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.  

There were some heated auctions around Melbourne on the weekend, with some surprising sales results. For the first weekend of spring, Melbourne achieved a 79% clearance rate. There were 712 auctions held this weekend, with 560 selling and 152 being passed in, 76 of those on a vendor bid. There were also an additional 375 private sales reported.

With less stock on the market, some buyers are finding themselves emotionally attached to a property they want to buy. We have seen a few properties selling well beyond the reserve, in extremely contested auctions. However this trend seems to be more pronounced during periods when auction listings are down.

In the lead up to the AFL grand final, it is unlikely that we will see any 1000+ property auction weekends. Many vendors are holding off their auction campaign until after the finals. Although next weekend there is an expected 850 properties going under the hammer.


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18 Linton Street, St Kilda. Sold for $1,819,000.
Fastidiously renovated & extended to designer perfection, this striking four bedroom home close to Carlisle Street cafes became the scene of a fiesty 40 minute auction. The pre-auction price range of $1.35 million to $1.45 million was not even included in the bidding when the first bidder immediately offered $1.5 million. The bids that followed were rising in $10,000 increments until the three bidders began trading $1,000 increases as the price crept past the $1.58 million reserve. The hammer was brought down to a young man who held on for a price of $1.819 million.


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83 Tarrengower Street, Yarraville. Sold for $1,165,000.
This renovated three bedroom house double fronted Victorian located close to the vibrant village lifestyle in Yarraville soared to $195,000 above its reserve price. The opening bid was a vendor bid of $900,000 from the auctioneer. From there, it was tough competition as three bidders battled it out wanting to become the new owners. As the bidding came down to the wire, the final bid was placed by a young family who were very pleased to win the keys.


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23 Rogers Avenue, Brighton East. Sold For $1,060,000.
Expertly designed to maximise space, this high-gabled 2 bedroom, 2 bathroom villa unit was hotly contested. The single-level property in a quiet bayside street held a reserve of approximately $900,000. It was five bidders who pushed the price well beyond the reserve, after a relatively slow start to the auction. The final two bidders were both keen to live at the property, but one of them eventually had to step down, when a bid of $1.06 million became the winning offer.

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.


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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.


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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.


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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.

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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