A steady clearance rate as buyers are enjoying the negotiating power

May 21st, 2018

This weekend a clearance rate of 64% was achieved from 798 auctions. Of those properties, 425 sold and 286 were passed in, 153 of those on a vendor bid. There were also 393 private sales over the past week.

The auction clearance rate remains with a percentage in the low 60’s, as predicted. Buyers are enjoying a much more balanced market that we have seen in a number of years.

The Melbourne market is experiencing a larger amount of properties passing in at auction in particular the $2 million to $4 million range.  Most are being sold immediately on the Saturday, or within a few days thereafter if they are reasonably priced.  The vendors that have high price expectations are likely to see their properties unsold for some quite time thereafter as less buyers are currently in the market.

Regards,

 

The Team at Elite.

101/21 Rose Street, Fitzroy. Sold for $957,000.

This low maintenance near-new Fitzroy residence, just a short walk to Brunswick Street cafes, two tram routes and the Carlton Gardens sold under the hammer on Saturday. Quoted at $850,000 to $890,000, and declared on the market at $890,000 with two bidders pushing their price limits. The two-bedroom apartment went on to sell for $957,000

 

69 Irving Road, Toorak. Sold for $4,850,000.

Marketed as an opportunity to renovate or rebuild this substantial family home situated on 480m2 approx. on a prime corner allotment in the heart of Toorak. The four-bedroom, three-bathroom 1950s house was passed into a solo bidder for $4.425 million. After auction negotiations saw the bidder increase their offer dramatically, by negotiating a sale at $4.85 million. 

 

19 Edgecomb Street, Kew. Price Undisclosed.

Two families battled to become the new owners of this deceptively large freestanding home on a landscaped, easy-care 410 sqm allotment (approx.) close to leading schools, Kew Junction shopping, Victoria Gardens and Yarra parklands. Bidding was very slow for the two families slugging it out for the keys to this contemporary townhouse. It sold under the hammer in front of 80 onlookers.