The Melbourne auction market had an impressive return to form after the Queens Birthday weekend break. A clearance rate of 72 per cent was achieved from 893 auctions this weekend, with 533 properties selling and 247 being passed in, 98 of those on a vendor bid. There were an additional 275 private sales reported.

This weekend, the competition at auctions was particularly strong, with buyers fiercely bidding for quality properties that are currently in short supply in sought after areas.

Popular with buyers are the “move right in” properties that have been renovated or extended; or even properties that provide potential for redevelopment. Many of the auctions for these properties had three or more bidders, which is always a good indication that there are not enough properties available to meet the demand.

With such high auction volumes for late June, the next couple of weeks in Melbourne will be extremely interesting to watch. Such an influx of high auction numbers would provide strong opportunities for buyers. Melbourne will see one of the biggest ends to the financial year on record, with close to 2,000 auctions scheduled in the next two weeks.

Next weekend there will be an expected 920 auctions held in Melbourne ahead of the Victorian school holidays and the upcoming Federal Election.


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658 Lygon Street, Carlton North. Sold for $880,000

This classic single-front Victorian on the edge of the city attracted many admirer’s before the auction. Multiple bidders were involved in the auction for this two large bedroom home with period-inspired bathroom complete with clawfoot bath, central lounge and updated kitchen/meals area. A vendor bid of $750,000 kicked off proceedings, and two parties immediately started trading $10,000 bids, then $5,000 bids until the price reached $800,000. A third bidder then joined in with $1,000 rises until they were eventually beaten by one of the first bidders, who acted on behalf of a contact via a phone.


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2 Forrest Street, Yarraville. Sold for$1,224,000

A double-fronted Victorian in the heart of Yarraville with an asking price of $900,000+ attracted some hot competition at the Saturday auction. A vendor bid of $900,000 stirred the serious buyers to put their hands up, and three bidders were in the mix by the time the price reached $940,000. An investor went head to head with another fierce bidder with $5,000 increments helping the price reach the reserve of $1.09 million. But it didn’t stop there. Two new contenders attempted to win the keys, but it was an investor who secured the contract with a final bid of $500 more than his opponents, and $134,000 above the reserve.


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5A James Crescent, Hampton. Sold for $1,271,000

Five bidders slogged it out to try and grab their own piece of the family friendly bayside suburb of Hampton. On offer was an enchanting three bedroom, 2 bathroom home fronting a quiet crescent with a high-gabled attic-style design …and located with a frontage on Thomas Street park with a sun-catching north-westerly aspect. With five bidders pushing the price of this weatherboard home up to $171,000 above the reserve, the property sold to a local buyer returning to the area after working overseas.

Fewer than 500 auctions were held in Melbourne on the Anzac Day long weekend. A clearance rate of 77 per cent was achieved from 472 auctions this weekend, with 365 properties selling and 107 being passed in, 58 of those on a vendor bid. There were an additional 466 private sales reported.

The suburbs with the top clearance rates during April are Mill Park (100 per cent from 15 auctions held) and Richmond (88 per cent from 17 auctions held).

Real Estate has become a hot topic in the lead up to the 2016 federal election, potentially causing some vendors and buyers to delay participation in property transactions. The issue in question is federal Labor’s plan to limit negative gearing tax concessions on residential property; and how this will impact property prices and the economy as a whole.

However, it was a typical holiday weekend for the Melbourne auction market, with the inner suburbs having a lower than usual proportion of auctions held, while the outer suburbs supplied higher numbers.

Kim Easterbrook provided some good news for buyers who read her comments in The Sunday Age – Domain, with listings on the increase and auction volumes for May set to be quite strong.

Next weekend we will start to get a taste of those higher volumes, with the market back to full strength and around 1300 auctions scheduled in Melbourne.

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2/32 Bringa Avenue, Camberwell. Sold for $840,000
A large crowd gathered in the driveway of Bringa Avenue to watch unit 2 of a neat and tidy 60’s development of four go under the hammer on a somewhat ordinary grey Autumn day. After spruiking the benefits of Camberwell and the desirable Bringa Avenue location the auction got under way with an opening bid of a modest $650,000. An advocate was quick to reply with a bold bid of $710,00. From there it was on, only the 2 parties, until it was on the market at $800,000. From there the battle continued until finally the first bidder won the keys and beat her opposition with a strong $840,000 bid. The entire process took just 6 and a half minutes leaving the auctioneer plenty of time to write the script for his next exciting engagement.

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368-370 Station Street, Carlton North. Sold for $1,980,000
This unrenovated character filled solid brick period home retaining many original features is being offered for the first time in more than half a century, with an executor’s auction held on Saturday. The 4 bedroom home sits on a prime corner position across 2 titles and located in a desirable pocket close to Rathdowne Village and had a price range of $1.5 million – $1.6 million. The auction attracted multiple bidders, and was won by a man who made one of the first bids for $1.89 million.

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6 Leighton Court, Toorak. Sold for $4,200,000
Beautiful and bright, this fully air conditioned contemporary three bedroom residence offers immediate appeal, a flexible floor plan and sensational lifestyle advantages in a prime position close to Toorak Village. The price guide of $3.9 million – $4.2 million should have been an indication of the vendor’s expectations, but the property only received interest from one bidder, who offered $3,925,000. The property was passed in, and later sold to that sole bidder for $4.2 million, after negotiations.

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