Balwyn takes top weekend calling

Balwyn takes top weekend calling
Jonathan ChancellorAugust 21, 2011

The weekend’s top sale was on Salisbury Street, Balwyn, through Jellis Craig.

There were four bidders, according to Kate Agnoloto from James Buyer Advocates. Auctioneer Peter Batrouney spoke of the Melbourne vendor who had purchased the property (pictured above and below) in 1979 for $325,000 which stirred a reaction from those in attendance.

The 3,977-square-metre property, known as Tennessee, comes without any restrictive grading or covenants, with the block lending itself to an exclusive residential enclave development – much to the concern of the neighbours, who plastered posters about their fears on auction eve.  

But Paul Keane from Jellis Craig Glen Iris expects it to remain a single residence. But presumably the fate of the large 1929 residence would be now in doubt given the $6.62 million outlay. It comes with championship size north-south tennis court, pool and full cabana facilities. There’s even a deep-water bore.

A vendor bid of $5 million commenced proceedings. When bidding reached $5.81 million it was announced on the market with competition between the remaining two bidders.

 


 

The weekend clearance rate for both Melbourne and Sydney was 59%.

 


 

Of the 167 passed in at Melbourne auction, the REIV noted 107 were on a vendor's bid, highlighting the toughness of the auction crowds.

“But before we hit the panic button, we still believe it’s a price-matching issue, not an underlying demand issue,” says buyers’ agent Mal James.

“Sellers who aim to meet the market rather than their dream price are still selling if their home is half-decent.”

 


 

There were just 12 vendor’s bids across Sydney according to Australian Property Monitors. Some 40 others were passed in with unacceptable buyer bids and there were four no-bid results.

 


 

Sydney has 400 auctions this Saturday, according to Australian Property Monitors research analyst Clinton McNabb.

 


 

There will be 615 auctions in Melbourne this Saturday, according to Real Estate Institute chief Enzo Raimondo.

 


 

Sydney’s top reported sale was yet again under $2 million. It was an offering on Third Avenue in Willoughby through John Curtis at McGrath. The listing last sold in 2000 at $870,000.

 


 

Adelaide’s top sale, according to APM was a 1998 built, two-storey Plympton house with five bedrooms that sold through Anthony Fahey at Ray White Henley Beach. The Crews Crescent house last sold for $715,000 in 2009.

 


 

Josh and Jenna had The Block’s highest reserve at $950,000, but the house was passed in at 901,000. The other reserves were Katrina and Amie: $860,000  Rod and Tania: $850,000; Polly and Waz: $840,000.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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