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.
Melbourne’s property market passed it’s first big test of the year this weekend, with around 1485 homes going under the hammer throughout the week.
There were 1217 auctions held across Melbourne this weekend, with 722 selling, resulting in a clearance rate of 70%. 360 properties were passed in, 169 of those on a vendor bid. There were also 326 private sales.
The market appears to be very balanced at the moment, however there was a sense of buyers ‘sitting on their hands’ at some auctions over the weekend. This could be a result of buyers not understanding the value of properties at the moment due to agents pricing becoming more in line with vendors reserve prices. Agents are being closely watched by Consumer Affairs at present due to the change in Estate Agents Act 1980 on 1st of May 2017. Once this practice becomes more familiar buyers should gain more confidence again and this should occur in the not so distant future.
Kind Regards,
The Team at Elite.
1/61 Martin Street, Brighton. Sold for $1,220,000
This three bedroom unrenovated villa unit with street frontage in a very convenient and popular location of Martin Street welcomed about 60 people to the auction. Two vendor bids were put in to start the auction and the auctioneer worked extremely hard to get some participation. Finally he received a genuine bid of $970,000 where another gentleman jumped in at $980,000. The two bidders went head to head until one dropped out when it almost got knocked down to the highest bidder after being announced on the market at $1.05m. Another bidder who then jumped in, ended up winning the keys at $1.22m. $170,000 over reserve.
1/18 Allambee Avenue, Camberwell. Sold for $1,575,000
A very popular auction with over 150 people in attendance. The majority of the crowd was downsizers and Chinese buyers. The bidding started at $1.3m where two bidders fought head to head to secure the popular piece of real estate. The property was announced on the market at $1.25m and sold for $1.575m. A solid $150,000 above reserve. The determined downsizer won the auction and only two bidders were involved as no one really got a chance to put their hand up.
38 French Street, Thomastown. Sold for $885,000
This triple-fronted four bedroom home in a highly sought after location attracted strong buyer interest leading up to the auction. Quoted at $650,000-$710,000 prior to auction, the house on a 650 sqm block is completely ready for a family to move into. On Saturday, the agent informed us that there were 10 to 12 parties intending on bidding to secure the home but only three got the chance as bidding was quick and fast. The price sold for $885,000 well above the reserve price.
