Million Dollar Melbourne Mal James 0408 107 988 Principal Buyer Agent At 5pm today, the clearance rate from the 13 auctions we attended was 23%. Normal for late 2008. We expect a few will be bought overnight, bringing the clearance rate to around 1 in 2 or 50%. Kew, Camberwell and Canterbury are no longer operating in isolation with regards to buying $1 million-plus homes. The past few weeks have seen significant drops in $1 million-plus boughts and the clearance rate is now the same as the Bayside area has been experiencing for months - very poor if you are a seller. Around 1 in 4 are selling under the hammer; 1 in 4 are selling within a few days and the other 2 in 4 are taking longer and longer to sell, eg weeks or months if indeed they are selling at all. Malvern, Toorak and South Yarra are now also the same. It's a very different tale for well priced, under a million dollars, homes. We witnessed two very strong auctions today, as we do each week. 3 Beaconsfield Road Hawthorn - big crowd - low agent quote - multiple bidders and an $810,000 sale. But even that was cheap if your mind was tuned to yesteryear, as this would have hit the million or close to in late 2007. The other auction was Outlook Drive Camberwell – even a slight surprise to us with four bidders and sold well at $960,000. OK, OK, you get the message. Times have changed. The market has dropped 20% in a few months and, for some, 40% in a year; mainly for homes more than a million dollars. There's been less dramatic drops for good $1 million-plus homes and even less for almost all homes under a million. Is it going to drop more? The answer is yes, if you are talking about over a million and the short term (till March) - unless Adam Smith's rules on supply and demand in relation to price are no longer valid. There's possibly no significant drop if you are talking about Melbourne’s inner city median-priced homes, around say $600,000. Go to any website and type in "$1m+" and type in a suburb - say Brighton - and see how many listings come up. Hundreds and increasing, as unsold homes clog the system and new ones keep coming on. There are simply not hundreds of buyers willing to act as there has been in previous spring gluts and so price must

come down. What do we as buyers do? Well, we try and make some decisions that will set us and our families up for life. These are the times of big, huge, gigantic opportunities and these opportunities - if you are buyers - will continue for at least the foreseeable future. If you have been thinking of buying or trading up, or simply exchanging, then this could be, for you, far better than 2007, 2006, 2005 and possibly 2004. If you can get into the market, then do so and do so before everybody else does. And do so in a manner in keeping with your desired emotional and financial outcomes that will come from a home purchase. Think happinness, land content, floorplan, light - don't worry about horror stories, agents, doom and gloom. We're not talking about rose-coloured glasses stuff; there are problems and stresses. Factor in those stresses, eg you get less when you sell. Yes, factor in all the bad stuff into your sensible decision and don't let it cloud and finally stifle a move onward and upward. Migration to Victoria is still positive and interest rates are going in the right direction. Children are still growing up and maybe that tennis court, period home, extra bedroom or sweeping view that is there will pass you by. I love this job and it’s even more exciting than it was last year. There are better opportunities. Set yourself up with a plan, take some calculated risks and buy well. Opportunity yes; but it is different from reality – if at some stage you do not act. Mal

Adam Woledge
0413 318 079
Registered Architect & Principal Buyer Agent




Downsizing in Brighton - 15 Lindsay Street

Even in this tough market, properties are still selling – even (although not that many) ones that need renovation, if the land content (ie size and position) is good.

This property sold under the hammer on the weekend for a strong price within the quoted range.

Positives
Location, a leafy street with many pretty houses of genuine character – close to Church Street
North-facing rear
Pretty house with genuine character and very good bones

Negatives
Renovation work required
Construction risk
Holding costs

One could extend up to the rear, but this may result in a compromised design and involve angst/consent from adjoining neighbours.

A better solution may be to keep everything on the one level, with design that is modern internally, yet externally blends seamlessly with the original house.

This design maintains good flow and would suit an elderly couple wanting to remain in Brighton or a young couple wanting a comfortable entry point into Brighton. Modern kitchen, bathroom, ensuite areas are well complemented by an open-plan living area, connected very well to the private open space.





Aberfeldie
PI 2B May St Rend 7rm 300sqm $1,050,000 res $1,145,000 Barry Plant

Albert Park
S 203 Bridport WB 5rm 225sqm undisc Hocking Stuart

Armadale
S 7 Erskine St B 10rm 9242sqm $2,685,000 Marshall White and Co
PI 39A Armadale St B 6rm 300sqm $1,600,000 VB res $1,700,000 Marshall White and Co
SB 56 Adelaide St 7rm undisc Kay and Burton

Aspendale
PI 42 Bowman St BV 7rm 532sqm $2,000,000 VB res $2,300,000 Hocking Stuart

Balaclava
Commercial:
S 141 Carlisle St retail $1,476,000 Morleys Elwood

Balwyn
S 2 Elliott Av BV 8rm 607sqm $1,105,000 Christopher Russell
PS Pryton Ct $1,075,000 Hocking Stuart

Balwyn North
S 8 Abassia St BV 11rm 697sqm undisc Noel Jones
PI 11 Rookwood St BV 12rm 646sqm $2,850,000 VB res $3,250,000 Jellis Craig

Beaumaris
S 74 Tramway Pde BV 10rm 865sqm $1,720,000 Buxton
PI 8 Surf Av BV 9rm 565sqm $1,300,000 VB res $1,400,000 Hodges
PI 92 Tramway Pde Rend 6rm 372sqm $1,200,000 VB lo $1,250,000 res $1,290,000 Buxton

Blackburn
SB 53-55 Williams Rd BV 5rm 1887sqm $1,155,000 Barry Plant
SB 55 Williams Rd B 6rm 1887sqm undisc Barry Plant

Brighton
S 21 Holmwood Av Rend 7rm 320sqm undisc Buxton
PI 17 Byron St B 7rm 701sqm $1,550,000 VB res $1,650,000 Buxton
PS Cochrane St WB 8rm 433sqm $1,200,000 Hodges
PS Hampton St $426,000 Hocking Stuart
PS Orchard St WB 5rm 439sqm $1,200,000 Hodges

Brighton East
S 181 Were St B 8rm 670sqm $1,150,000 Hocking Stuart
PI 14 Baird St BV 7rm s/div $1,400,000 VB res $1,465,000 Hodges
SB 16 Glencairn Av BV 8rm 773sqm $1,075,000 Buxton

Camberwell
PI 35 Lynden St WB 7rm 693sqm $1,050,000 VB res $1,185,000 Marshall White and Co

Carlton North
S 476 Canning St B 7rm 180sqm $1,300,000 Hocking Stuart

Caulfield north
PI 1A Craddock Av v/land 674sqm $1,050,000 VB res undisc Gary Peer and Associates
S 270 Orrong Rd B 7rm 790sqm undisc Gary Peer and Associates

Clifton Hill
PI 31 Gray St WB 5rm 10mx45m $1,125,000 VB res $1,210,000 Nelson Alexander

Collingwood
SB 8/93 Oxford St B 4rm strata $1,025,000 Jellis Craig

Elsternwick
S 18 Gardenia Rd WB 9rm 650sqm $1,188,000 Hocking Stuart

Elwood
PI 249 Brighton Rd B 7rm 765sqm $1,000,000 VB res $1,200,000 Marshall White and Co
Essendon
PI 19 Brunel St WB 8rm 565sqm $960,000 lo $1,010,000 res $1,070,000 Paul Mcdonald RE
PI 55 Robb St B 7rm 530sqm $1,460,000 VB res $1,510,000 Nelson Alexander
Fairfield
PI 78 Park Cr 5rm 350Sqm $1,200,000 lo $1,250,000 res undisc Thomson
PI 117 Rathmines BV $1,800,000 VB lo $1,800,000 res $2,000,000 Nelson Alexander

Fitzroy North
PI 554 Rae St WB 5rm 500sqm $1,400,000 VD res undisc Hocking Stuart

Flinders
PS The Esplanade B 10rm 1241sqm $2,250,000 Kay & Burton

Footscray
Commercial:
PI 61-63 Leeds St commercialibuilding: 200sqm land: 100sqm $1,300,000 VB res $1,500,000 Burnham Footscray

Footscray West
PI 350-354 Somerville Rd v/land 2600sqm $1,300,000 VB res $1,450,000 Meallin RE Footscray

Glen iris
SO 10 Irymple Av WB 6rm 843sqm $1,290,000 Bennison Mackinnon
SO 21 Vernon St BV 9rm 686sqm undisc Marshall White & Co
PI 32 Grandview Rd B 10rm 859sqm $1,675,000VB res $1,785,000 Bennison Mackinnon
Ps Dillon Gr 8rm 600sqm $1,050,000 Jellis Craig

Hampton
PI 16 Orlando St WB 7rm $1,100,000 VB res $1,165,000
PI 51 Earlsfield Rd WB 9rm 766sqm $1100000 VB res $1,250,000 Hocking Stuart
PI 75 Thomas St B 6rm 575sqm $950,000 VB res $1,025,000 Hodges

Hawthorn
SO 13 Isabella Gr 9rm 750sqm $1,675,000 Castran Gilbert
SO 5 Elphin Gr B 11rm 911sqm $1,510,000 Jellis Craig
PI 48 Melville St WB 6rm 334 sqm $1,280,000 lo $1,300,000 res undisc Jellis Craig/Marshall
PI 8 Kooyongkoot Rd BV 9rm 1067sqm $2,050,000 lo $2,200,000 res $2,500,000 Jellis Craig
PI 20 The Boulevard B 6rm 666sqm $950,000 VB res $1,050,000 Noel Jones
S 302 Barkers Rd retail land: 203sqm $1,005,000 Teska Carson
Commercial:z
S 302 Barkers Rd retail land: 203sqm $1,005,000 Teska Carson

Ivanhoe
PI 148 Waterdale Rd BV 7rm 754sqm $1,010,000 VB res $1,080,000 Miles RE

Ivanhoe East
PI 169 Lower Heidelberg Rd BV 5rm 216sqm $1,720,000 VB res $1,820,000 Hocking Stuart
PI 26 Charteris Dr B 9rm 678sqm $1,220,000 VB res $1,350,000 Jellis Craig

Kew
S 17 Ridgeway Av B 9rm 740sqm undisc Jellis Craig
S 3 Wiltshire Dr B 7rm strata $1,120,000 Jellis Craig
PI 45 First Av BV 10rm 648sqm $1,875,000 VB res $1,995,000 Jellis Craig
PI 70 Mount St v/land 854sqm $1,600,000 VB res $1,700,000 Jellis Craig

Kew East
S 41 Munro St B 6rm 1010sqm $1,190,000 Jellis Craig

Lower Plenty
PS Rosehill Rd B 6385sqm $2,010,000 Morrison Kleeman

Malvern East
PI 48 Finch St B 6rm 594sqm $1,109,000 res undisc Marshall White and Co/RT Edgar
PI 6 Nyora St WB 7rm 756sqm $1,250,000 VB res $1,375,000 Marshall White and Co

Melbourne
Commercial:
PIlS358-360fLtBCollinseSt1lcommercialq$4,950,000uKnightzFrankj

Middle Park
S 323 Richardson St B 7rm 371sqm undisc Bennison Mackinnon

Moonee Ponds
PS Robinson St WB 6rm 456sqm $1,000,000 Paul Mcdonald RE

Moorabool
PI 300 Ballan-Geelong Rd B 9rm $1,100,000 VB res $1,350,000 Charles Stewart & Co

Narre Warren North
PS Fontaine Tce BV $1,050,000 Barry Plant

Plenty
PS Bunyip Ct B 9rm 1214sqm $1,265,000 Morrison Kleeman

Prahran
PS Alfred St $1,035,000 Hocking Stuart

Sandringham
PI 110 Beach Rd WB 9rm 705sqm $1,750,000 VB res $1,875,000 Hocking Stuart
PI 6A Cowper St Rend 7rm s/div $1,000,000 VB lo $1,100,000 res $1,250,000 Buxton

South Yarra
PI 3A Affleck St 6rm 199sqm $1,200,000 VB res $1,500,000 Castran Gilbert
PI 47 Millswyn St B 7rm $2,250,000 VB res undisc Kay and Burton

St Kilda
S 17 Lambeth Pl B 6rm 400sqm $1,098,000 Kay and Burton

St Kilda East
PI 36 Elm Gr WB 6rm 440sqm $1,150,000 VB res $1,250,000 Century 21 Wilson Pride

Surrey Hills
S 6 Pembroke St BV 10rm 1131sqm undisc Noel Jones
PI 11 Guildford Rd BV 8rm 585sqm $1,350,000 VB res $1,460,000 Marshall White and Co
PI 754 Canterbury Rd B 8rm 1083sqm $1,140,000 VB lo $1,175,000 res undisc Hocking Stuart

Templestowe
S 45 O'briens La B 8rm 4040sqm $1,075,000 Barry Plant

Templestowe Lower
PI 12 Dellfield Dr $1,000,000 VB res undisc Ray White Manningham

Toorak
PI 11 Highgate Hill B 6rm 864sqm $4,000,000 VB res undisc Bennison Mackinnon
PI 4 Matthews Ct B 8rm 594sqm $1,400,000 VB res $2,100,000 Marshall White and Coj
SB 8 Denham Pl 8rm 520sqm undisc

West Melbourne
PI 230 Stanley St B 7rm $1,000,000 VB res $1,100,000 Nelson Alexander