agents’ Cho i Ce POSTCODE
3122 Freedom is redraw without a fee.
Marshall White Armadale 9822 9999 3
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509/81-85 Riversdale Road, Hawthorn ................................................................. Price: $900,000 + ................................................................. Auction Saturday December 15 at 1.30pm ................................................................. OFI Thur 1-1.30pm; Sat from 1pm .................................................................
Call your local Mobile Banker today. Arshak Badelian: Pat Ragozzino: or visit nab.com.au/freedom.
ArmAdAle
NAB Home Loans. Where Freedom Lives.
Spectacular views, scintillating style and a sensational location showcase the impressive lifestyle appeal of this new penthouse apartment.
©2012 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 NSM4698
Let's eat lunch @ Porgie & Mr Jones, 291 Auburn Rd Let's eat dinner @ Zia's Pizza, 93-95 Riversdale Rd Let's drink coffee @ Sasa's, 173 Riversdale Rd
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Bennison Mackinnon \ 9864 5000 30 Cambridge Street Price \ $850,000 – $930,000 Auction \ December 15 at 1.30pm
Renovations have breathed new life into this picture-perfect timber cottage on prized Cambridge Street, which is covered by a council heritage overlay. Lush charcoal-coloured carpets, crisp white walls and high ceilings feature throughout. Hydronic heating is a welcome modern enhancement. The main bedroom has floor-to-ceiling built-in wardrobes and a large window overlooking the front garden. Spacious sitting and dining rooms each enjoy ornamental open fireplaces. A sun-drenched kitchen has Bellissimo appliances, while a European laundry is discretely integrated alongside the meals area. The second bedroom has direct access to a shared bathroom and french doors to a paved north-facing entertainment area. Armadale Reserve is directly behind the house, which is within walking distance of schools and shops. \ DANIEL McCULLOCH
postcode
3143
mal james \ Optimistic OutlOOk despite 2012’s knOcks and blOws
A
fter a year of ups and downs, 2012 has ended on a positive note – even if the clearance rate of 58 per cent on the 31 auctions we attended for our final auction weekend seems a little subdued. However, there were very strong results at some auctions, with Bidderman, which indicates the average number of bidders per auction, up at two. There were eight keen bidders for the tastefully updated brick dwelling at Grace Park Estate. Auctioneer Scott Patterson was at the helm of the auction, with about 60 people in attendance. Bidding started strongly at $2.6 million and bidders kept joining the contest, until eight bidders fought it out to take the final bid to $3.11 million. This was not the only cracker of an auction. Two others had six bidders: 5 Urquhart Street, Hawthorn, which sold under the hammer for $2.17 million, and 3 Martin Road, Glen Iris, which also sold under the hammer for $1.455 million. We are certainly feeling more optimistic about going into 2013 than we were about going into 2012. There was a feeling then that things were not going to go well, and this was reflected
in the lack of quality houses on the market selling under the hammer, albeit on a and through buyers being reluctant to smallish number of auctions. extend themselves price-wise. After the school holidays and the footy The top end, the $3 million-plus market, finals there was a definite shift to a positive was in particularly dire shape – especially note – we noticed more people at open days in the inner east. At that time, Bayside had and much stronger competition when we a bit more oomph but it wasn’t travelling were bidding. particularly well, either. The Super Saturday of October 27 was a The first bit of life we saw was the sizzler, with more than 150 auctions slated pre-Easter weekend of March 31. In what for the day. It was a big test of the market, was the first of our Super Saturdays, and the clearance rates of more than we saw a 79 per cent clearance rate 70 per cent and a Bidderman rate of That’s on the 34 auctions we covered. what makes 1.8 showed a big improvement on Bidderman was almost at two year’s equivalent, which had Melbourne’s last bidders per auction. a clearance rate of just 43 per cent top end so Easter also saw a surprising and a Bidderman rate of just 1.3. interesting burst of energy at the top of the There was a bit of a stumble top end, with five homes changing after the Melbourne Cup, with more hands for about $10 million. subdued clearance rates of 60 per cent. However, it all went into a downward For a moment we thought that maybe the spiral for winter, with buyers staying away, Super Saturday result was just a dream. even while vendors courageously held out But by the end of November, it was back on price. on, with clearance rates of 75 per cent and During one week in August, almost Bidderman at two. two-thirds of auctions had one or no There was no longer any doubt that the bidders. Clearance rates were down to underlying improved market strength 55 per cent and the situation did not bode sensed in October was still there. well for an exciting spring. There was a feeling of urgency out Then suddenly, as soon as spring arrived, there, as if buyers suddenly realised that there was a welcome turnaround, with Christmas was just around the corner and a 75 per cent clearance rate recorded in they had to act if they wanted a home. early September and one in two properties That sense of driving excitement
even filtered through to the top-end $3 million-plus market. After a dramatic increase in sales in this segment in October, by November the top end could officially be removed from life support. There were about 50 sales of more than $3 million in the inner east and Bayside, making it a very big month and a much stronger finish than 2011. So we will enter 2013 with quite a bit more optimism. Of course, it hinges on so many things: what happens overseas; interest-rate cuts; and job security. But, having survived a few knocks and blows, overall the market feels like it has reached a stage of resilience this year and there’s reason to feel more optimistic for the market during the next 12 months. But, hey, who really knows? That’s what makes the Melbourne top end so interesting! \
Mal James Principal Buyer Advocate 0408 107 988 \ 9804 3133 We Only Buy Homes www.james.net.au december 12, 2012 \ The weekly review 47