Derby Day weekend is usually a bit more quiet on the auction front, than the previous weekends in Melbourne. There were 455 auctions reported, with 364 selling and 91 being passed in, 39 of those on a vendor bid. In addition to the auctions, there were also 347 private sales reported.

The leading clearance rate suburbs at present are Bentleigh East and Hawthorn. The two suburbs delivered a 100 per cent clearance rate from 16 auctions last week.

The property market has continued to deliver clearance rates in the 80%’s and demand for quality property continues to be strong.  It could be argued that there are more properties being sold under pass in conditions rather than under the hammer due to vendor’s expectations at times are high and buyers currently have more choice.

An interesting property hit the market this week being the penthouse of the Eureka Tower. The property sits on the 86th floor and has 360 degree views of the city.  The high end “New York style” fitout has been listed with a hefty price guide of $22m.  This however would not make it the most expensive apartment sold in Australia which was $25m for the penthouse of Melbourne’s planned tallest skyscraper, Australia 108 which sold off the plan last year.


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13 Gwendoline Avenue, Bentleigh sold $1,902,000

This renovated 4 bedroom, 2.5 bathroom California Bungalow in a good position of Bentleigh was auctioned on the weekend in front of a large crowd.  The numbers didn’t reflect the bidding with only one party participating resulting in the property passing in.  It was evident there were buyers in the crowd but the lack of bidding could be a result of a wider selection of properties on the market. The property passed in on a vendor’s bid of $1,775,000 but sold immediately after for $1,902,000.


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90 Suffolk Street, Maidstone sold for $1,351,000

This 818 square metre property was the choice for developers. Six developers competed to become the new owners of this Maidstone property located in this ever appreciating pocket of Maidstone close to all local amenities such as Highpoint Shopping Centre, Central West Plaza and public transport.So it was a developer who won the auction with a $1.351 million bid, and they hope to put townhouses on the site.


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18 Philip Street, Vermont sold for $952,000

Located in the prized Vermont educational catchment area and only a short walk to cafes, buses and Bellbird Dell, this three bedroom family home fetched $952,000 under the hammer on Saturday. The auction began with an $800,000 vendor bid, and three young families stepped up with offers. The vendors received quite a pay day considering that they purchased this property in 2007 for $162,000.

A clearance rate of 74 per cent was achieved from 462 auctions this weekend, with 341 properties selling and 121 being passed in, 49 of those on a vendor bid. There were an additional 294 private sales reported.

As rare as it is for Melbourne auction numbers to fall below 500 on a non-holiday weekend, this appears to be the trough before a substantial lift in auction numbers.

Reservoir has recorded the highest number of auction sales in the year-to-date. Other suburbs in the top five are Craigieburn, Bentleigh East, Mount Waverley and Glen Waverley.

The coming weeks will see more vendors placing properties on the market, however we do not expect the spring market to have above average listing volumes.

Next weekend there is an expected 675 auctions scheduled.


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42 Poplar Street, Caulfield South. Sold for $1,330,000
This three bedroom home with art deco features within a superb renovation were an attractive mix for potential buyers of this Caulfield South home. The first bid of $700,000 was quickly knocked back by the auctioneer, telling the man that he was about 20 years too late. A vendor bid of $1 million was then made, which opened up some quick bidding with $10,000 rises from multiple bidders. At $1.25 million, the property was announced on the market, and the seven bidders gradually dropped off around $1.3 million. The hammer fell when a young family placed the winning bid of $1.33 million, which was just above the quoted price of $1.2 million.


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30 Odessa Street, St Kilda. Sold for $1,920,000
This four bedroom, two bathroom family home attracted around 30 people to this auction with the perfect setting of the sun peeking through the clouds. An opening bid of $1.6m started the auction and was met with a vendor bid of $1.625m. The first bidder going back against the vendor to $1.65m when a second bidder enters, the agent not accepting a $10k rise so he ups it to $20k. It was announced on the market at $1.71m. A third bidder joins in and goes head to head with the first bidder with $10k rises from $1.72 – $1.95m with is being sold for $1.95m.


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692 High Street, Prahran. Sold for $1,760,000
The compelling indoor and outdoor dimensions of this gorgeous solid brick Edwardian residence creates an unexpectedly private and tranquil oasis only moments from shops, cafes, Orrong Park, Toorak station and trams. The auction commenced with a vendor bid of $1.4 million, and three bidders became involved. A half time break at $1.66 million saw the auctioneer chatting to the vendors, and it was not long after that when the three bedroom house was “on the market” at $1.68 million. Bidding slowed and the hammer was brought down for $1.72 million to an investor.

Buyers were out in large numbers on the final weekend of the financial year. A clearance rate of 79 per cent was achieved from 181 auctions this weekend, with 133 properties selling and 48 being passed in, 15 of those on a vendor bid. There were an additional 370 private sales reported.

Restrictions to negative gearing tax concessions on new properties may have seen us with a different result last Saturday, if they had have come into effect. As it happens investor activity is up and clearance rates have hit a new high for the year (79 per cent). This is the highest since June 2015 and shows a marked improvement in auction results. With the Australian Bureau of statistics reporting an increase on investor lending by 17.3 per cent over May (compared to April this year) investors certainly seem more confident post-election and the trend looks set to continue.

Lower levels of stock are creating strong competition at auction and private sales are experiencing shorter days on market (according to several outer suburban agents) over the last few weeks. In particular the Northern suburbs are booming where home owners and investors alike are lining up to get a foot in the door. Buyers in the West are also very active with suburbs such as Seddon, Footscray West and Yarraville leading the way.


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45 Black Street, Brighton. Sold for $1,500,000
A single level 3 bedroom period home in highly sought after location close to Church Street shopping strip, Brighton Primary and leading private local schools attracted five bidders to the auction. The Art Deco house last changed hands in October 2014 for $998,000. Its value swelled by a staggering $520,000 under the hammer on Saturday. It sold to a local investor, who plans to rent the property out.


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374 Richardson Street, Middle Park. Sold for $1,130,000
Located in one of Middle Park’s finest tree-lined streets this single fronted unrenovated brick Victorian house in triple ‘A’ location, is unliveable in its current condition and offers plenty of opportunity. A crowd of 80 watched on as the auctioneer opened with a vendor bid of $900k, followed by a man offering $10,000 more, before two other bidders joined in. The two bedroom plus study house, on approximately 144sq.m, was announced on the market at $1 million, and sold for $1.13 million. The final price was $130,000 more than the vendor would have been happy accepting.


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180 Station Street, Port Melbourne. Sold for $1,402,000
Double fronted and free-standing, this inviting three bedroom period home is only a short walk to Bay Street, and easy to travel by nearby tram or bike track to the city. Six would-be buyers put their hands up to attempt to buy the property which had been owned by the one family for about 20 years. The auctioneer started with a vendor bid of $1.2 million, which prompted another man to join in with his first bid of $50k. It didn’t take long to be on the market at $1.28 million. The buyer, who currently rents a property only a few doors down, outbid the competition by paying $138,000 over the reserve.

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