Drop in clearance rates turns into some good opportunities for buyers

May 7th, 2018

The clearance rate dropped since last weekend which is presenting good opportunities for buyers.  That being said, quality properties ticking all the investment boxes are still selling well under competition.

This weekend a clearance rate of 65% was achieved from 891 auctions. Of those properties, 478 sold and 316 were passed in, 149 of those on a vendor bid. There were also 285 private sales over the past week.

This weekend, budget properties saw increased demand as seen by the solid clearance rate for units of 67 per cent, compared to 60 per cent for houses.

It will be interesting to see what the Federal Budget announcement brings tomorrow and whether any infrastructure boosts could have any impact on properties prices in particular areas.

 

Kind Regards,

The Team at Elite.

 

7 Willow Street, Elsternwick. Sold for $2,485,000. 

Recreated in 2016 on The Block, this stylish Edwardian attracted about 70 onlookers to the auction. With four bedrooms and three bathrooms, and a very high-profile renovation that attracted swarms of people through inspections, it was surprising that the auctioneer on Saturday could not tempt any hands to rise. It was only when the property passed in on a vendor bid of $2.3 million, that the buyer emerged and eventually negotiated the sale price of $2,485,000.

 

2 Goodwin Street, Preston. Sold for $965,000. 

Designed with arched windows to complement the adjacent former church, this light-filled freestanding three-bedroom residence sold in minutes. It took six bidders and 25 bids, to help push the price $115,000 past the reserve. Quoted at $800,000 – $850,000, the property sold to a brother and sister pair who purchased on behalf of their parents.

 

9A Pasadena Avenue, Beaumaris. Passed In. 

Set over three levels, this extraordinary four bedroom residence, also the former bachelorette Georgia Love’s family home, went under the hammer on Saturday. A crowd of about 30 people gathered to watch the auction, but bids were difficult to attain.  Two genuine bids topped two vendor bids of $1.8 million and $1.9 million before the house was passed into one bidder for $1.925 million. Negotiations continued after the auction.