This weekend Melbourne achieved similar results as last weekend, with marginally more properties going under the hammer.
This weekend a clearance rate of 67% was achieved from 703 auctions. Of those properties, 394 sold and 234 were passed in, 104 of those on a vendor bid. There were also 332 private sales over the past week.
The market is still fairing strong in the sub $1 million price range, with first home buyers snapping up the more affordable properties. In the $2 million-plus market, there has been less stock available, however, we expect to see auction numbers rise again in early May although we are experiencing a shortage of supply again this month.
Kind Regards,
The Team at Elite.
77 Ballarat Street, Yarraville. Sold for $1,215,000
This two bedroom house on 330sqm (approx) in the heart of Yarraville village, sold under the hammer for $10,000 above the reserve in front of a crowd of 60 onlookers. The auction commenced with a vendor bid of $1.05 million, which was met by a $10,000 rise from a young family. Bidding slowly continued with $5,000 rises between two families and an investor. But it was a couple moving from St Kilda after migrating from the UK who won the keys with their $1,215,000 final bid.
5 Collingwood Street, Sandringham. Sold for $2,216,000.
This California bungalow was last on the market in 1980, when it sold for $42,500. Stretched out on an approx 58’/17.68m frontage amongst the premier homes of this established blue-chip locale. In front of 50 onlookers, four bidders battled to become the new owners. With steady bidding for about 15 minutes, the eventual purchasers only contributed three bids before walking away with the keys.
4/88 Roslyn Street, Brighton. Sold for an undisclosed price.
This well-positioned townhouse (villa unit) struggled to achieve some active bidding at auction. Two bidders participated from $900,000 to $990,000 where the property then passed in. The final price is undisclosed but sold not too far away from where the property passed in. The stairs into the property may have deterred the downsizer market from pursuing this property.
The final weekend of winter brought strong sale results in many areas. There were 840 properties auctioned this weekend, resulting in a clearance rate of 79%. The details are: 665 properties sold and 175 passed in, 85 on a vendor bid. There were also an additional 309 private sales reported.
Auction volumes have increased slightly, but still not at the same level as last year. This weekend there was the widest choice of properties on offer compared to the last couple of months.
Sales results in Brighton and Malvern East have been strong in the past few weeks, with a 91 percent clearance rate for the last weekend of winter.
There is an expected 730 auctions to be held for the first weekend of the spring market next week.
8 Dendy Street, Brighton. Sold for $2,030,000.
Just 150m from the famous Dendy St beach bathing boxes, this expansive three bedroom, two bathroom home attracted a crowd of approximately 90 to the auction on Saturday. At the auctioneers first signal for bids, a man wearing a suit offered $1.75 million. The auctioneer immediately placed a $1.8 million vendor bid, before another bid took the property on the market at $1,935,000. The two bidders, both representing retiree families took the price to $2.03 million when the second bidder became the new owner winning the keys.
28 Lily Street, Seddon. Sold for $1,310,000.
This architect’s own home delivers a fully-optioned and energy-efficient family lifestyle in a sought-after Seddon location which attracted a crowd of 100 people. One man opened with a bid of $1 million, before a younger man offered $1.05 million. A woman joined in and made three bids before bowing out of the running for this three bedroom townhouse. The younger man made a strange final bid of $1,300,888 but conceded defeat when the older man bid $1.31 million.
41 Johnson Street, Northcote. Sold For $1,340,000.
Blending Edwardian charm and modern functionality, this elegant c1910 residence offers an enviable lifestyle. In an auction that took a while to get started, with a long silence followed by a low ball offer of $800,000, things really heated up. With six bidders helping push the price to $1.26 million with rises of $10,000, the property was declared on the market at $1.12 million. Three bidders had already dropped out, and the three remaining took the price to $1,308,000 when a new bidder joined. The last bidder became the new owner after only a few bids to take the keys for $1.34 million.
Low interest rates have enticed more first-home buyers to become active in the Melbourne property market this weekend. A clearance rate of 76 per cent was achieved from 747 auctions this weekend, with 565 properties selling and 182 being passed in, 78 of those on a vendor bid. There were an additional 361 private sales reported.
Entry level properties for under $700,000, which are always popular with investors and first-home buyers have seen some hot competition since interest rates were lowered last month, the northern and southern parts of Melbourne received the most attention from buyers this week.
As next weekend contains a public holiday for the Queen’s birthday, there are only 261 auctions scheduled.
3/78 William Street, Brighton. Sold for $800,000
Overlooking the leafy William St Reserve, this unrenovated two bedroom unit was under executor’s instructions to sell. Six bidders braved the rain to compete for their own piece of the Brighton landscape, and helped the price soar well above the $650,000 reserve. A young couple from Bayside eventually outbid all competitors to gain the keys for $800,000.
18 Autumn Street, Coburg. Sold for $1,211,000
This masterfully renovated four bedroom, two bathroom single-level family residence attracted quite a crowd to the auction. With an asking price of $900,000 to $950,000 the property was hotly contested by young families. Bidding began with an offer of $900,000 and continued with one bidder slowing the pace of the auction with rises of only $1000. The home eventually sold for $90,000 above the reserve to a family who had been in the auction from the start with a final bid of $1,211,000.
11 Prentice Street, Elsternwick. Sold for $2,000,000
Thoughtfully renovated and extended (and in keeping with its Edwardian origins), this superb family home reveals amazing accommodation and flexible living in this prestigious residential position. The 4 bedroom home was extended 6 years ago to add on a fifth bedroom or additional living area, an addition that helped the price range reach $1.65 to $1.75 million. The opening bid of $1.85 million from a family was upped by another buyer who quickly took the price to the reserve of $2 million, where it eventually sold.
Melbourne’s market is dividing further into a two-speed market, with house sales soaring higher than apartments. A clearance rate of 74 per cent was achieved from 934 auctions this weekend, with 692 properties selling and 242 being passed in, 107 of those on a vendor bid. There were an additional 361 private sales reported.
Houses in Melbourne are performing better than apartments in the current market. As Kim Easterbrook discusses in The Age on Sunday’s Domain, villa units are the one exception to this trend. Villa units broadly appeal to downsizers, investors and first-home buyers.
The eastern suburbs, particularly the outer east is not seeing as much activity as they used to, as results from other regions outperforming the east more regularly.
Sunshine North achieved its first million dollar house sale, beating the suburb’s previous record of $945,000. While in Brighton, a new record was achieved when four local bidders helped reach the sale of a Dendy Beach bathing box selling for $307,000.
There is an expected 843 auctions to be held next weekend.
5/33 Gnarwyn Road, Carnegie. Sold for $632,500
Conveniently located close to Koornang Rd shops, the train and tram, parklands, schools and Chadstone Shopping Centre, this renovated 2 bedroom villa attracted a crowd of 45 to the auction on Saturday. The opening bid of $500k was met by another party who offered $10k more, and the two took the price up to $600k when a 3rd bidder joined in. The property had a quoted price of $580k to $620k, and was on the market at $630k before selling at $632,500 at this straight-forward, non-referral auction.
169 Were Street, Brighton. Sold for $4,400,000
The auction for this grand family home with four bedrooms plus a home office and brilliant entertaining area was held indoors due to the rain on Saturday. The opening bid of $3 million was rejected by the auctioneer, and another party put their hand up with a real bid of $4.25 million for the 3 level home. The two bidders continued battling it out, until the property was announced on the market at $4.4 million, and it sold for the same price, with no further bids forthcoming.
9 Beckley Street, Coburg. Sold for $1,370,000
A crowd of 60 gathered in the light rain to watch the auction of this Californian bungalow, which held a price guide of $1.1 million to $1.2 million. The first offer for the 3 bedroom home filled with natural light was $1.1 million, and this was met by a rise of $10,000 from a young couple. The two parties battled it out in $10,000 increments until $1.31 million when a third would-be buyer joined in. The young couple won the rights to the keys with their final bid of $1.37 million.