The first Super Saturday of 2017 delivers a strong clearance rate, indicating a very healthy property market. A new record has been made for the highest number of auctions held on a single February weekend.
There were 1198 auctions in Melbourne, with 983 selling and 215 being passed in, 85 of those on a vendor bid. In addition to the auctions, there were also an additional 297 private sales. The result, was a solid 82% clearance rate.
Interestingly, CoreLogic have reported that 33 Melbourne suburbs have achieved a one hundred per cent clearance rates for 2017.
There is speculation that the Reserve Bank will soon be putting interest rate up in early March. A red flag is that some banks have pre-emptively started to put rates up to insure against the rising cost of home lending and regulatory action.
Next week will be the first test of the autumn market in Melbourne.
Address: 25 Dickmann Street, Richmond
A small crowd of 25 people showed to watch the auction of this three level, three bedroom house located in a very convenient and popular part of Richmond. There were six bidders trying to secure this trendy piece of real estate, after an opening vendor bid of $1,000,000. The bids came slowly and the property was annoucned on the market at $1.27m and sold for $1.351 under the hammer.
Address: 1/34 Park Street, Moonee Ponds
A vendor bid of $600,000 opened the auction of this two bedroom attractive front villa – ideally situated in one of Moonee Ponds’ most exclusive streets. From the crowd of 80, a man offered $610,000 putting it immediately on the market. Three bidders pushed the price up to $727,000 until only one bidder was remaining, and a fourth bidder added a single bid of $730,000 to win the keys.
Address: 5/46 Fewster Road, Hampton
Popular with downsizers, this single level two-bedroom villa in a driveway of only six attracted a crowd of 50 to the auction. A vendor bid of $600,000 opened proceedings, and the next bid was slow to arrive at $620,000. Three bidders battled it out for this well positioned property with views of Sandringham Athletics track. The villa hit the market at $675,000 abs the hammer was brought down to a young couple for $691,000.