What’s up? The short story:
- realistic prices work (mostly)
- at $3 million and under, expect competition
- over $5 million, you’ll probably be alone
- over $5 million, if all boxes are ticked you probably won’t
- over $5 million, all boxes are rarely ticked
- over $5 million, all ducks must line up
- ducks are famously uncooperative
13 Millicent Avenue Bewilderment
On the market at $2.6 million and agent and vendor would have been breaking out the champagne. It finally went for $3.17 million. Delirium sets in.
779 Orrong Road Issues rule (again)
Last sold, painfully, at $6.8 million. On Saturday it managed a vendor bid of $7 million. With Stamp Duty and renovations to come. Issues. It’s not the price, it’s the Issues.
Ducks refuse to line up
Buyers are there at $5 million and above, but they want to buy at their price and sell at their price.
“If I can get $6 million for mine, there’s one at $8 million that pushes all my buttons.”
“But yours isn’t worth $6 million.”
“But that’s my price.”
“I’ve got a buyer but he’s got to sell and he’s got a buyer but she’s got to sell and she hasn’t got a buyer yet, so…”
Bayside: Spring sprungs (again)
Spring is sprung, the grass is riz and you’re wondering where the bidders is?
- There may still be some left at 69 Willis Street, Hampton. There were seven there at one stage and three were still going when it was knocked down at $1.405 million – which is sufficiently above its $1.17-1.27 million quote to suggest that perhaps the market is firming – or that seven frustrated buyers were all chasing a too-rare quality property.
- Same day, same suburb: 1 Avelin Street. On the Castlefield estate, on 810 sq m, recently renovated, four bedrooms and four bathrooms, all boxes ticked. Limps to $1.31 million.
Agents frown. Try to connect dots between 1. and 2. Can’t.
Head across South Road. 49 Plantation Avenue. Modest, original 40s/50s house on 621 sq m. Good location but that’s about it. Quoted at $950,000 to $1,000,000. Declared on the market at $1,075,000, four bidders took it to a considerable $1.26 million. Another suggestion that the market is firming?
26 Barkly Street. Asking $3 million plus. An opening bid of $3.2 million led to an invitation to come inside. $3.5 million is mooted.
And there’s at least one agency which has found an antidote to winter’s gloom. Private sales of $12 million in the past week makes a powerful tonic.
And then …
- 36 Normanby Street – comprehensively renovated and including tennis court, pool and a basement for cars began proceedings at $4.8 million
- 22 Normanby Street changed hands a week after auction at $3.65 million
- 7 Park Street sold for – we believe – $3.95 million … a serious discount to the $4.4 million paid sight-unseen a few years ago. Repent at leisure?
And then there was a high profile tenant of 2a Collins Street who had been renting for $4,500 a week before making another career move. It sold for $3 million – about right, its twin at 2 Collins sold earlier in the year for $3.1 million.
The Bentleighs. Again
14 auctions scheduled, 13 sold. Could someone tell them that’s not possible.
Beaumaris had a handful of private sales, Black Rock had three planned auctions – two sold before, the other under the hammer. No dancing in streets.
The patient is showing some signs of improvement, but not enough to signal a complete recovery. The next four weeks will be … interesting
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