A Day Of $1m Sales
THE SUNDAY AGE
Sunday November 19, 1995
TWO houses in Brighton topped the $1 million mark, and another in Toorak sold under the hammer for $1 million yesterday.
It was one of Melbourne's biggest auction days this year, confirming predictions by some agents that the spring-selling season was going to be a late bloomer.
And it comes in the wake of claims by the Real Estate Institute of Australia that the housing market has finally bottomed out, a belief disputed by other industry analysts. (See story page 2.) Yesterday's offering of 574 properties fell short of ``the big spring day" at the end of October when 643 properties went under the hammer, but the strike rate of more than 56 per cent sold was much more promising.
Top price of the day was $1.22 million paid for a 19th century 11-room mansion at 2 Sussex Street, Brighton. It was sold by Hodges. A close second was 22 Wellington Street, Brighton, sold under the hammer by J.P. Dixon for $1.060 million.
Across in Toorak, a new Georgian-style home at 1 Cloverdale Avenue was sold under the hammer by Bennison Mackinnon for just on $1 million, with competition from four bidders.
Commenting on the Brighton sales which included a 1920s brick home at 13 Park Street, Brighton, sold by Buxtons for $950,000 Hodges' Mr Damian Taylor said later: ``It just shows there is strength at the top end."
There were several other sales of more than $500,000.
The undisputed auction of the day was the grand Victorian mansion in 0.2ha of garden at 7 Kinkora Road, Hawthorn, which, according to agents Collins Simms, drew a crowd it estimated at more than 400 people. The home was passed in at $1.810 million, under a reserve of $1.980 million.
A director, Mr Stephen Whitelaw, said last night negotiations were still going on with three parties.
St Kilda appears to be attracting the buyers and good prices.
A renovated two-storey Victorian home at 13 Acland Street sold for $760,000 with competition from four bidders. It was one of four properties sold by the St Kilda office of Biggin & Scott. The company as a whole sold nine out of 13.
Also in St Kilda, Wilson Pride obtained $640,000 for a new beachfront brick home at 34B Marine Parade, and $500,000 for an attic-style Californian bungalow-style brick home at 5 Inverleith Street.
In Camberwell, what was said to be the original farmhouse in the area, an 1890s refurbished home called `Merton', at 32 Nelson Road, sold for $791,000 after ``fierce bidding" from three competitors. It has a tennis court and pool. Agent was Noel Jones, Balwyn.
During the week, at a ``twilight auction", Fletcher & Parker sold a two-storey brick home on 0.8ha at 57 One Tree Hill Road, Ferny Creek. It fetched $520,000, ``a big sale for the Dandenongs", according to Mr Tim Fletcher.
And yesterday, Mr Fletcher described the strength of bidding as ``reminiscent of the boom times", resulting in nine out of 10 sales, including 21 Munro Street, East Kew, where eight bidders took the price to $265,500.
Four bidders competed for a renovated four-bedroom Edwardian brick home at 11 Hawksburn Road, South Yarra, which was sold by Marshall White for $605,000.
Five bidders took the price of a small, original 1940s brick home at 7 Osborne Street, Hawthorn, to $200,250, well above the reserve, according to the agent, Argyle Partners.
Macrae Fallon sold five out of seven, with ``good crowds" at each, according to Mr Andrew Chisholm. Best sale was that of an early century weatherboard at 47 Woornack Road, Carnegie, which sold under the hammer for $163,000.
Three bidders fought over an original, 20-year-old five- bedroom brick home at 8 Narmara Street, East Burwood, which sold under the Gray & Johnson hammer for $160,000. One that didn't sell was a 20-year-old block of 12 one-bedroom units at 4 Lithgow Avenue, Blackburn, which was passed in at $575, 000 under a reserve of $650,000.
Houses were selling well over in Essendon, Neil G. Anderson coming in with seven out of eight. Best was $441,000 for a two-storey eight-room brick veneer at 37 Richardson Street, with competition from four bidders.
The Jellis Craig tally was 13 out of 20, with $585,000 for a double-fronted Victorian brick home at 39 Wattle Road, Hawthorn, although the ``most exciting", according to Mr Alastair Craig, was the auction at 9 St Johns Street, Camberwell, where five bidders took the price of a seven-room Victorian timber home to $360,500.
Doherty Conquest sold three out of six, including a 40-year- old three bedroom brick veneer home at 143 Bignell Road, East Bentleigh, where five bidders took the price to $205,000.
Six out of seven was Sinclair & Co's tally for the day, including 28 Terry Street, Balwyn, where an old timber Edwardian home on an 18 by 48-metre block sold for $292,000, which, according to Mr Philip Hayes, was ``a huge price" and well over the reserve.
Churches are still proving popular. During the week Biggin and Scott sold two former Churches of Christ, one at 210 High Street, Prahran, which went for $417,500 (it's to be turned into offices), and the other at 11 Cliff Street, South Yarra, which fetched $415,000 (the buyers plan to live there).
Down at Metung yesterday, three two-storey units overlooking the Gippsland Lakee were sold at a mortgagees auction for $305,000 (with a lake frontage), $271,500 and $255,000. Agents were Sutherland Real estate in conjunction with King & Heath.
© 1995 THE SUNDAY AGE