Clearance rate slipping but some auctions still proving competitive

May 14th, 2018

This weekend a clearance rate of 63% was achieved from 807 auctions. Of those properties, 417 sold and 295 were passed in, 155 of those on a vendor bid. There were also 538 private sales over the past week.

Clearance rates are still sliding, however, the auction market for first home buyers is performing well, with properties in the $600,000 – $900,000 range being hotly contested.  In addition to that properties that are priced at market value and high quality properties that tick all the investment boxes are still experiencing strong competition.

We believe the clearance rate should remain in the 60’s percent for a little while to come as we come into the winter months.  This may present buyers with some opportunities in the months to come however any drop in stock levels could send the clearance rates back into the 70’s.

Regards,

The Team at Elite.

 

126 Wheatley Road, Ormond. Sold for $1,102,000.

This two bedroom period home in the heart of the McKinnon College Zone holds a coveted corner position. Set on a beautiful 366sqm approx. garden block, this home attracted young families as well as downsizers to the auction. An opening bid of $850,000 started the auction, and with three bidders in the mix it was on the market at $1.055 million. The property eventually sold for $1,102,000 in front of a crowd of about 50 onlookers.

90 Newlands Road, Coburg North. Sold for $881,000.

Set well above the street, this beautifully presented three bedroom home features an elevated entertainer’s deck with tranquil leafy views and a private backyard with space for the family to enjoy. But it was the music studio/cellar which caught the eye of the new owners of this home, a first home buyer couple. They outlasted two other bidders to win the keys to the three bedroom house which was quoted at $780,000 – $830,000.

53 Kenmare Street, Mont Albert North. Sold for $1,300,000. 

This single level 3-bedroom home delivers exceptional design, is idyllically positioned on a low maintenance 489 square metre allotment with its own title in a leafy and highly sought-after locale, the home is close to Box Hill Hospital, TAFE and the tram, and is within easy reach of restaurants, cafes, station and the many attractions of Box Hill Central and Balwyn. Three bidders competed, and after 15 bids the price had leapt $50,000 past the $1.28 million reserve eventually selling for $1.3 million.