Elite’s Weekly Market Wrap
25th November 2019
Over the weekend, there were 838 properties going under the hammer, and the clearance rate increased to 72%. Of the auctions, 486 properties sold and 116 sold before auction. In addition, there were 206 private sales. In comparison, the same weekend last year had a clearance rate of only 47% on a weekend of 959 auctions.
Melbourne’s population growth is one of the main drivers as to why property prices rising. We simply are not building enough properties to house all of the new people wanting to call Melbourne their home. That, and low-interest rates, increased job opportunities and a healthy economy are the underlying reasons. In addition, buyers have gained the confidence to enter the market with no slowdown in demand insight.
We are predicting a strong start to the property market into the New Year with many buyers not having secured a property before Christmas. Stock levels are already declining for the Christmas break and new auction campaigns won’t be launched until late January.
Enjoy the sunshine this week.
The Elite Team.
12 McIlwrick Street, Prahran Sold for $2,265,000
50+ people were entertained and bewildered watching the super fast auction. Proceedings kicked off with a bid $10,000 above the quote range up to $1,840,000, followed by two more bidders offering $50,000 bids taking the price to $2,050,000. A downsizer jumped in with even deeper pockets and pushed the property to $2,200,000 and after a few $5,000 and $10,000 bids to be knocked down at $2,265,000, approximately $400,000 over the quote range.
2 Grandview Grove, Hawthorn East Sold for $1,825,000
The sunny Spring morning attracted a small crowd to gather in the very pretty tree lined street, moments from $15,000,000 mansions in the coveted Harcourt Precinct. An opening bid of $1,600,000 was quickly answered with a rise of $10,000. From there five parties took the price to $1,825,000 with the property being announced on the market at the top of the range at $1,750,000.
9/301 St Georges Road, Fitzroy North Sold for $910,000
It was a hot auction at a top-floor apartment in a converted fire station boasting stunning park views, with five bidders attempting to secure the home. The unit had an odd, triangular floor plan and two bedrooms with rounded outer walls. Bidding started at $750,000 and quickly climbed past the reserve price of $800,000. It was $110,000 more than the vendor’s reserve.
25th November 2019
This week: 838 Auctions
Last Year: 47% [source: REIV]