Middle Park: 179 Richardson: Bidderman 4. David Wood of Hocking Stuart. Bought for $1,443,000. Good crowds at a lot of Port Phillip auctions.

The two big ones in Elwood didn’t go off under the hammer today. Our top rating home for the year with 904 out of 1000; 71 Addison St Elwood (Torsten Kasper of Chisholm and Gamon) did not attract a bid at the price asked and remains unreported at time of writing. 396 Barkly St Elwood with Robert Harvey of Hocking Stuart had a Bidderman of 2 but passed in at $2,640,000 and remains unreported. However 5 of the other 6 scheduled million dollar plus auctions were bought.

Good crowd numbers at the 5 auctions we went too yesterday with an average of 60 people at each auction. Bidderman was 2

The Table below shows number of scheduled million plus auctions to number reported by the REIV to those reported bought as a percentage of scheduled. Strong, but not invincible looking like a few weeks ago.

248 Beaconsfield Parade Middle Park (David Wood of Hocking Stuart) was Port Phillip’s big buy at $4,750,000 negotiated after auction. And well done in a strong market on a big sale, the agent quote was spot on.

48 Marine Parade St Kilda (Sam Gamon of Chisholm and Gamon) was the only $2m plus sale reported with the other 15 being in the $1million to $2million range.

HISTORY OFTEN REPEATS ITSELF!

Let’s look at a couple of the most common properties in Albert Park. Middle Park and Port and South Melbourne – the Victorian single fronters on smaller blocks of land that traditionally would have been in

• 2000  around $400,000 to $500,000
• 2005 around $700,000 to $900,000
• 2010 around  ???

179 Richardson St Middle Park – Stephen Brooks Hocking Stuart.
James Home Rating 655/1000: It’s all about  a metre. Another metre in width would make this a very good home – as it is it’s just a good home. Another few metres at the rear for car parking would have made this a very good home as it is with the side laneway its OK. It is what it is, a basic Inner Melbourne terrace offering with some provision for car parking at rear. The laneway gives light as does the lightwell running the length of the building to north side. Everything is in the right place including the bathroom of which there is only one. The street is one of Middle Park’s best so no question on position. For many it will be too compact but for the buyer it will be cosy – each to his or her own.

179 Richardson Street Middle Park

James Auction Report: David Wood Auctioneer Sold under the hammer for $1,443,000. Bidderman 4.
A picture perfect home, street and Autumn weather bought many families and their pets to this charming Edwardian home. After a non eventful start David Wood from Hocking Stuart calmly opened the bidding at $1,200,000 on behalf of the vendor. With little animation from the crowd Mr Wood achieved an on the market bid of $1,310,000 with two bidders. The bidding took a turn from hesitant to enthusiastic with a third bidder stepping in. Quickly climbing to $1,427,000, Mr Wood had a vision of a sale however just before the hammer fell a fourth bidder showed his hand with Mr Wood exclaiming “the keys in your pocket felt good, now you have to start again”. Three further bids concluded the bidding, bringing the total bids to 21 with a bought price of $1,443,000, well above the expected.

82 Iffla Street, SOUTH MELBOURNE Max Turnbull of Cayzers.
James Home Rating 648/1000. Good feeling home that has been updated well – no-off street car-parking here may be among concerns for some, but that is fairly typical for this area.

82 Iffla Street SOUTH MELBOURNE

James Auction Report: Geoff Cayzer Auctioneer Sold under the hammer for $1,300,000. Bidderman 3.

A relaxed crowd of approximately 80 were in attendance at this beautiful Victorian home. Lots of locals hovered chatting with anticipation of the impending sale. Geoff Cayzer from Cayzer opened the proceedings with a light hearted quote “lets have a bit of fun, we could be in Ferntree Gully” the crowd laughed loudly in shock. Mr Cayzer opened the bidding with a Vendors bid of $1,200,000, after some cajoling one bid was made before Mr Cayzer announced a further vendor bid of $1,225,000. A shout came forth “is it on the market?” to which he replied “not quite, because I hold the bid and my wife won’t let me buy it”. A total of 12 bids between the three bidders saw the property on the market and bought at $1,300,000. The look on the new owner’s face was of absolute relief.

The old reliable single fronters are still looking pretty good longer term investments but they still need to be the right ones chosen.

Buy Well