So that was the year’s last real hurrah. Next weekend offers slim pickings and a few vendors wandering lonely as clouds, still hoping, and wondering how their expections and the market’s could be so far apart. Over-enthused agents?
Where was the zing of recent months? Not a lot of it about over the weekend – which had as much to do with what was on offer as any real turn in the market. It’s all slowing down until next year when, in February, we expect the band will strike up and the merry dance will commence again.
What stood out last weekend?
67 Nimmo Street, Middle Park, a good free-standing single fronted brick home failed to attract a single bid. We can?t think of the last time a good house in Middle Park failed to attract any interest. Clearly it’s not just the property, the vendor?s expectations were bullish. Too bullish for bidders.
And not just Albert Park. You could find over-ambitious vendors at 36 Embling Road, Malvern (passed in at $3,375,000, reserve undisclosed) and Unit 1, 48 St Georges Road, Toorak where the highest bid was yawning silence.
But people will still chase good properties with their ears pinned back. 7 Chrystobel Crescent, Hawthorn, a period home in need of some work on a thumping great 20,000 square foot block, sold in a hail of bids for $6 million against a $5.2 million expectation.
511 Royal Parade, Parkville, a period home on 26,000 square feet, sold for $4.3 million after a successful expression-of-interest campaign.
3/44 Walsh Street, South Yarra, a good 2 bedroom apartment in a super position sold for $1,620,000 against a $1,400,000 expectation.
Investors? Still active, but not chasing prices as they were a month or two ago.
And so we kiss ’07 goodbye. We hope you and your alls have a wonderful Christmas and fabulous holidays.
We?ll be back in touch early next year, or earlier if something of real interest happens.
Prize Fights in Sydney.
Predictably, the knock down, drag out bout this week was between the east and the north with the inner west and south barely answering the bell.
Pound for pound, the east and north were evenly matched with the east winning on points thanks to some off-market activity yet to hit the tabloids (including the $4 million we negotiated late on Friday for our clients at 36 Roslyndale Avenue, Woollahra). Facing north to the rear, full brick with views, pool, air conditioning and a double garage on 417 m2, it represented far better value for money than its recently traded $3.8 million next-door neighbour but one at number 32.
Preventing that sale from taking the title in the east for the week was the mid-$5 million paid earlier in the week for 468m2 land content only at 50 Edward Street, Woollahra.
Other solid sales in the east included the $4.72 million for a three bedder at 110 Victoria Road, Bellevue Hill and $3.48 million for a penthouse at 605/17 Hickson Road, Dawes Point.
In a bout lasting all fifteen rounds, the eclectic three bedroom apartment at 3/2 Kings Lane, Darlinghurst finally took home $2.9 million in prize money.
The big money in the north was outlaid in the otherwise sleepy northern beaches with the five bedroom home at 46 Hillcrest Avenue, Mona Vale selling for $5.3 million. The other strong northern sales were scattered throughout the district and included $3.5 million paid for 11 Private Road, Northwood, the $1.955 million paid for our client’s home – before we helped them upgrade – at 43 William Street, Roseville and $3.17 million for Kareela Road, Cremorne Point.
Someone even paid $2 million for the south-to-the-rear 24 Highlands Avenue, Gordon – a property some of our clients wisely decided to avoid on our advice.
Knees wobbled in Mosman with 48 Upper Almora Street, Mosman crashing to the canvas on the vendor’s $3.6 million bid. Similar results were posted at 31 Northwood Road, Northwood and, surprisingly given that suburb’s dream run during the year, at 26 Lucknow Street, Willoughby.