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Lower priced properties selling well!

By
13 August 2018
This weekend a clearance rate of 64% was achieved from 555 auctions. Of those properties, 273 sold and 201 were passed in, 112 of those on a vendor bid. There were also 120 private sales over the past week.
It’s a remarkable thing that the RBA has just clocked over two years of no changes to the 1.5 per cent official interest rates. But the tighter lending conditions have made a difference to buyer activity. 

In Melbourne, properties on offer for less than $750,000 and with potential for development or renovation were the strong performers this weekend.

 

Properties in the $1.5 million and above range were finding more difficulties in selling, unless they ticked all the boxes for buyers.

 

Regards,

 

The Team at Elite.

63 Arthurton Road, Northcote Sold for $1,465,000

With its versatile two-level design and surprisingly large single-front block, this freestanding period home was pushed $35,000 past the reserve by three bidders on Saturday, in front of a crowd of almost 50. The auction commenced with a $1.3 million vendor bid, and was followed by a mix of $1000 and $10,000 bids. The property sold to a young family moving from Sydney.

2/15 Hennessy Avenue, Elwood Sold for $888,000

This beautifully renovated top floor 2 bedroom apartment in ‘Neville Court’ which features only four boutique properties in the complex had an advertised price guide of up to $820,000 pre-auction. A crowd of more than 80 onlookers attended the auction which commenced with an opening bid of $700,000, followed by a vendor bid of $770,000. The apartment was on the market after the third bid of $840,000, and three bidders pushed the price up to $888,000 where the hammer fell to an investor. 

50A Melville Road, Brunswick West Sold for $460,000

Measuring 6.1m across the front along with a depth of 15m (approx 91.5sqm in total), the block itself boasts Residential Growth Zone status (RGZ1) for multi-level potential. The auction attracted a lot of attention to watch the small block sandwiched between shops and St Johns Anglican Church go under the hammer. An opening bid of $390,000 kicked off the auction, and bidding rises of $10,000 to $1000 followed before it was called on the market at $430,000. A young family became the new owners at $460,000.


Clearance Rates
Melbourne
11 & 12 August 2018
This week: 555 Auctions

Clearance: 64%

Last Year: 72% [source: REIV]

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