23 Loch St St Kilda West - Rodney Morley of TBM moved 8 bidders from $3,000,000 to $4,100,000 and a sale.

A lot has been happening in Port Phillip (Elwood, St Kilda, Albert Park, Middle Park, Port Melbourne) with 18 buys over a million in the last week. The thing we have been happy with as buyers is the amount of quality stock – we know everybody tells you that’s low and Bidderman is saying there is not enough to go around but if you look closely enough and are prepared to fight at the 2010 price levels then good homes are there to buy.

This last week there has been 5 major sales over $2,000,000 on quality properties
Three big renovation projects at
23 Loch St St Kilda West ($4,100,000); TBM Auction with Rodney Morley – under the hammer
89 Harold Street Middle Park for a tad under $3,000,000 – Michael Szulc of Cayzers – Private Sale;
27 Canterbury Road Middle Park - after auction believed to be between $2,700,000 and $2,800,000. John Holdsworth of Hocking Stuart
A modern offering
249 Beaconsfield Parade Middle Park ($2,685,000) - Lisa Jarrett of Abercromby’s strikes again (doing some business in this area now);
A ready to move in period home
10 Anderson St South Melbourne ($2,900,000). A strong result for Anthony Grimwade of RT Edgar. We loved the street, the decor and the whole home and so did the eventual buyers moving upwards by $500,000 post auction. That’s 1/2 a million – a great post auction negotiation.

Land as we see it in Albert and Middle Park is now a minimum of $5000 per square metre in our calculation. And whilst on a warm Wednesday morning having coffee with John Holdsworth – Albert Park’s legendary selling agent - when our conversation turned to values we found we were in agreement.

Lisa Jarrett of Abercrombys sold this modern offering for $2,685,000 mid week

Elwood is no different as far as supply goes with 4 offerings between $1,450,000 and $1,900,000 being bought this week. Mostly period homes with various degrees of renovation.
46 Rothesay and 122 Ruskin (new home) - Sam Gamon of Chisholm and Gamon. Oren Flamm of LJ Hookers got 13 Foam St Elwood away and 8 Addison sold under the hammer (see report below) through Kaine Lanyon and Nathan Waterston of Bennison Mackinnon.

We are calculating land at a minimum of $3000 per sqm in the good parts of Elwood. And in the good spots eg Ruskin, Addison or along the beach in Foam, Beach, Selwyn etc $1,800,000 is the benchmark for a good side by side well renovated 3 to 4 bedroom home on 400 sq metres of land (with car park). Elwood specialists Sam Gamon and Torsten Kasper who are knocking over some deals in this area concurred in recent phone calls when they were assisting us price another property.

When you think about the action or lack of it this time last year you would say things are positively buzzing in Port Phillip

Buy Well