Elite’s Weekly Market Wrap
29th October 2018
The clearance rate improved last weekend despite the weekend being a ‘Super Saturday’. Higher auction numbers were expecting to show a decline in the clearance rate when infact the opposite occurred. Of the 1,215 auctions held, 493 sold at auction, 138 before auction and 1 sold after. Bringing the clearance rate to 52% on 1,215 auctions.
Even amongst the ‘better buying conditions’ we are still seeing some runaway results in the market. 5 Moule Street, Brighton sold under the hammer for $6,100,000, $1,000,000 over reserve with four bidders. 13 Yuille Street, Ashburton, a family home sold for $2.81m being sold for $410,000 over reserve.
Despite the media’s doom and gloom reporting, the median house price for Melbourne remained stable for the July to September quarter at $834,000. This reflects what our team have been experiencing in the market place. Unit prices for the quarter actually increased by 0.2% for the quarter. Looking at the year as a whole, the median house price is Melbourne is up by five per cent.
With everything negative being thrown at the Melbourne Property Market with tighter lending conditions and the media’s doom and gloom reporting, the market is certainly demonstrating resilience and may only be time before we are back in a sellers market.
Have a wonderful week.
Kim Easterbrook – Managing Director, Elite Buyer Agents
13 Yuile Street, Ashburton Sold for $2,810,000
This five bedroom, two bathroom renovated period home was hotly contested at auction. The auction was well attended with 100 people and the first bid came before the auctioneer even called for one. The bidding commenced at $2,090,000 and quickly escalated with no need to have a half time break. Many were left without even having the chance to put their hand up. The property was announced on the market at $2,400,000 and sold for $2,810,000.
63 O’Connell Street, Geelong West Sold for $711,000
There is a lot of talk about the Geelong market at present and the Elite team were down there to see it first hand. All auctions we attended were competitive. Geelong West is a popular suburb due to its trendy Pakington St strip and proximity to the Geelong train station. This well located period home in need of a facelift had three bidders trying to secure it at auction. The property was announced on the market at $680,000 it sold for $711,000.
6 Leopold Street, Maribyrnong Sold for $815,000
The property was originally advertised from $800,000 to $880,000 and mid campaign was adjusted to $750,000 to $800,000 likely due to lack of interest. The tenants who used to live in the property prior to the campaign opened the bidding up at $750,000, another bidder jumped in and the two went head to head until $785,000. Another bidder joined in with the property being announced on the market at $805,000 and sold for $815,000.
29th October 2018
This week: 1,215 Auctions
Last Year: 73% [source: REIV]