7 Howitt Street
BOUGHT* - $3,600,000
This home deserves the accolades and the price it got. Brilliant design and location brought out the bidders and whilst there were five who bid there surely was five who didn’t. This home captured the imagination of the market for its rarity and the market responded accordingly to blow all conservative expectations away and for it sell strongly at $3,600,0...

Crowd Numbers: 80 people
Bidderman: 5 bidders
 

7 Howitt Street SOUTH YARRA

Benefits

Higher positional potential for long term growth
Growth above average metro in last decade
Good rental prospects
Seemingly low additional cash required after purchase
Higher risk as newer precinct

Concerns

Other properties in the street could be a negative issue
Touches other properties
Interrupted floor levels
Mal James
Mal James
Principal Buyer Advocate
0408 107 988
mal@james.net.au

Comments on 7 Howitt Street SOUTH YARRA

When you run into a home that captures the imagination of many as this will surely do, then a lot of what you normally think about in connection with price goes somewhat out the window. 7 Howitt is home of immense charm and class and not one that repeats itself on a regular basis.
Let’s start with the position and work our way through just how good everything is. And perhaps position is 7 Howitt’s weakest point – well that and car spacing/ garaging. If you are going to find a fault you could argue that this masterpiece is B grade South Yarra – still A-grade Melbourne and if it was called Prahran (across the road); then it would be A grade Prahran and it would still be the same end price. Whilst you can get a car in and out of the rear, it is not as silky-smooth a process as some may want it to be.
The above two less than perfects will be neutralized by this home’s ultimate buyer, who will be a building buyer over position buyers and this will attract bidders from anywhere within the inner Melbourne geographical area and the car parking will be acceptable to those not obsessed with their cars.
So to the home.
From the classic period facade to the high finishers to brilliantly thought out floor plan with little extras everywhere – from the northerly orientation to the extra block width to the bedroom separation and laundry, kitchen connection – from the ……….. and one could go on and on. It’s a great home and the crowds that are going through and will bid will prove that.
So really the only question in our minds to ponder (if you like it) is price.
Three properties we’ve had direct involvement in that would have a similar feel are all in our emotional pricing section.
So in “bad times of last year”
Barkly – quoted $2.65 to 2.9m – boardroom auction before auction – 7 bidders - $3.35m
Oban – quoted $2.8m to $3.0m – auction – 3 bidders - $3.225m
In better times
64 Mason – 6 bidders
Pricing makes sense at $3m based on land at $2m – round the corner unrenovated and no parking sold last Saturday for $2m and smaller land – building, please show me how that is not a million to rebuild or $500,000 plus to renovate from a shell – give or take it’s the current agent quote and then some to get to where almost everybody thinks is the start.
After that to be the buyer – how far do you have to go? Where is smart, where is not? Show me a home from Albert Park to Armadale, from Hawthorn to Carlton on this land size and of this calibre that you can buy cheaper than what you pay for this – if you can show me, then let's buy it. If you can’t then how much will the market have gone up before the next one like this arrives and how much more aggressive will those wounded underbidders from this one be.
There is a stop figure but on this quality, only the direct underbidder will know that and he or she will pay more if another is to be found.
James Client Pricing Advice
Agent Quote: $2,750,000 to $2,950,000
James preliminary pricing advice - 1st week of campaign: $3,100,000 to $3,400,000
Our pricing advice to client in week before auction: $3,500,000 to $3,750,000


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Having you always available to advise and challenge us, smoothed out the whole process of buying a house. Hi Sim and Mal, It’s been only 2 days since you secured our new home in Mont Albert and we feel it was always meant to be ours. We have plans to make it a beautiful family home. We will keep you up to date along the way. We are extremely happy we got ...more

Viv & Paul

MONT ALBERT

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3
Bedroom
2
Bathroom
1
Parkings
334sqm
Land Area
Floor Plan Agent

Sold - 1:30 PM Sep 14 2019

Quote $2,750,000 - $2,950,000

North Facing

Full James Rating Sheet

Be with James

Would you like to talk to us about finding or negotiating on your next home?
We buy 100 homes for our clients every year.
We buy Inner East and Bayside over $2m.

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Homes We've Bought

What our clients had to say about James

Having you always available to advise and challenge us, smoothed out the whole process of buying a house. Hi Sim and Mal, It’s been only 2 days since you secured our new home in Mont Albert and we feel it was always meant to be ours. We have plans to make it a beautiful family home. We will keep you up to date along the way. We are extremely happy we got ...more

Viv & Paul

MONT ALBERT

Read all testimonials