Melbourne’s auction clearance rate improved over the weekend due to fewer amount of auctions scheduled.
This weekend a clearance rate of 70% was achieved from 565 auctions. Of those properties, 321 sold and 167 were passed in, 76 of those on a vendor bid. There were also 539 private sales over the past week.
The apartment market has fared better in auctions this week, with a higher clearance rate than houses. Units achieved a 71% clearance rate, and houses resulted in a 70% clearance rate across the city.
Buyers are recognising that purchasing apartments in some of Melbourne’s most exclusive suburbs offers great buying. The REIV have noted that in “the last three months of 2017, buyers could secure an apartment in Toorak for $940,000 – less than a quarter of the suburb’s median house price of $4.6 million”. Purchasing an apartment in an upmarket suburb is ideal for buyers who don’t want to compromise on location or amenities.  We believe the apartment market whilst flat at the moment, affordability of houses and units will really start to come into play and in time apartments should bounce back.

Kind Regards,
The Team at Elite.

1/10 Hynton Crescent, Kew. Sold for $961,000 
Occupying the ground floor of an Art Deco duplex, this two-bedroom apartment had 60 people attending the auction. Among them were four bidders including downsizers, an international couple and a young owner occupier. The auction commenced with a vendor bid of $750,000, and the auction became heated from $820,000 when a downsizer and a Chinese couple battled it out. The property was declared on the market at $870,000 and sold at $961,000.

4/74 Kororoit Creek Road, Williamstown North. Sold for $952,000 
Attracting a crowd of about 65 people, this modern four-bedroom two bathroom home sold to a pair of upsizers from Docklands. The townhouse is one of only five and filled with light. This type of property is popular with the couple’s from the CBD or Docklands area, looking to upsize.

46A Whitmuir Road, Bentleigh. Sold for $875,000 
Close to Centre Road, in the tightly held Blue-Ribbon locale of Bentleigh, this property set on 450 square metres is a blank canvas of potential for the new owner. An investor won the keys after outbidding three other parties in a heated auction where the price soared $25,000 past the $790,000 – $850,000 guide price.