On Saturday, it felt a little like the old days.
The sun was out, the streets were full, open homes were busy and there were big crowds at the auctions.
We even had the Domain coffee cart out. Perhaps it was all the caffeine, but the bidders certainly came ready to compete.
As part of our First to Spring campaign, we made a concerted effort across our Armadale and Richmond office to bring some good-quality properties to market early.
We had 23 auction and EOI campaigns concluding last week, and the results were genuinely encouraging.
Across the Armadale office, we sold eight from eight at auction. For Team Fetter/Sciola, we had 10 bidders competing across our three auctions.
More than 100 groups inspected 13 Hume Street, Armadale, before four bidders competed in front of a huge crowd on Saturday.
In a nice twist, our auctioneer Nathan Waterson previously owned the home and sold it exceptionally well back in 2013. Apparently, history has a habit of repeating itself.
It was a similar story at 1/42 Elizabeth Street, Malvern. More than 100 groups inspected throughout the campaign, four bidders competed and the property sold under the hammer following a very competitive auction.
Then there was 20 Caroline Street South, South Yarra. After 60 groups inspected in just two weeks, we received two acceptable offers and brought the buyers together for a boardroom auction.
It sold in the mid-$2 millions – a very strong result for a beautifully renovated single-fronted home on 137 square metres without parking.
Now, I’m not declaring that the market has suddenly turned and everything is flying. It hasn’t, and realistic pricing remains essential.
But while the media continues to double down on stories about stock levels building nationally and prices falling, that isn’t necessarily what we’re seeing on the ground in Stonnington.
Our pipeline of new listings is considerably quieter than we would normally expect at this point, while active buyers are finding their choice increasingly limited.
Limited choice and motivated buyers tend to be a good recipe for competition. Saturday was a perfect example.
It also reinforced something we see almost every year: the first couple of auction weekends after the summer and winter breaks consistently outperform.
Buyers are ready to go, but stock levels haven’t caught up yet.
So, if you’re thinking about selling, there is a strong argument for being early to spring rather than waiting for everyone else to join the party.
Please let me know if I can assist with your next move.
David.
For weekly walkthroughs of some of Stonnington’s best homes, plus off market opportunities, follow along: David Sciola on Instagram
David Sciola 