Different and Multiple bidding strategies are now required.
If your strategy at auction is to go and just pay what you have to – that is probably still relevant on good homes below $2M.
Mind you not one we subscribe to. There are two very different strategies we try and employ instead of getting smashed at auction – admittedly with mixed success this last week – but mixed is better than no success and yes under $2m we are still finding it hard at auction.
If your strategy on homes over $2m is to go to auction and then whoops it passes into you and then you offer $350,000 more because you’re scared…….Mmmm and no noise from any other bidder …..Mmmm. Get a plan (with flex) or get an advocate is my biased but best advice.
Crowd of 85 – Not one bid – 31 Densham Road, Armadale. Passed In
33 Middle Crescent, Brighton (Peter Kakos, Marshall White), undisclosed (range: $5,188,400 – $5,782,450), after auction, 1 bidder
5 Mawson Street, Kew (Steven Abbott, Jellis Craig), $4,695,000, after auction, 4 bidders
21 Selwood Street, Hawthorn East (Scott Patterson, Kay & Burton), undisclosed (range: $3,087,980 – $3,397,100), after auction, 3 bidders
Read all 34 James Auction reports for this weekend click here
110 Page Street, Albert Park (Simon Carruthers, Cayzer), $2,000,000, under hammer, 5 bidders
18 Albion Street, Balaclava (Josh Stirling, Hodges), $1,466,000, under hammer, 5 bidders
6 Victory Street, Sandringham (Mark Earle, Buxton), $1,690,000, under hammer, 4 bidders
Read all 34 James Auction reports for this weekend click here
Not one bid from this crowd of 60 at 27 Edward Street, Sandringham
69 Radnor Street, Camberwell, $3,800,000 passed in, 0 bidders
27 Edward Street, Sandringham, $3,000,000, passed in, 0 bidders
31 Densham Road, Armadale, $2,800,000, passed in, 0 bidders
Read all 34 James Auction reports for this weekend click here
We currently have clients in the $2m, $3m range whom we are searching for on and off market and if you have a family home to sell in Upper Bayside in Middle Park, Albert Park and surrounds, why not consider ringing us or asking your agent to email us with PPP details.
We currently have clients in the $2m, $3m and $4m to $5m range whom we are searching for on and off market and if you have a family home to sell in Lower Bayside – Brighton, Hampton or Sandringham why not consider ringing us or asking your agent to email us with PPP details.
We currently have clients in the $$2m – 3m and $4m to $5m range whom we are searching for on and off market and if you have a family home to sell in Malvern East, Armadale and Malvern and surrounds, why not consider ringing us or asking your agent to email us with PPP details.
We currently have clients in the $2m – $4m range whom we are searching for on and off market and if you have a family home to sell in Balwyn, Kew, Hawthorn, Canterbury, Camberwell and surrounds, why not consider ringing us or asking your agent to email us with PPP details.
Buy/Sell
At James Buyer Advocates part of our work is the “whole process that is buying and selling”. Not too many people have dealt with the number of selling agents that we have…. up, close and personal ……….and therefore very few people know the strengths of weaknesses of each agent (as opposed to each agency’s marketing). With that in mind, we interview with you and can make recommendations as to who might be best suited to sell your home and what the market may think your home’s value is.
If you still think the best decision about how to sell your home is made around commission differences or whether its a half page or full page in The Melbourne Weekly then may we politely suggest you have the wrong criteria and you really do need some help.
As well, an agent who rings you every week for three years isn’t your dear family friend; they are what is called a “Gun Prospector” and as soon as you have signed, some significantly reduce their phone contact with you or more importantly they are not ringing your buyers (unless they are another Gun Prospect).
Why? Because they only have so many hours in the day and they perceive that needs to be filled with their “Gun Prospecting” work on the next potential sign up.
Good agent selection is particularly relevant for
1. Downsizers who want to maximise their price in Boroondara’s incredibly strong, Stonnington’s building and Bayside’s flukey Asian buying market.
Really? “The Age” on every home – I’d put my money in the “Chinese Daily” on certain ones.
Really? Just exploring the buyers over a three week period – if you’ve got big land in a good spot you’re really throwing the lucky dice to let an agent select a 3 week auction period and that’s it. Yes we know agents are run off their feet – but that doesn’t help you.
2. Families that are trading up, don’t quite have the same time luxuries; so the buy/sell becomes a lot more about the buy. You want to leverage your sale across all the agents when looking for buying advantages before you select one.
You need the selling agents working for you and selling agents will work a lot harder for you with a home to sell, than a buyer with no home to sell. Most buyers with no home to sell will not be told anywhere near the information a buyer with a home to sell would be – eg other agents’ homes coming on and a lot more.
Our Buy/Sell Strategy jobs for our buying clients who wish to buy first or buy second can be hourly rate or fixed and can be “free or no additional cost” as it can come off the selling agents commission. Advice covers a lot more than just “declutter”, Melbourne Weekly, Auction in 3 weeks and I went to the same school as you. What about demolition permits, pre market visits, renovations that add value (that others organise) and incentive schemes. Please don’t get me started on some of the biggest rip off incentive schemes I’ve heard about with bulltish valuations that cost $10,000’s vs genuine incentive schemes at the appropriate time that do make a difference on the margin.
Mal James – 0408 107 988