Even with the start of school holidays, Bayside activity continues; reduced auction numbers prompting its highest percentage clearance rate in many weeks, despite seriously winter weather.
It is becoming more and more obvious that the recent slide in clearance rates across Melbourne, and in Bayside in particular, has not been created by The European Debt Crisis, The Super Profit Mining Tax, The BP Oil Spill or (now) The Elevation Of Julia Gillard To The PM’s Office.
It’s Supply. And Demand. And Bayside’s reduced supply over the weekend meant demand peaked at those auctions which did take place. Multiple bidders, fewer pass-ins. In Brighton and Brighton East, seven out of seven sold.
And then another of our pet hates made its appearance: “Price undisclosed.”
Both in Brighton. Both with multiple bidders and both at prices well above their agents’ estimates (maybe that’s why they weren’t disclosed).
Kids, this is happening more and more often and it’s not good enough. They’re public auctions. They set price expectations for similar properties at later auctions. They indicate to people who are not selling what their properties are worth; and with around 60% of Australia’s wealth ($4 trillion and counting) being in residential property, they add up to statistics of national significance.
- 2/3 North Road, Brighton. Ground floor apartment in a development of four. Auctioneer kicked off with a vendor bid of $2.5 million. Two people took it to (how hard is this to say?) $3,050,000.
- 13 Albert Street, Brighton. 1980’s style property on 710 sq m in one of Brighton’s more sought-after streets. Quoted “…in the $2.35-2.65 million range.” Two people took it from $2.4 million to $2,770,000 where it was knocked down without referral. Solid result. In line with expectations. Why the secret?
Another sale of note last week: an off-the-plan transaction regarding a penthouse at 4 Dudley Street. Golden Mile. Designed by SJB Architects. One of six. Believed to be a record price for an apartment not located directly on the foreshore. $6.45 million.
20 Beach Road, Hampton, sold after an Expression of Interest campaign concluded last week. On a compact allotment of 500 sq m with bay views, it was quoted in the $2.7-3 million range and was reported as sold for $2.85 million.
Sandringham and Hampton also had a good week: seven sold out of nine auctioned, including:
- 58 Sims Street, Sandringham: $1,437,500
- 16 Moor Street, Sandringham: $1,400,000
- 15 Victory Street, Sandringham: $1,362,500
And now we, too, will yield to the temptations of a break. Back the week after next.
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