GLEN Huntly auctioneer, Woodards’ director Ruth Roberts, will have a real estate challenge on her hands when she faces the crowds eager to grab their slice of The Block . You’ll be selling the house of Josh and Jenna on Channel 9’s smash TV show The Block . How did that happen? I was referred to them, so met up with them and got the gig! I was surprised, but it’s very exciting. I’m a female auctioneer and it’s going to be a challenge, but it’s good to raise the bar. The episodes are quite a bit behind where the competition is at. How’s the house looking? I think they’ve kept it simple and have a nice sense of style. It’s not that they aren’t risk takers – they’ve got a few surprises in there and know what they like – but it’s simple and tasteful. Josh and Jenna are the youngest ever contestants on the show, has that made a difference? No, they’ve done a great job, they’ve done really well. Have you had a peek inside the other houses so you know what you’re up against? No, I haven’t. I’ve seen the outsides obviously, but nothing else. It’s a great promotion for your real estate agency … It’s a big coup for us and I see it as adding another feather to my cap. It’s so well televised but I’m not sure we’ll be on there that much. Although I’ve got an advantage, being the only female auctioneer. People will know who I am, because I’ll be the one in the skirt! With all the excitement do people forget there’s a serious job of selling a house to be done? It will be a real challenge to find a buyer. We have to sift through and find the people serious, not those caught up in the hoo-ha of the show. I’m certainly out of my comfort zone and it’s not going to be easy. How are you feeling considering there’s been a bit of a property slump? It’s not easy. It’s a big challenge but I’m ready. I’ve got the best house to sell, but with that comes the highest reserve. Will that mean we win and get the highest price? We don’t know. As a Glen Huntly agent we’re out of the area too, but in this case I don’t think [...]
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Commercial properties may be frequently passed in at auction, but many are selling within two to three weeks, says a leading Melbourne auctioneer. David O’Callaghan, principal of O’Callaghan Commercial and a contracted auctioneer for six other commercial agencies, said despite the apparently high pass-in rate, post-auction sales meant the sales rate was comparable to that of the first six months of last year. Mr O’Callaghan said that from January to June last year, 14 – or 63.6 per cent – of the 22 properties he auctioned sold at auction, with more selling soon after, bringing the tally to 72.7 per cent. In the first six months of this year, just seven – or 25.9 per cent – of the 29 properties he auctioned sold under the hammer. “But taking in the properties sold immediately after the auction (regarded as within two to three weeks) another 13 of the properties sold, which results in a very creditable clearance rate of 74 per cent,” he said. The seasonal peak for the auction of commercial properties is in July and August. “There is no doubt that we have been through a sustained trough of negative buyer or investor sentiment. However, markets tend to work themselves out and that is what I anticipate will happen over the second half of the calendar year,” Mr O’Callaghan said. MOVEMENT ON CITY FRINGE Richmond’s Botanicca 8 development site has sold for $6.1 million to Pacific Developments, says Colliers International. The Melbourne-based developer, which is part of the Pacific group of companies, plans an immediate start on an office building on the 4499sq m site at 572-576 Swan St. The site has a planning permit for a four-storey, 8322sq m office building with 207 car spaces over two basement levels. It is part of the 4.5ha Botanicca office park. Colliers International’s Peter Bremner and Jeremy Gruzewski, who negotiated the sale, expect the finished product to have a value of about $40 million. Investa Property Group was the vendor. Mr Bremner said the sale was the first office development to be sold on the city fringe site. Colliers has been appointed leasing agent. Leasing director Rob Joyes said he had tenants ready to commit to two floors before the property was officially listed. Colliers’ research shows office vacancy in the inner east was 4.5 per cent, while on the city fringe it was 5.4 per cent. ARCHITECTS’ OFFICE FOR SALE The Melbourne CBD home of architecture firm Denton Corker Marshall has been listed for sale through CB Richard Ellis. The 1632sq m, seven-storey building, at 51 Exhibition St, has been home to the award-winning company since 1986. Denton Corker Marshall designed the Melbourne Museum, 101 Collins St and the Melbourne Convention and Exhibition Centre. CBRE’s Sebastian Drapac and Mark Wizel, who will manage the campaign, said the firm’s founding partners needed to separate their assets because of new directions in the practice. The firm would take an initial seven-year leaseback over the building’s upper floors at a rent of $320 a sq m. The other tenants are Anibou Furniture and Sean Godsell Architects. Mr Drapac said the building was surrounded by prominent office towers, such as 101 Collins St, as well as fashion labels and restaurants. The property will be auctioned on July 29 at 12.30pm. SPOTLESS IS MOVING HOUSE The Spotless group has signed a new 10-year lease at 549 St Kilda Rd. Spotless is moving its head office from 350 Queen St in the CBD to the 9545sq m St Kilda Rd building. Colliers office leasing director Ben Christie, who negotiated the lease, says it is the biggest St Kilda Rd deal… [...] THE real estate bubble shows no signs of bursting on the Mornington Peninsula. The Victorian Valuer-General figures – which is based on sales from the past decade – have shown Balnarring Beach and Somers achieved some of the highest growth in the state in that period, at more than 15 per cent. Blane Paton of Balnarring’s Paton Estate Agents said he expected the Western Port region to continue to grow, thanks to its beaches and friendly community. “When I retire from real estate and farming, I and my family will move to Balnarring Beach,” he said. Mr Paton said demand for the area remained high, with about 90 per cent of purchases Melbourne-based. The latest REIV figures also show some spectacular rises on the peninsula. These figures, for the three months to June this year, show the peninsula supplied four of the top 20 growth suburbs for the quarter, including the best performing suburb in Mt Eliza. Property prices there increased by 22 per cent in the March-to-June quarter from a median of $660,000 to $805,000. Mt Martha was the 14th best performing suburb with a median house price rise of $647,500 to $677,000, up 4.6 per cent, while Rye was 18th on the list, up 3.2 per cent from $445,000 to $459,250 and Mornington was 20th, up 2.8 per cent from $530,000 to $545,000. The director at Mt Eliza’s TJ Sparks Real Estate, Terry Sparks, said the figures reflected his own experience, and families based in inner city suburbs increasingly saw the peninsula as a better value option. “I’m not surprised by it at all, we’ve been getting some very good results and I believe it will continue because the value of the peninsula is still exceptionally buying good compared to the inner city living of Melbourne,” he said. The latest REIV figures maintain a long trend of increased house prices on the Mornington Peninsula. [...] HOME builder Formula Homes has gone into voluntary administration. Idea Builders Pty Ld, trading as Formula Homes went into voluntary administration on Wednesday. Have you been affected? Tell us in the comments below. David Quin and Philip Newman from accountancy firm HLB Mann Judd have appointed voluntary administers. Calls to the both company Idea Builders Pty Ltd, which trades as Formula Homes, and the Formula Homes line resulted in this recorded message: “This telephone is currently unattended, for any inquiries in relation to Idea Builders Pty Ltd, please contact HLB Mann Judd on 9606 3888.” There is no option to leave a message on the line. Philip Newman from HLB Mann Judd said all contractors and home owners had been contacted. “The business has been effectively suspended, in a way, while this assessment takes place, and we’re hoping that all will work out well for the owners,” he said. Mr Newman said a large number of people were affected and they are hoping all the homes will be finished, with consent of customers, by a reputable builder. “We are undertaking investigations to offer a proposal to creditors,” he said. More will not be known until next week. Worried home builders have contacted Leader about the fate of their homes. Sally Bolton was due to move into her Point Cook home any day after 14 months of building and is renting in the same estate, a two minute drive away. “I just want the house, we could be homeless, we’ve got nowhere to live after August 21,” she said. Ms Bolton said they have been paying a mortgage and rates, while renting which is “a double whammy”. She has two sons with celiac disease and one who suffers from type 1 diabetes. Leader has been unable to contact anyone from Formula Homes, which is headquartered at Mt Waverley, and their website is still online. [...] A MOVE to cap commercial heights to two storeys in many peninsula towns is a “knee-jerk reaction”, Cr David Gibb says. He made the comment as fellow Mornington Peninsula Shire councillors backed the cap for most towns. Cr Gibb said three-storey complexes added vitality and mixed use to towns. The third storey could be set back so that it was not noticeable from the ground level. But Cr Lynn Bowden said the issue was about protecting towns’ character. “It’s country … I don’t think we should be looking at three-storey (developments),” she said. Cr Bev Colomb said there was adequate provision for development on the peninsula, which did not want the white elephant-type developments that other municipalities faced. Cr Leigh Eustace said Mt Eliza residents were adamant they did not want three-storey buildings in their town. “The community are saying loud and clear they don’t want three-storey buildings,” he said. Exceptions to the two-storey limit include the major activity centres of Mornington, Hastings and Rosebud. Mornington has a four-storey limit for its commercial centre, while limits for Hastings and Rosebud have not been finalised. Dromana and Rye will have a maximum of three-storeys. A decision on Somerville and Mt Eliza awaits township plans. Councillors voted to ask Planning Minister Matthew Guy to introduce an interim amendment to the shire’s planning scheme backing the height limits. [...] A CONTENTIOUS Lower Templestowe development proposal is headed to the state planning tribunal. Urban Design Architects has applied to have the planning application for 13 two-storey dwellings at 280 Thompsons Rd heard at the Victorian Civil and Administrative Tribunal. Manningham Council failed to made a decision on the $3.6 million proposal within the required 60 statutory days. “We think it’s a very reasonable development,” Urban Design spokesman Martyn Tribe said. “Obviously we haven’t seen the planning officer’s report yet, but we’re ready to defend the development.” Council acting chief executive Paul Molan said the council did not support the development and had been preparing a Notice of Refusal. “Now that an appeal has been lodged the report will be completed and the grounds of refusal will form our grounds of appeal,” Mr Molan said. He did not give a reason for the delayed response. Neighbouring resident Alan Pollock said he was disappointed in council’s failure to act. “It’s just going to be drawn out now isn’t it?” he said. “The plan is clearly too dense and would cause trouble for everyone so they should have got the denial sorted out.” A hearing date was yet to be set last week. [...] NEWS last week about escalating energy prices is sure to boost the values of existing green homes and commercial premises. According to building advisory service Archicentre, this will lead to a new wave of environmental design, housing products and marketing approaches by the real estate industry. “Home owners with well-designed and insulated homes, including solar panels and rainwater tanks, stand to see hundreds of dollars a year cut from their energy and water bills as prices escalate dramatically,” Archicentre’s David Hallett said. He said the pressure of housing affordability today was not just in initial building costs because housing affordability had spread into the services such as power, water and gas to run a home. “The property market will become increasingly driven by running costs that will be automatically factored in by buyers who are looking at balancing their mortgages and other costs,” he said. He predicted the trend in new homes and renovations was likely to be around the introduction of “quality based building inspections” aimed at ensuring homes with a six or more green star design were actually built to the standard. Mr Hallett said that at present no one checked the quality of the construction or insulation, with the six-star performances quickly evaporating if there were gaps in the door or window seals or poor-quality insulation or the roof was faulty. CLEARING AIR ON STAMP DUTY Reductions to stamp duty for first-home buyers don’t come into effect in Victoria until July 1, but it seems it may already be causing some confusion. Our piece a couple of weeks ago about Goodman Group Conveyancing warning about changing contracts until after July 1 drew some comment from several readers, as well as agents. The agents quite rightly pointed out that stamp duty is assessed at the date of settlement, not the date the sale contract is signed – a fact confirmed to Home Truths by the State Revenue Office. The confusion may have come from the fact that eligibility for the $7000 First Home Owners Grant is assessed at the time the contract is signed. So that’s good news for agents, who would be worried the market may be further impacted if first-home buyers stayed away until July. Still, with a stamp duty saving of about $4000 for first-home buyers who settle after July 1, it will not come as any surprise if people who have already bought and settled before July 1 try to stall. VALUE FOR MONEY As Melbourne’s housing market starts to tighten, valuation company Opteon is urging potential buyers or sellers to have an independent valuation before dipping a toe in the water. Opteon residential operations manager Chris Knight said [...] A DONCASTER development site has been put up for sale only weeks after the owner secured a permit to build a seven-storey building with 28 apartments and two levels of carparking. The 1465 sq m site at 86-88 Tram Rd is being sold through an expressions-of-interest process closing on June 16. [...] THIS 14-storey apartment block will be Frankston’s first high rise since the Peninsula Centre. The 89 apartments on Davey St, with a street-level cafe and gym, were approved by council last week. > > Do you support this type of development for Frankston? Tell us below Selling agent Adrian Foster, of Hocking Stuart, said 13 people had paid deposits to secure units with bay views. Supporters of the plan said it would help regenerate the city centre but others declared the building an eyesore and a parking nightmare. Cr Glenn Aitken said the elevated position meant it would spoil the view from the waterfront. “The developer is taking maximum advantage of that site without any real return for Frankston,” Cr Aitken said. However, Cr Brad Hill said Frankston, which claims to be a sustainable city, should embrace such development. “Trying to get a development on less space and encourage people without cars to move in is a good thing,” Cr Hill said. Cr Christine Richards said Frankston needed more housing to cope with a growing population. “This is close to shops, entertainment centres and transport. I have no problem with the quality of this design but we need to talk to the developer about parking.” The design has 79 underground car spaces for the 89 apartments and no visitor spots. Mr Foster said the complex will be of “real benefit to Frankston and an injection of cash into the (CBD)”. “People will be living and shopping in the city centre,” he said. [...] BOROONDARA’S blue ribbon property market will be put to the test in the next few weeks, with more $1 million-plus houses coming onto the market. David Morrell, of buyers’ advocate Morrell and Koren, said the top-end market ($3 million-plus) remained “untested” this year. “You’d need a cattle prod to start it,” Mr Morrell said. “Buyers and sellers are treading water. It’s the first to blink.” Buyer’s Advocate Mal James said clearance rates during the next few weeks would give a better idea of the market. Mr James said 29 $1 million-plus properties in Boroondara went to auction last weekend and 45 were scheduled to go under the hammer this weekend. Hocking Stuart Hawthorn director Glen Coutinho said the market had “opened strong with a good supply of listings”. “The majority of people are back from holidays and property inquiries are up,” Mr Coutinho said. “So far it’s a pretty even balance of buyers and sellers.” He predicted “reasonable growth” throughout the year, underpinned by a stable economy, good demand for quality and “reasonably low” interest rates. [...] |
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