Derby Day weekend is usually a bit more quiet on the auction front, than the previous weekends in Melbourne. There were 455 auctions reported, with 364 selling and 91 being passed in, 39 of those on a vendor bid. In addition to the auctions, there were also 347 private sales reported.
The leading clearance rate suburbs at present are Bentleigh East and Hawthorn. The two suburbs delivered a 100 per cent clearance rate from 16 auctions last week.
The property market has continued to deliver clearance rates in the 80%’s and demand for quality property continues to be strong. It could be argued that there are more properties being sold under pass in conditions rather than under the hammer due to vendor’s expectations at times are high and buyers currently have more choice.
An interesting property hit the market this week being the penthouse of the Eureka Tower. The property sits on the 86th floor and has 360 degree views of the city. The high end “New York style” fitout has been listed with a hefty price guide of $22m. This however would not make it the most expensive apartment sold in Australia which was $25m for the penthouse of Melbourne’s planned tallest skyscraper, Australia 108 which sold off the plan last year.
13 Gwendoline Avenue, Bentleigh sold $1,902,000
This renovated 4 bedroom, 2.5 bathroom California Bungalow in a good position of Bentleigh was auctioned on the weekend in front of a large crowd. The numbers didn’t reflect the bidding with only one party participating resulting in the property passing in. It was evident there were buyers in the crowd but the lack of bidding could be a result of a wider selection of properties on the market. The property passed in on a vendor’s bid of $1,775,000 but sold immediately after for $1,902,000.
90 Suffolk Street, Maidstone sold for $1,351,000
This 818 square metre property was the choice for developers. Six developers competed to become the new owners of this Maidstone property located in this ever appreciating pocket of Maidstone close to all local amenities such as Highpoint Shopping Centre, Central West Plaza and public transport.So it was a developer who won the auction with a $1.351 million bid, and they hope to put townhouses on the site.
18 Philip Street, Vermont sold for $952,000
Located in the prized Vermont educational catchment area and only a short walk to cafes, buses and Bellbird Dell, this three bedroom family home fetched $952,000 under the hammer on Saturday. The auction began with an $800,000 vendor bid, and three young families stepped up with offers. The vendors received quite a pay day considering that they purchased this property in 2007 for $162,000.
This weekend was one of Melbourne’s busiest auction weekend’s of the year! There were 1114 auctions reported, with 907 selling and 207 being passed in, 86 of those on a vendor bid. In addition to the auctions, there were also 336 private sales reported.
The weekend before Derby Day is always a busy one for Melbourne auctions, and this weekend proved to be true to form. It was a “Super Saturday” however, auction numbers fell short of those held on the same weekend in 2014 and 2015.
As we head towards the end of the year, there is expected to be strong competition at well-located properties. Such properties are attracting multiple bidders, so it is imperitive for buyers to have a strong strategy for auction day.
Melbourne’s northern suburbs have experienced a surge in demand from buyers, helping Melbourne reach a six month peak in auction sales.
14 Trafford Road, Carrum Downs. Sold for $560,000.
This beautifully presented four bedroom home located with easy access to Carrum Downs Shopping Centre, Peninsula Link and the Monash Freeway, attracted first home buyers and investors. ME Bank happily served smashed avocado to a crowd of 45 prior to the auction. With four bidders raising their hands at the Saturday auction, it is little wonder the property sold for $40,000 above the reserve. The final bid of $560,000 won the property for a couple purchasing for someone in their family.
7 Stevens Parade, Black Rock. Sold for $1,446,000.
Around 40 people squeezed into the living room of 7 Stevens Parade on a cold spring morning with rain pattering on the rooftop. Quoted prior to auction at around $1.4M the agent wasted no time looking for a start and made a vendor bid of $1.3M to kick off the auction. A young couple sitting on the lounge room couch as their child made himself at home playing on the floor, the auctioneer noted it was a good omen for the young family who then made the first genuine bid of $1.32M. Another party hidden in the hallway behind the auctioneer then joined in continuing the $20K rises back and forth with the opening bidder. The bidding then slowed slows down to $5K and $1K rises and eventually sold to the young family for $1.446M.
2/8 Mernda Avenue, Carnegie. Sold For $990,000.
Over 50 people stood in the driveway taking in the few rays of sunshine poking through the clouds waiting with umbrellas for the auction to start or the heavens to re-open. Quoted prior to auction around the mid to high $800,000s, auctioneer Ruth Roberts had no problems extracting an opening bid from her audience with a gentleman putting forward $730,000; Ruth then reminisced with the man about the last house she sold to him nearly 20 years ago in Carnegie. The bidding progressed quickly with multiple parties joining the action and the home was announced on the market at $860,000. It rapidly continued until slowing down to $1K bids between the opening and the 5th and final bidder where it became a showdown to the end. The 5th bidder ended up with the keys, securing this 3 bedroom unit for $990,000.
Another windy weekend for the Spring auction market in Melbourne. There were 904 auctions reported, with 717 selling and 187 being passed in, 82 of those on a vendor bid. In addition to the auctions, there were also 358 private sales reported.
The September quarter has shown that auction volumes were down significantly on the same period last year. The city recorded a clearance rate of 76.2 per cent from 9,932 auctions in the 3 months up to 25 September. This is compared to 75.7 per cent clearance from 12,413 auctions for the same period last year.
The inner-south has become Melbourne’s strongest performing region, with an 80.6 per cent clearance rate from 1409 auctions.
But the house price growth has driven more buyers to Melbourne’s outer suburbs, and areas such as Greensborough, Watsonia, Carrum Downs and Bayswater are expected to benefit next.
Victorian investors are helping to refuel the Melbourne auction market. Recent Australian Bureau of Statistis results reveal that lending to Victorian investors in August increased by 5 per cent on the same time last year.
Next weekend is expected to be another busy one for the auction market.
76 Shepherd Road, Glen Waverley. Sold for $1,560,000.
With five bidders among a crowd of over one hundred people, it is little wonder that this property sold for more than $160,000 above the reserve. The last time this four bedroom home in Glen Waverley was on the market was 33 years ago. The owners have updated this boutique home in fine fashion, hoping to win the hearts of potential buyers. The opening bid of $1.1 million set the tone, and five would be buyers pushed the price up, until the hammer was brought down at $1.56 million.
44 Vine Street, Moonee Ponds. Sold for $2,340,000.
Uniting brilliant contemporary design with premium fixtures, exemplary extras and a highly desirable locale, this stunning five-bedroom plus study Victorian-inspired family home was hotly contested at auction. With an opening bid of $1.7 million, the auctioneer had little trouble finding more offers. Five bidders eagerly threw their hands up, helping smash the reserve by $390,000. The property sold for $2.34 million.
7 Austin Street, Hampton. Sold For $1,050,000.
This Bayside address appeals to investors, first-home buyers or empty nesters. With super spacious single-level living, this freestanding three bedroom, two bathroom home on approx. 357.50sqm block close to schools and the beach, drew 38 bids at the auction on Saturday. It was a young couple who became the new owners, paying $50,000 above the reserve of $1 million.
Another weekend of low stock, but the good news is that fresh properties are arriving on the market ready for a spring surge. 81% clearance rate was achieved this weekend from 756 auctions held, with 611 selling and 145 being passed in, 63 of those on a vendor bid. There were also an additional 345 private sales reported.
This being the beginning of the Victorian school holidays, many buyers are holding off on attempting to buy until the new range of properties arrives on the market. In fact, it looks like late October (22 – 23) is fast shaping up to become a booming weekend for auctions in Melbourne.
We expect to see over 1000 auctions held next weekend, before the AFL grand final week.
40 Spensley Street, Clifton Hill. Sold for $1,405,000.
This picturesque terrace with second frontage to George Street, close to Village cafes, station, Spensley Street Primary and Yarra parkland epitomizes the enduring appeal of Clifton Hill. The auction attracted a cross section of buyers including a young couple, downsizers and an investor, who all helped push the sale price well above the reserve. It was the investor who walked away with the keys for this two-bedroom property which was declared on the market at $1.27 million.
52 Dudley Street, Footscray. Sold for $956,000.
A price guide of $775,000 attracted plenty of young couples and families along to this renovated four bedroom property. With six bidders in the mix, it was unlikely that there would be any bargain at this auction. After a vendor bid of $750,000 was followed by a trump bid of $800,000 from a couple, the auction quickly became very serious. The couple outbid every other person who attempted to buy it until no other contenders dared put their hand up. It was sold to the couple for $965,000.
117 Lord Street, Richmond. Sold For $1,088,000.
Filled with light, this 2 bedroom Victorian’s impressive proportions are matched by the outdoor appeal of its open landscaped rear garden. After the opening bid of $900,000 was met with silence, it looked like it might have been a short-lived auction. But after a vendor referral, things started up again with some fresh bids arriving. It was the first bidder at the auction who ended up becoming the new owner in front of a crowd of 50. The price reached $1,088,000 when the auctioneer again referred to the owners before declaring the property on the market. No further bids were received and it was announced as sold to a young man.
This weekend Melbourne’s high clearance rate reflects a market in need of fresh stock. A 79% clearance rate was achieved this weekend from 782 auctions held, with 621 selling and 161 being passed in, 69 of those on a vendor bid. There were also an additional 315 private sales reported.
Buyers who are hungry for new stock on the market are making riskier decisions about their next purchase. Some buyers are willing to push the price well above the reserve in order to get the property they want. Whilst others are willing to purchase before selling their current home.
Auction listings, if they continue on current trends, will be down by about 15 per cent for 2016. While the total of private sales and auctions is expected to be down by 8 per cent.
What does this mean? Buyers need to be sensible and know the worth of a property before entering into a purchase. Poorly researched buying can result in shocking re-sale value in the future, which can come as a shock.
The first 2 weekends of the spring auction season have been very interesting! We look forward to seeing how the market will handle the next few weeks.
There is an expected 800 properties to go under the hammer next weekend.
17 Myrtle Street, Clifton Hill. Sold for $1,435,000.
In a quiet street close to Village cafes, station, Spensley St Primary and parkland, this superbly extended two-bedroom home on a deep block attracted a crowd of 40 to the auction. The first call for bids was met with silence, followed by some dogs barking. The auctioneer tried again to rouse a first bid from the crowd, and received a $1.1 million opening offer. Another bidder joined in and the bidding was fast paced as the price zoomed past the reserve of $1.27 million. The terrace was sold to the second bidder for $1.435 million.
33 Hannan Street, Williamstown. Sold for $2,230,000.
Integral to the story of Williamstown, originally the homestead for Michael Hannan’s 100 acre farm, this evocative Victorian boasting a rare 24 meter frontage, retains significant status today as one of the area’s most outstanding family residences. The land has decreased substantially since those days, yet the renovated home holds plenty of appeal. In front of sixty onlookers, the auctioneer accepted an opening bid of $1.8 million from one man. Another man joined in and the bids were pushing the price close to $2 million when a third man put his hand up. The property was announced on the market, at $2.12 million, and as the price reached $2.185 million a fourth bidder joined in. It was sold to the first bidder for $2.23 million.
7 Robe STreet, St Kilda. Sold For $2,720,000.
Soaring ceilings and magnificent proportions define this refined c1880’s era traditional residence positioned in the heart of St Kilda, only a block from the beach. The auctioneer made a vendor bid of $2 million to commence, and two would-be buyers traded $50,000 bids. The price reached $2.4 million, when a man asked if the house was on the market, and it took only a couple more bids before it was declared selling at $2.45 million. It was three bidders who helped push the price $320,000 above the reserve, when the hammer fell to a young family for $2.72 million.
There were some heated auctions around Melbourne on the weekend, with some surprising sales results. For the first weekend of spring, Melbourne achieved a 79% clearance rate. There were 712 auctions held this weekend, with 560 selling and 152 being passed in, 76 of those on a vendor bid. There were also an additional 375 private sales reported.
With less stock on the market, some buyers are finding themselves emotionally attached to a property they want to buy. We have seen a few properties selling well beyond the reserve, in extremely contested auctions. However this trend seems to be more pronounced during periods when auction listings are down.
In the lead up to the AFL grand final, it is unlikely that we will see any 1000+ property auction weekends. Many vendors are holding off their auction campaign until after the finals. Although next weekend there is an expected 850 properties going under the hammer.
18 Linton Street, St Kilda. Sold for $1,819,000.
Fastidiously renovated & extended to designer perfection, this striking four bedroom home close to Carlisle Street cafes became the scene of a fiesty 40 minute auction. The pre-auction price range of $1.35 million to $1.45 million was not even included in the bidding when the first bidder immediately offered $1.5 million. The bids that followed were rising in $10,000 increments until the three bidders began trading $1,000 increases as the price crept past the $1.58 million reserve. The hammer was brought down to a young man who held on for a price of $1.819 million.
83 Tarrengower Street, Yarraville. Sold for $1,165,000.
This renovated three bedroom house double fronted Victorian located close to the vibrant village lifestyle in Yarraville soared to $195,000 above its reserve price. The opening bid was a vendor bid of $900,000 from the auctioneer. From there, it was tough competition as three bidders battled it out wanting to become the new owners. As the bidding came down to the wire, the final bid was placed by a young family who were very pleased to win the keys.
23 Rogers Avenue, Brighton East. Sold For $1,060,000.
Expertly designed to maximise space, this high-gabled 2 bedroom, 2 bathroom villa unit was hotly contested. The single-level property in a quiet bayside street held a reserve of approximately $900,000. It was five bidders who pushed the price well beyond the reserve, after a relatively slow start to the auction. The final two bidders were both keen to live at the property, but one of them eventually had to step down, when a bid of $1.06 million became the winning offer.
The final weekend of winter brought strong sale results in many areas. There were 840 properties auctioned this weekend, resulting in a clearance rate of 79%. The details are: 665 properties sold and 175 passed in, 85 on a vendor bid. There were also an additional 309 private sales reported.
Auction volumes have increased slightly, but still not at the same level as last year. This weekend there was the widest choice of properties on offer compared to the last couple of months.
Sales results in Brighton and Malvern East have been strong in the past few weeks, with a 91 percent clearance rate for the last weekend of winter.
There is an expected 730 auctions to be held for the first weekend of the spring market next week.
8 Dendy Street, Brighton. Sold for $2,030,000.
Just 150m from the famous Dendy St beach bathing boxes, this expansive three bedroom, two bathroom home attracted a crowd of approximately 90 to the auction on Saturday. At the auctioneers first signal for bids, a man wearing a suit offered $1.75 million. The auctioneer immediately placed a $1.8 million vendor bid, before another bid took the property on the market at $1,935,000. The two bidders, both representing retiree families took the price to $2.03 million when the second bidder became the new owner winning the keys.
28 Lily Street, Seddon. Sold for $1,310,000.
This architect’s own home delivers a fully-optioned and energy-efficient family lifestyle in a sought-after Seddon location which attracted a crowd of 100 people. One man opened with a bid of $1 million, before a younger man offered $1.05 million. A woman joined in and made three bids before bowing out of the running for this three bedroom townhouse. The younger man made a strange final bid of $1,300,888 but conceded defeat when the older man bid $1.31 million.
41 Johnson Street, Northcote. Sold For $1,340,000.
Blending Edwardian charm and modern functionality, this elegant c1910 residence offers an enviable lifestyle. In an auction that took a while to get started, with a long silence followed by a low ball offer of $800,000, things really heated up. With six bidders helping push the price to $1.26 million with rises of $10,000, the property was declared on the market at $1.12 million. Three bidders had already dropped out, and the three remaining took the price to $1,308,000 when a new bidder joined. The last bidder became the new owner after only a few bids to take the keys for $1.34 million.
There were 486 properties auctioned this weekend, resulting in a strong clearance rate of 81 per cent. The details are: 392 properties selling and 94 being passed in, 43 of those on a vendor bid. There was an additional 281 private sales reported.
As late winter typically has fewer properties available on the market, resulting in more bidders at auctions across Melbourne. With stronger competition for fewer properties, there is a trend for properties to be selling in isolation, with no similar homes competing for buyers.
Auction numbers are starting to pick up again as we head towards Spring. There are 633 auctions scheduled for next weekend.
33 Emo Road, Malvern East. Sold for $2,080,000
This pretty three bedroom Edwardian home located in sought after Adrie Estate, where homes are protected by a heritage overlay, attracted six would-be buyers to the auction. A fierce opening bid of $1.6 million was quickly overtaken by a $20,000 rise. The duel continued in $20,000 rises until the reserve of $1.72 million was reached. Other parties joined in, helping the price reach $1.96 million, when the pace slowed down to $1000 bids before the property was announced as sold at $2.08 million.
41 Horace Street, Malvern. Sold for $3,800,000
A modern family home with 4 beds, study, kids retreat, 3 bathrooms and an in-ground pool was touted by the auctioneer as the perfect family home with nothing to do but move in. An opening bid got the ball rolling at $3.3m followed by a $20k rise. This continued until it hit $3.6m. A family man offering $3.61m continued the auction. Bids rose in $10k lots until he was out at $3.8m. The agent sought instructions and returned to announce the home is on the market. A call for new bids landed on deaf ears and the property was reluctantly knocked down to the calm and patient woman. In attendance was a decent crowd of about 150.
322 Geelong Road, West Footscray. $751,000
A three bedroom family classic offering a series of tempting spaces behind its appealing original facade close to Hanson Reserve, transport and city access, attracted numerous interested parties at the inspections. However it was a different story during the auction, when it took two vendor bids before the first genuine bid of $700,000. Two more bidders came forward with $5000 rises, and the action came to a halt at $725,000 when the property was passed in. After auction negotiations with the highest bidder saw the property sell to a young couple for $751,000.
RICHMOND – is located approximately 3 kilometres east of Melbourne CBD with well-known commercial roads passing through, they are Victoria Street, Bridge Road and Swan Street. For all your shopping needs including factory outlets at your convenience makes for a perfect day out.
Richmond has a great public transport system with trains, trams and buses connecting you with the CBD and also the surrounding suburbs. It makes for a great spot to catch up with friends for a coffee or bite to eat with ample venues catering to everyone’s food tastes.
Richmond features a lot of smaller sized homes in narrow streets with many different examples of architecture from and array of periods. If you want to look at some homes of interest, The Malthouse of Abinger Street, The bluestone terrace homes on James Street and Lalor house on Church Street.
Auction numbers down which means some tough competition for buyers, as 573 properties were auctioned this weekend. A clearance rate of 77 per cent was achieved, with 441 properties selling and 132 being passed in, 60 of those on a vendor bid. There were an additional 315 private sales reported.
Last week’s decision by the Reserve Bank to again cut interest rates to a record low of 1.5 per cent has become a key driver of a strong auction market. These lower rates for mortgage holders will indeed increase buyer confidence as we head into the spring market.
Auctioneers have seen a turnaround in the market recently with less need for vendor bids, and more enthusiastic starts at auctions, particularly in highly sought after areas.
Stock levels are expected to remain relatively low for the next 6 weeks, until the spring market begins to gain momentum
16 Linda Street, Coburg. Sold for $953,000
This renovated two bedroom Victorian family home with high ceilings, polished floorboards and a charming landscaped front yard, attracted six hopeful buyers amongst the 80-strong crowd. With a price range of mid to high $700,000s, the opening bidder believed that their $820,000 offer would be enough to win them the keys, but all it did was immediately put the property on the market. It was a fast-paced auction, and one of the last two entrants after $900,000 eventually became the new owner with a final bid of $953,000.
89 Raglan Street, Port Melbourne. Sold for $1,502,000
A dilapidated Victorian shop presented a blank canvas for buyers to create whatever home they wish to live in, only a short stroll to the Bay Street shopping and cafe precinct, North Port light rail station and the beach. A crowd of 110 watched as auctioneer took bids from six bidders, as the price sailed past the reserve of $1.1 million. It was a very determined couple with a baby who took the keys with their final bid of $1,502,000. They plan to make the property habitable, before renovating it fully in the coming years.
4/113 Cecil Street, Fitzroy. Sold for $810,000
With a price guide of $650,000 to $700,000, it’s little wonder this two bedroom loft-style apartment with sensational city views attracted a crowd of young prospective buyers. An opening bid of $650,000 from a man bidding for a young woman sparked $10k rises from four bidders. At $740,000 the property was on the market and fast competition continued. But it was the original bidder who held on, winning the keys for the young woman who was elated and surprised by the result.
