A clearance rate of 76 per cent was recorded in Melbourne, compared to 77 per cent last week. There were 841 auctions held on the weekend with 643 properties selling and 198 being passed in, 76 of those on a vendor bid. In addition to the auctions, there were 410 private sales reported.

As we step out of the colder months, so too are the buyers ready to welcome quality Melbourne properties onto the market. During the traditionally non-peak winter months, the market was tested with almost 500 extra auctions added, rising to 11,257. An overall winter clearance rate of 77.4 per cent proved that buyers were ready to get a jump-start on Spring.

The REIV have reported that Bentleigh had the highest clearance rate in August (95 per cent), followed by Glen Iris and Caulfield South (both 91 per cent). As September begins to unfold, it will be interesting to see if these hotspots remain, or new ones emerge.

More than 3,600 auctions are expected this September, which is a much higher number than the figures from the same month last year. This early-Spring market is showing signs of offering some great quality stock, with a range of big period homes in some of the best streets, arriving on the market. 

We are looking forward to next weekend with an expected 1000+ auctions scheduled.

Auction Results

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64 Dickens Street, Elwood. Sold for $1,372,000
This three bedroom “renovators delight” is located just a short walk from the beach and amenities, suffering from “worst house on the best street syndrome” as the auctioneer Tony Pride put it. Despite Tony’s great opening spiel, the audience of around 70 people were reluctant to participate, so a $1.1 million vendor bid was made. The bids started flying from different sections of the street with three bidders pushing the price to $1.24 million when things came to a halt. After a quick half time break and announcement that the property was not on the market, the under-bidders sped off in their Porsche as fresh bids began to fly again with two new bidders. The house was announced on the market at $1.32 million and sold shortly after for $1.372 million.

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1 Peacock Street, Brunswick West. Sold for $905,000
On a large corner block, this three-bedroom California bungalow with a quote prior to auction of $840,000+  held appeal for families as well as developers. The auctioneer offered a vendor bid of $780,000 to begin the auction, which prompted three other bidders to make offers before everything slowed to a halt. A second vendor bid of $820,000 tried to stir things up again, but it was very slow going. At $850,000 the auctioneer consulted the vendors, but the property ended up passing in and was later sold for $905,000.

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7 Maroona Street, Brighton. Sold for $1,625,000
This charming Californian bungalow that’s been in the one family for 60 years is full of potential, with four bedrooms and two bathrooms. A conservative vendor bid of $1.2 million began the auction, and was quickly responded to with an offer of $1.25 million by a gentleman in the crowd. Another bidder joined in with a $25,000 rise, but did not last long and dropped out after only a few bids. Two other parties stepped in and put up a good fight until one of them bowed out $4000 short of the final bid. The new owners of the home ended up paying $265,000 above the reserve to secure their piece of Brighton real estate.

A clearance rate of 78 per cent was recorded in Melbourne, compared to 73 per cent last week. There were 950 auctions held on the weekend with 741 properties selling and 209 being passed in, 89 of those on a vendor bid. In addition to the auctions, there were 371 private sales reported.

Conditions have been looking good for buyers as we head into spring – with low interest rates and more stock arriving on the market, there should be some great results in the coming weeks. In comparison to the volatile share market of late, property is being seen as a more stable option for investors.

The market is heading into a string of 1000+ auction Saturdays, and there will even be multiple weekends between September and December that host over 1500 auctions.

Winter listings have been up by 20 percent on 2014 figures. The opening weekend of the spring selling season will see over 850 properties go under the hammer next week.

Auction Results

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86 Morris Street, Williamstown. Sold for $1,803,000
A well located home with views over parkland and the bay, and with a price guide of $1.4 million+. This three bedroom, two bathroom home was the scene of a heated auction on Saturday. An opening offer from one woman of $1.3 million began proceedings, and was met by a counter offer of $1.35 million. The two bidders locked horns and continued with rises of $50,000 until the price reached $1.62 million, when the property was announced on the market. The second bidder reluctantly bowed out at $1,802,000 allowing the first bidder to claim the views for only $1,000 more.

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21 Joy Street, South Yarra. Sold for $1,303,000
An inspired and innovative conversion of an original c1900s stable, this sensational warehouse style residence with off street parking proved to be a popular choice as the crowd gathered awaiting the auctions start. At least six people from the audience wanted to get their hands on the property, which is on the verge of Hawksburn Village. A vendor bid of $850,000 immediately warmed the crowd up with the home reaching $1 million after only four bids. One man practised his golf swings as he called out more than 30 offers. But it was another super keen bidder equipped with his cheque book who was prepared to pay more than $300,000 above the reserve for this one bedroom warehouse-style house.

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86 Malin Street, Kew. Sold for $3,225,000
This renovated Edwardian’s superb combination of charming period grace and stylish modern functionality is found on a deep and wide allotment of 836 sqm. A well landscaped block situated close to Kew’s private schools and shops was unsurprisingly over-run with families inspecting the three-bedroom home. A vendor bid of $2.4 million kicked off the auction in front of a crowd of over 90 people. One man jumped straight in with a $50,000 rise before a second vendor bid was made. Despite three other buyers attempting to win the home, the first bidder held strong and secured the keys at $3,225,000.

Have you noticed more “for sale” or “forthcoming auction” signs going up around Melbourne last week? That’s no surprise, as the listings are readying for a very busy spring selling season. A clearance rate of 74 per cent was recorded in Melbourne, compared to 76 per cent last week. There were 770 auctions held on the weekend with 569 properties selling and 201 being passed in, 80 of those on a vendor bid. In addition to the auctions, there were 414 private sales reported.

Last week’s auction results saw Melbourne beat Sydney’s clearance rate for the first time since May 2013. As Melbourne emerges from the winter period, buyer demand will be put to the test.

Next week there are more than 1000 auctions scheduled. This makes a new record, as this is the first time that more than 4000 homes are going under the hammer in Melbourne in the month of August.

Auction Results

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98 Beach Street, Port Melbourne. Sold for $2,198,000
The idyllic lifestyle offered by close proximity to the beach and cafes of Port Melbourne wasn’t the only thing attracting a crowd to this property on Saturday. The vendor’s of this property were champion jockey Damien Oliver and Fiorente’s part-owner John Bongiorno. The opening offer of $1.85 million was made by a downsizer, who soon dropped out when a couple and young family stepped into the ring. After a slow auction and a close finish, the young family walked away with the keys for $2,198,000.

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31 Johnson Street, Northcote. Sold for $1,070,000
Two bedrooms and one bathroom in a prime location near High street, trains, trams and leafy parkland, this renovated Edwardian held lots of appeal. A genuine bid of $800,000 kick-started the auction and ignited some serious competition between two would-be buyers. The price quoted prior to auction was $900,000+, and it was eventually announced on the market at $950,000 before a late-comer took the title of “new owner” after making only a couple of bids. The property sold for $1.07 million.

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104 Little Charles Street, Abbotsford. Sold for $762,000
Generous sized rooms combined with an abundance of natural light work harmoniously to create this cutting edge New York style oasis. The idea of living on the city’s doorstep in a relatively new property with a quoted price of $650,000+ attracted quite a crowd to the auction. Despite the appeal, the auction started very slowly as a young woman on the phone put her hand up and offered $650,000 before three more bidders joined in. When the price reached $750,000 the auctioneer received instructions from the vendor and announced the property was “selling”. At that point a fifth bidder jumped in, and eventually took the keys at $762,000.

Another steady result in auctions this weekend with a clearance rate of 77 per cent, the same as last week. There were 735 auctions held on the weekend with 567 properties selling and 168 being passed in, 71 of those on a vendor bid. In addition to the auctions, there were 353 private sales reported.

There have been 22,000 auctions held so far this year, a number which is 14 per cent up from 2014. With this in mind, August is tipped to be a record month for Melbourne. Next weekend there are over 800 auctions expected, while the final weekend of winter has over 1000 auctions scheduled.

The current market in Melbourne has been tracking at around 30 per cent private sales, showing how effective auctions are for producing strong results. The results can be seen especially in the million dollar-plus market, where there has been a 60 per cent increase in seven-figure sales compared to the same time last year.

The scene is getting set for a very active spring market!

Auction Results

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45 Flowerdale Road, Glen Iris. Passed in at Auction
Over 60 people squeezed into the back yard of this four bedroom home encompassing over 1100 square metres. Many were sunning themselves in the Northern light overlooking the tennis court at the rear of the property, which backs onto the Hill ‘n’ Dale park and bike track. The house itself was somewhat dated but no doubt was utterly luxurious in the ’90s. The excitement of the auction peaked unfortunately early with a dog on the loose shortly before the auctioneer placed a Vendor bid of $2.5 million to begin, looking for a real rise of $50K. After a brief halftime break, one gentleman finally raised his hand to bring the property to $2.55 million – and to bring the exclusive right of negotiation to himself with the property then passing in with no further bids.

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311 Nott Street, Port Melbourne. Sold for $1,475,000
Historically, this free-standing 2-storey brick home only had one bedroom, but a separate rear building has been added, which includes two more bedrooms and a contemporary feel. A crowd of more than 80 people gathered for the
auction of this property, quoted prior to auction at $1.1 million+ and witnessed an opening bid of $1.2 million. It did not take long with three parties and seven more bids bringing the price up to $1.3 million. Another two bidders joined in to see the price escalate to $1.41 million where it was announced on the market, and it only took another eight bids for the property to sell to one of the fresh bidders for $1,475,000.
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48 Pleasant Road, Hawthorn East. Sold for $2,301,000
About 100 spilled out onto Pleasant Road (ironically dubbed Unpleasant Road by its residents due to the masses of cars using it as a cut through on a daily basis) to see auctioneer Antony Woodley spruik the benefits of the updated and extended 1920’s home.

Opening on a vendor bid of $1.95 million, Woodley called for bids which he found in the form of 3 eager would be buyers. The property was on the market at $2.2 million after Woodley sought instructions from his vendors and the competition heated up from there. One bidder soon dropped out leaving two young families to fight it out for the keys to the door. After almost knocking it down 3 or 4 times, the hammer eventually fell to the family with 2 small children for a tidy sum of $2.301 million.

 

The 8th of the 8th was certainly a busy day for auctions in Melbourne, and the result for the weekend was a clearance rate of 79 per cent, compared to 77 per cent last week. There were 872 auctions held on the weekend with 689 properties selling and 183 being passed in, 87 of those on a vendor bid. In addition to the auctions, there were 369 private sales reported.

This weekend was the biggest auction day in August that Melbourne has ever seen – all spurred on by the lucky number 8. Many Chinese view transacting on the eighth day of the eighth month as lucky. Auction numbers were up 51 per cent compared to the same weekend last year.

Luxury real estate in Melbourne is still running hot, with results showing that Melbourne’s top tier properties gained a 7.9 per cent growth in value in the year to June 30, placing Melbourne in the top ten cities with the most growth in luxury properties worldwide.

While this weekend saw an unusually large number of properties go under the hammer, many buyers are still waiting for the A-grade properties to hit the market in Spring. 

Next week, there are over 750 auctions scheduled across Melbourne.

Auction Results

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888 Riversdale Road, Camberwell. Sold for $1,440,000
In Chinese culture the number 8 signifies luck, so there was little surprise at the turnout of over 100 people (and two news crews) to 888 Riversdale Road on the 8/8/2015(2+0+1+5 = 8). With 3 bedrooms this 1940s red clinker brick home had no doubt seen better days and is in dire need of a renovation, or potentially a new home to be built on the 631 square metres of land. Quoting at $1.1 million+ prior to auction, the bidding was kicked off by a gentleman hiding in the crowd offering a $900,000 bid. The price quickly increased with $25,000 rises to over $1.1 million. At the half-time break, the property was still not on the market at $1.17 million. As the price climbed, more people seemed to be itching to get a bid in with one unlucky punter only making one bid of $1.43 million and missing out on the home which eventually sold to a developer for $1.44 million.

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37 Mont Albert Road, Canterbury. Sold for $2,526,000
A 200 strong crowd of Chinese Australians and their families took over the footpath and road to watch auctioneer Alastair Craig of Jellis Craig sell a magnificent renovated 1920’s brick home on the corner of Mont Albert Road and Barnsbury Road in Canterbury. Amongst the 50 plus bids taken by Craig, at least 10 of them contained the lucky number 8, in various numerical order, but none won any of the eager bidders the keys to the door. As bids drew out to $1000 offerings (about 30 of them!), buyers were noisily on the phone taking instructions from whoever held the purse strings in their camp, hoping for another couple of grand to seal the deal. After much coaxing from one of the many Jellis Craig consultants who were there aiding the 5 or so bidders who came to secure their piece of the Golden Mile, it was a lady in her mid-50’s who, after nearly 45 minutes, eventually won the keys to the property for $2.526 million, almost $200k over the reserve.

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1/45 Foam Street, Elwood. Sold for $575,000
Quoted at $400,000 plus, the auction started very slow with all attendees sitting on their hands not wanting to be the first one to bid. The Agent ended up opening the auction on a vendor bid of $430,000 to try and stir on some audience participation from the 80 strong crowd. After a few minutes, an offer of $440,000 shook the audience awake, as it spurred on some competition between two bidders who tangoed up to $480,000 when the second bidder dropped out. A very keen third bidder stepped up to challenge the first bidder and the two went head to head until the third party was outbid at $495,000. Two more bidders attempted to stop the motivated buyer but to no avail. The young man (potentially a first home buyer) purchased the property for $575,000 and bought himself a great apartment in an excellent location.

The first August results for 2015 saw a slightly higher clearance rate of 79 per cent, compared to 76 per cent last week. There were 595 auctions held on the weekend with 467 properties selling and 128 being passed in, 61 of those on a vendor bid. In addition to the auctions, there were 434 private sales reported.

The lead-up to Spring is seeing an increase in the volume of auction listings, with opportunity for uninterrupted four-week campaigns thanks to an October AFL Grand Final. Higher auction volumes have been trending throughout the winter months, compared to last year, and higher clearance rates have also been the result.

So far, there are 3,480 auctions already scheduled for August (source REIV) in greater Melbourne, while there was a total of 3,323 auctions held during the month of August 2014. The surge in listings may be due to vendors seeing the market peak in May, thanks to the interest rate cut, prompting them to prepare their home for selling, causing auction numbers to rise after the peak.

With the Reserve Bank meeting on Tuesday, we are not expecting any changes to the cash rate, which is good news for buyers entering the market. A word of caution though, while interest rates are remaining low, buyer’s still need to keep a level head and not over-extend themselves at auction.

Auction Results

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36 Henry Street, Prahran. Sold for $1,113,000
This sophisticated Victorian has been thoughtfully renovated to its former glory, adding a beautiful light filled extension, whilst retaining the charm of its original period features. The two-bedroom cottage on the edge of Windsor attracted a crowd of 70 with five bidders amongst them. The opening bid offered by a woman at $800,000 was a healthy start. Bids started flying from four other directions with a variety of rises from $10,000 to $1,000 and $3,000, keeping the auctioneer on his toes. But it was a young couple who made the final bid, with the hammer being brought down at $1,113,000.

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15 Fairmount Road, Hawthorn East. Sold for $2,540,000
This solid brick 1920’s home located in a prized tree-lined street, with three bedrooms, plus study with a well-separated teenagers’ retreat, welcomed a 70-strong crowd to the Saturday auction. An opening bid of $1.9 million started proceedings, with two more potential buyers joining in. The price reached $2.45 million when the auctioneer announced the property on the market, and it looked as though the hammer would be brought down, but a latecomer jumped in and within 2 bids, the fourth bidder won the keys at $2.54 million.

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26 Austral Avenue, Preston. Sold for $852,000
A crowd of 50 came to see the auction of this four-bedroom property bordering Thornbury and close to Miller St cafes, schools, transport and parks. An opening offer of $720,000 was accepted after a long silence from the crowd, and two more bidders joined in to help the price reach $830,000 when it was “well and truly on the market”. Soon after, one couple dropped out of the battle, leaving two fiesty bidders to argue with each other until the auctioneer eventually asked one of them permission to sell it to the other party, and it was granted. The property sold for $852,000.

This weekend, a clearance rate of 79 per cent was recorded in Melbourne, compared to 75 per cent last week. There were 687 auctions held on the weekend with 542 properties selling and 145 being passed in, 56 of those on a vendor bid. In addition to the auctions, there were 407 private sales reported.

We are now beginning to see a reduction of investors in the market due to the tighter lending restrictions brought about by APRA in early July. It is likely that we won’t see the full effects of this immediately as pre-approved loans may still be available to some investors.  As a result, we may see a slow down in the investor market which could help open the doors again for some owner occupiers and first home buyers.

Winter has caused some areas of Melbourne to have fewer than average listings which is not unexpected and in fact, the usual trend.  As a result of this, and strong prices, we should see an increase in listings coming into the silly Spring season.  This in-turn may stabilise house prices.

Stock listings have already started to rise due to the conclusion of the school holidays with 600 auctions expected for next week.

Auction Results
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3/10 Higham Street, Cheltenham. Sold for $545,000
A small crowd of about 40 gathered in freezing conditions to see a smart, renovated villa unit, close to the Charman Road shops go under the hammer. Located at the rear of a boutique block, in a quiet cul de sac, this family friendly home appealed to first home buyers and investors alike. In calling for an opening bid, the auctioneer’s suggestion that we “should all be feeling warm as the market is so hot at the moment”, was met with silence until a vendor bid of $400,000 was made. Slowly the crowd responded with bids in $10k rises from 3 interested parties, until it slowed at $490,000. One of the bidders offered a $5000 rise and that’s where the auction stalled until a fourth bidder offered another $5000 just as the hammer was about to fall. This continued until all 3 bidders were out and the property was knocked down to the fourth bidder for $545,000, $10,000 above the reserve.

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1/2 Victoria Street, Elsternwick. Sold for $660,000
This super-sized apartment with striking views from almost every room overlooking the greenery of Hopetoun Gardens, was quoted at $550,000 plus before auction. Amidst all of Elsternwick’s finest restaurants, transport facilities and sought after amenities, this apartment is truly in the heart of it all. Given the size and location, this two bedroom apartment was always going to be highly sought after, and the crowd of 60 people discovered just how tough the competition was at the auction. Four parties attempted to secure the property, with an opening bid of $550,000 being a strong start to the auction. Bidding was competitive from four sides, and the property was announced on the market at $620,000. But it was a gentlemens’ only bid of $660,000 that was enough to secure the property.

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15 Marwarra Street, Ringwood East. Sold for $828,000
With a seemingly affordable price range of $540,000+, this three bedroom, one bathroom home in the Ringwood Secondary College catchment. Being on 669 square metres of land, it held wide appeal to investors, developers, renovators and owner occupiers. More than 100 onlookers attended the auction which saw six enthusiastic bidders drive the price up in an attempt to win the keys to this property. It was eventually sold for $828,000, well above the reserve. We are seeing more and more properties selling well in excess of reserve in the outer Eastern suburbs as first home buyers are being pushed further out of their targeted areas.

A clearance rate of 77 per cent was recorded in Melbourne this weekend. There were 614 auctions held on the weekend with 472 properties selling and 142 being passed in, 65 of those on a vendor bid. There were an additional 384 private sales reported.

It was quality apartments that dominated the Auction market on Saturday, with demand and sale prices achieving higher than expected results.

With the average time on the market being 32 days in May, and reports of winter auction listings being 20 per cent higher than in 2014, there are clear indications that the Melbourne property market is still enjoying better results than by the same time last year.

Median house prices at auctions in Melbourne grew by 5.2 per cent in the June 2015 quarter to $706,000 from $671,000 (from the March quarter). This is up from the same period last year and given the higher clearance rates, shows an impressive upward trend in the Melbourne market.

Next week there are over 700 auctions expected in Melbourne.

Auction Results

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15 Fitzroy Street, McKinnon. Sold for $1,230,000
Owned by the one family for 70 years, this classic 3-bedroom Art Deco home in the sought after McKinnon Secondary College Zone provides a great opportunity for development. A price guide of $1 million+ for this 770 square-metre property was not enough to attract much action from the 80 strong crowd. One man, who had no intention of purchasing, offered the only bid of $1.01 million, and when no other competition stepped up, the property was passed in. Further negotiations between vendors and the man saw it sold for $1.23 million.

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5 Whalley Street, Northcote. Sold for $1,421,000
A contemporary home with three bedrooms and two bathrooms welcomed over 40 people to the auction. Quoted prior to auction between $1.15M – $1.25M, a strong opening bid of $1.28M started the proceedings. In rises of $10K, the price reached $1.33M and came to a standstill when the auctioneer announced it was time for the half-time break. The bidding again resumed and at $1.35M the property was announced as on the market. When the price reached just $1.405M it looked to be won and done, but a last minute bidder came in, and with rises of $1K won the property at $1.421M.

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51 Darling Street, Moonee Ponds. Sold for $910,000.
A cute 3 bedroom Victorian with an asking price of $790,000 – $865,000 had a good sized crowd of about 50 attendees at the auction on Saturday. One man offered $800,000 to start the auction, and the person standing next to him countered swiftly with $810,000. It was a close battle between these two bidders who continued on, and when the house was announced on the market at $900,000 the second bidder took the price up only $1000 more. But it was the first man who took the keys by offering a $9,000 rise and bringing the hammer down on the price of $910,000.

A clearance rate of 77 per cent was recorded in Melbourne this weekend. There were 507 auctions held on the weekend with 392 properties selling and 115 being passed in, 45 of those on a vendor bid. There were an additional 375 private sales reported.

The slightly lower clearance rate experienced this weekend in Melbourne is normal for the winter school holiday period when the cool weather seems to slow down sales. However, it is often a very motivated vendor who sells in winter – those that have already purchased a property and need to move on can present a great opportunity for buyers.

Melbourne’s house values grew 11.2 per cent in the past financial year, and apartments achieved 2.4 per cent growth. A new report published by the Valuer-General Victoria has listed Melbourne’s best performing suburbs for long-term price growth. Altona North is the best performing suburb for units, and Balwyn for house price growth in the last 10 year period.

The number of auctions is expected to increase over the next couple of weeks with approximately 750 auctions due to be held in each of the next two weekends.

Auction Results
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77 Heath Street, Port Melbourne. Sold for $1,640,000
With 3 bedrooms, 2 bathrooms this beautiful double-front Victorian home, quoted prior to auction at $1.4 million+, attracted a large crowd with several bidders amongst them. The auction began with a hefty $1.5 million bid, which was quickly responded to by a woman with a $10,000 rise. A third contender jumped in with a $1.52 million bid, and continued to out-bid every other offer until a late entrant joined in at $1.62 million. The property was announced on the market at $1.61 million and sold shortly after to a couple for $60,000 above the reserve.

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32 Corsair Street, Richmond. Sold for $1,240,000
Appealing to both investors and owner occupiers who would enjoy this renovated home with three equal-sized bedrooms and one bathroom. A crowd of around 70 people watched 6 bidders (mainly young couples) and plenty more that didn’t put their hands up, battle it out to secure this Richmond property. Originally quoted mid $900,000’s at the start of the campaign, this price guide was increased after the first open for inspection due to the numbers of interested parties viewing. The property with a south facing rear and no parking, was announced on the market at $1,020,000 and sold for $1,240,000 – showing that buyers are willing to make compromises for location.

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52 Albion Road, Box Hill. Sold for $1,625,000
Marketed as a great development opportunity with dual street frontage on approximately 847 square metres of prime land. The price guide for this site, currently with two separate houses on the single title of land was $1.4 million+,  which is well above the $1.05 million suburb median. There were four bidders who helped push the property beyond expectations, when the hammer was finally brought down for $1,625,000, which is equal to $1,918 per square metre.

This weekend there was an auction clearance rate of 77 per cent in Melbourne. There were 508 auctions held on the weekend with 392 properties selling and 116 being passed in, 50 of those on a vendor bid. There were an additional 443 private sales reported.

Fewer auctions were held on the weekend, and the clearance rate was slightly lower as well. There were around 2,300 auction sales in June 2015 compared to 2,100 over the same period last year, so it will be interesting to see how July compares. Agents are suggesting that August and September will be very busy months, with the 8th of the 8th tipped to be one of the busiest.

Demand for houses remains very strong, while units are on average remaining on the market for longer. This is partly due to the larger supply of apartments available, and fewer 3 or 4 bedroom family homes. Our team typically sees 4 or more bidders at house auctions, suggesting that buyer demand remains heated.

Next weekend there will be a similar amount of properties auctioned – with approximately 524 auctions scheduled.

Auction Results

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19 Lingwell Road, Hawthorn East. Sold for $1,400,000
A free-standing Edwardian 2 bedroom cottage with a quote prior to auction of $1.1 million+ had a crowd of 60 packed inside to escape the rain during the auction on Saturday. Five bidders raised their hands with offers to purchase, and it came down to the wire with a downsizing pair against a family. It was the couple who won with a final $1.4 million bid, and surprisingly this was the first time they had seen the property. The vendors had purchased this home 14 years ago for $417,000, now making almost $1 million on their investment.

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9 Malua Street, Ormond. Sold for $2,618,500
This exquisitely detailed 4 bedroom Victorian mansion is undeniably one of, if not THE grandest residence in the coveted McKinnon College Secondary zone. Built in the 1880s, and last renovated in 1980, this property had a quote prior to auction of $2.5 million+ and had two very keen bidders from families interested in purchasing.The property was on the market at $2,585,000, after which a late entrant jumped in to the bidding pool, but it was the first bidder, a local buyer, who held the highest bid of $2,618,500.

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159 Wattletree Road, Malvern. Sold for $2,140,000.
A solid brick 4 bedroom Victorian home in meticulously maintained grounds was the setting for a fast-paced auction on Saturday where over 80 bids were placed. Despite the rain the auctioneer managed to keep track of the bids, starting only after he placed a vendor bid of $1 million. It was on the market at $1,325,000, when more bidders joined in, but it was a man taking instructions over his phone, who placed the winning bid of $2.14 million – which was more than $800,000 above the reserve.

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