Mopping up sales reducing Melbourne's stock on market

Melbourne businessman Levi Mochkin finally sold his St Kilda East palace-like abode just ahead of its scheduled weekend auction for an undisclosed price.

It had been on and off the market for five years.

Mopping up old stock is one of the key characteristics and benefits of the current market fillip.

There's been a dawn of realism from previously ambitious vendors now confronted with sufficient comparable sales to make their revised pricing - and to sell.

Researchers SQM indicated there had been a 6.6% dip in total listings across Melbourne to 41,600 in September 2013 compared with 44,600 in September 2012.

One of these when the SQM October figures comes out will be the imposing nine bedroom/seven bathroom house with a glassed conservatory-style indoor swimming pool and floodlit tennis court.

With grand marble foyer leading to a double staircase, the property on 3,219 square metres at 10 Bickhams Court (pictured below) initially hit the market at $15 million in early 2008.

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It was just as the consequences of the late 2007 global financial crisis were only just emerging. 

By 2011 agents were seeking $11.25 million plus for the mansion. And by mid-2012 the price hopes were $8 million plus through RT Edgar Toorak who lodged a caveat on the title in August this year as chargee regarding its fees.

The latest listing agent Kay and Burton's Gowan Stubbings was telling those who arrived thinking it was still up for auction that he'd signed confidentiality papers on its price.

It's believed to be one of the suburb's biggest landholdings.

Just next door, there's a November 17 auction of another mansion with grand staircase through Gary Peer Caulfield North agents Limor Herskovitz and Joseph Ben-Danan. Set on 750 square metres,  it comes with $1.9 million plus hopes.  

I note it fetched $2.2 million in 2010, seemingly securing a good result during the then market fillip.

Jonathan Chancellor

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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