Marcus Chiminello (Marshall White) produced great results at Clendon Rd and Elizabeth St

When a relatively small townhouse on Clendon Rd (17B) sells for $190,000  more than it was sold for 9 months ago ($1.81million vs $1.62million) you can safely say that the market continues to be very strong. How Strong? Well, on this example, the annualized  increase is close to 15% and there were 3 bidders chasing this property.

An interesting comparison to this hockey stick curve is 5 Central Park Rd which sold for $2,241,000. Last year ( June 2009) we saw a similar property- corner position- in a similar condition  at 25 Central Park Rd – a house which probably sat on the block better than number 5 – sell for $2,520,000. So that just goes to show that the Gasgoine Estate always wants to be a little quirky and you cannot quickly generalize across all suburbs.

Generally,  however, Toorak and Malvern results continue to be  strong. In Toorak, 2 Selborne Rd was rumoured to sell for close to the mid-point of the quoted range of $4.5- $5.0 million while a well finished large townhouse on Elizabeth St Malvern attracted 5 bidders and sold for $2,945,000. The initial quote on Elizabeth St was closer to  $2.5 million.

Iain Carmichael (Bennison Mackinnon) closing an outstanding result (for the seller) at 7 Parkside

On the other hand 632 Toorak Rd passed in with a vendor bid of $3.3 million – a single dwelling covenant may have constrained any enthusiasm. Similarly, just across the river and with a change in council, 24 Coppin Grove in Hawthorn saw a crowd of over 60, all standing and waiting for a bid, which was not forthcoming for a great block of land and a smart house close to the city and sitting on the river!

The supply of high quality properties is still in short supply, but increasing, as sellers see these results in the market.

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