Glen Iris 18 Clyde: "The Boss" John Morrisby letting the 3 bidders know they are a bit short at $1,385,000. Passed In but sure to be dealt with soon if the vendor knows the new market.
Stonnington was surprisingly strong with Park St South Yarra (Warwick Anderson of RT Edgar) going well past $3,900,000 on multiple bidding; 81 Clendon Road Toorak (Gerald Delany of Kay and Burton) selling post auction north of $7,350,000 and 64 Burke Road Malvern East selling before for 3,320,000 or $1366 per sqm for main road land.
The clearance rate was back to almost 70% and our recent frosty forecast for the next month in Toorak and South Yarra now seems as reliable as a weatherman in Melbourne’s spring.
No, no, no Toorak is not on fire – it’s just not quite as cold as we thought. And while sounding like a Kay and Burton salesman, please tell me how you ignore a claimed 80 sales at around $250,000,000 for the month. Either Michael’s having me on or the market has some real hidden strength, notwithstanding at less frenzied prices (that’s agent code for slight dip).
Why the auction turnaround – price adjustments. The vendors of late May have proven they can read and don’t wish to experience the early May vendors pain; so they have swallowed the price pill to become sellers and avoid remaining owners.
The market, the agents and the jungle drums have worked. What happens now becomes a function of stock levels going forward as some demand (for now) has been proven to be there.
Other interesting sales and (almosts)
- At an auction in Clarendon St Armadale (Madeline Kennedy and Andrew Hayne of Marshall White) where a nice little Edwardian single-fronted was bought for just over $1.2 million, and its twin sold earlier this month for $50,000 less. Hard to argue against that fact although it is only one fact.
- 12 Chesterfield Malvern (Rob Vickers-Willis of Abercromby’s and RT Edgar’s Will Cooper) which has been on the market longer than it takes to get an apology from a selling agent seems to have some post auction momentum and should sell north of $3 million or over $3000 per sqm and a free house (which we like James Rating 667/1000)
All in all a humbling week or so for this Top End predictor.
Stonnington Auctions – 26 monitored – 18 bought – 69% clearance rate
| Passed In | Bought | Not Reported | ||
| MALVERN | 47 Milton Parade | 900,000 | ||
| PRAHRAN | 8 Bayview Street | 950,000 | ||
| MALVERN | 20a Horace Street | 1,000,000 | ||
| PRAHRAN | 372 Malvern Road | 1,000,000 | ||
| MALVERN | 35 Glendearg Grove | 1,100,000 | ||
| MALVERN | 11 Irving Street | 1,945,000 | ||
| MALVERN | 12 Chesterfield Avenue | 3,175,000 | ||
| ARMADALE | 25 Clarendon Street | 1,215,000 | ||
| GLEN IRIS | 21 Leopold Street | Sold Before | ||
| GLEN IRIS | 9 Aintree Road | Undisclosed | ||
| GLEN IRIS (Stonnington) | 18 Clyde Street | Undisclosed | ||
| MALVERN | 20 Gordon Grove | Not Reported | ||
| MALVERN | 24 Evandale Road | Undisclosed | ||
| MALVERN EAST | 13 John Street | 1,705,000 | ||
| MALVERN EAST | 64 Burke Road | Sold Before | ||
| MALVERN EAST | 25 Bruce Street | Undisclosed | ||
| MALVERN EAST | 20 Ailsa Avenue | Undisclosed | ||
| MALVERN EAST | 38 Darling Road | Undisclosed | ||
| MALVERN EAST | 24 Gillman Street | 1,515,000 | ||
| PRAHRAN | 37 Mackay Street | 1,219,000 | ||
| SOUTH YARRA | 32-34 Park Street | Undisclosed | ||
| SOUTH YARRA | 4/51 Acland Street | Undisclosed | ||
| SOUTH YARRA | 28 Nicholson Street | Sold Before | ||
| TOORAK | 81 Clendon Road | Undisclosed | ||
| TOORAK | 18 Cloverdale Avenue | Undisclosed | ||
| TOORAK | 2 St Georges Court | 1,905,000 |
Make Good Decisions
Toorak 81 Clendon Road: Listen to Gerald's gospel my sons, bid now or bid afterwards; either way the vendor is getting your money. Gerald Delany, Mike Gibson and Ross Savas - K&B's true believers. Bought afterwards for over $7,350,000.
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