Auction numbers were higher this weekend after the break for the Labour Day long weekend last week.
This weekend a clearance rate of 68% was achieved from 1273 auctions. Of those properties 403 were passed in, 206 of those on a vendor bid. There were also 236 private sales over the past week. Units achieved a 70% clearance rate, and houses resulted in a 68% clearance rate across the city.
The Melbourne property market is holding strong and has only declined by 0.4% in value since it peaked in October last year. According to Core Logic, Melbourne’s median dwelling value is 18% less than Sydney’s. This indicates that Melbourne’s property values are likely to still rise as Melbourne’s population growth keeps soaring.
The Team at Elite.
53A Cavannagh Street, Cheltenham. Sold for $1,111,000
This newly built townhouse with unrivalled views in Cheltenham attracted fierce competition from four bidders on Saturday. The three bedroom property had an opening bid of $920,000 and it was announced on the market at $1.05 million. But bidding did not stop there, and the property ended up selling for more than $50,000 above the reserve.
7 McMillian Court, Hoppers Crossing. Sold for $530,000
This spacious house in the heart of Hoppers Crossing sits on an impressive 748m2 (approx.), parcel of land. The vendor of this three bedroom house only paid $410,000 just over twelve months ago and had made no major changes to the property before putting it back on the market. A first home-buyer outbid two investors at the auction to become the new owner.
37 The Highway, Mt Waverly. Sold for $1,530,000
Beautifully elevated on the high side of the street, this impressive 738 sqm (approx) four-bedroom house attracted three bidders at the Saturday auction. An opening bid of $1.45 million commenced the auction, and the property was on the market at $1.51 million. One bidder dropped out, and two families continued to compete for the keys until the hammer was brought down at $1.53 million.