Elite’s Weekly Market Wrap
20th August 2018
With the auction market stabilising it appears everyone is getting ready for Spring Auction time in Melbourne with more properties to start coming onto the market in the next few weeks.
This weekend a clearance rate of 57% was achieved from 624 auctions. Of those properties, 297 sold at auction, 59 sold before auction, 2 sold after auction and and 266 were passed in. There were also 183 private sales over the past week.
As many investors take a pause in the property market, it opens up the opportunity for first homebuyers, upgraders and downsizers. Although it appears downsizers are a little quiet in the marketplace at present.
August is looking like it will have lower auction numbers to last year, but there are some great property finds to be found in the Melbourne Property market.
The Team at Elite.
23 Odessa St St Kilda Sold for $1,580,000
A run down St Kilda home in bad shape attracted huge interest at auction on the weekend and achieved what was thought to be an unlikely result. The sale was a deceased estate and the agent had concerns as buyers were indicating that it was going to take big budgets to bring things period home back to its former glory. However, the auction was strong and a bidding frenzy resulted in a sale price of $1,580,000 which was almost $200,000 over reserve.
2/4 Garden Court, Elwood Sold for an undisclosed amount
Positioned in an exceptional Art Deco complex and delivering an astonishing amount of space and light, this coveted 3 bedroom apartment offers amazing Elwood convenience while having the St Kilda Botanical Gardens at the end of the street. Bidding opened with a vendor bid at $900,000, immediately knocking out some potential bidders, and there were around 11 more bids before being passed in at $992,500. The property sold immediately afterwards for an undisclosed amount.
18 Holyrood Street, Camberwell Sold for $2,020,000
The last sale in this street was over 10 years ago for $1,300,000 so this property is located in a very tightly held pocket of Camberwell. This 5 bedroom art deco property on decent land of 760 sqm of land with a heritage overlay and single dwelling convenant attracted strong bidding showing that A Grade properties are still selling well. The property was quoted at $1,800,000 – $1,900,000 before auction and the bidding started on a vendor bid of $1,800,000 but then competitive bidding caused the price to storm past its $1,950,000 reserve and selling for $2,020,000.
19 August 2018
This week: 624 Auctions
Last Year: 77% [source: REIV]