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 autumn market is already gaining strong momentum, and really setting things up for anothe strong year of growth for the Melbourne property market.
There were 1198 auctions in Melbourne, with 883 selling and 211 being passed in, 104 of those on a vendor bid. In addition to the auctions, there were also an additional 334 private sales. The result, was a very strong 81% clearance rate.
The results so far for 2017 have been the strongest start to the year we have seen. Demand is high, however there has been a plenty of stock hitting the market, which indicates that there is still plenty of underlying demand for Melbourne property.
Price: $895,000
Address: 2/40 Embankment, Chelsea
On its own title and with no body corporate this 3 bedroom 2.5 bathroom located at the back of a block is a rare find. Around 60 people crammed into the driveway to see the opening bid of $690,000 be outdone by a second bidder offering $770,000. The two bidders helped the property get announced on the market at $785,000. Two new bidders then joined in, pushing the price well over $800,000. At $880,000 the bids slowed down to $1,000 rises until it was sold for $895,000.
Price: $1,980,000
Address: 220 Victoria Road, Northcote
A three bedroom period home on a corner block of approximately 608sqm, near leisure centres, shops, parks and transport, reached a price $380,000 above the reserve on Saturday. It was a battle of seven bidders, and the hammer was brought down to a developer who secured the property after outbidding a would-be buyer who intended to live there. The sale price of $1,980,000 was a new record for Victoria Road.
Price: $955,000
Address: 11 Isabella St, Parkdale
With two large living zones plus a sun-bathed north-easterly courtyard, this two bedroom, two bathroom villa with a double garage and street frontage attracted a crowd of 100+ people to the auction. A price guide of $720,000 – $790,000 saw multiple downsizers, investors and young owner occupiers vying for the keys. Located near shops, train and a short walk to the beach, the property received an opening bid of $760,000. Six would-be buyers were in the crowd, but only two bidders were able to put their hands up. On the market at $860,000 and sold to a downsizer for $955,000.
Melbourne’s auction market got off to a strong start over the weekend as buyers enjoyed the choices available as more listings have recently arrived on the market.
There were 192 auctions held in Melbourne on Saturday, and in the 7 weeks from 19 December 2016 to 5 February 2017 a clearance rate of 79 per cent was recorded. Of the 421 auctions reported, there were 333 sold and 88 passed in, 39 of those on a vendor bid. There were 1428 private sales recorded.
The Reserve Bank of Australia will meet for the first time for 2017 this week to decide the level of official interest rates for February. Economists are expecting that the RBA will likely be leaving the rates on hold for the fifth consecutive month.
The auction activity is increasing throughout this month with more than 1,400 auctions due to be held in the last week of February. Nearly 500 auctions are expected for next week.
2/96 Cooper Street, Essendon sold for $911,000
This spacious three bedroom, two bathroom villa opposite Buckley Park attracted 55 people to the auction. Pre-auction interest was around $750,000 for this middle villa with a double garage in a block of only three. With an opening bid of $650,000 the auction took off from there, with five bidders jumping in. At $830,000 the property was on the market, and the fifth bidder took the price up to $900,000. But it was a young couple who stayed in, and won the keys for $911,000.
6 Merrett Avenue, Hoppers Crossing sold for $475,000
Over the past twelve months there has been a considerable increase in interest in family homes under $600,000. This three-bedroom house positioned on a generous 585m2 (approx.) parcel of land sold for the first time since it was built 42 years ago. There were four bidders vying for the keys to the property which easily reached its reserve price of $460,000. It was a local family who were successful at the auction for a price of $475,000.
2 Blyth Street, Murrumbeena sold for $1,421,000
The potential of this three bedroom plus study timber house attracted a range of would-be owners including developers and home buyers. Sitting on approximately 760 square metres of land, the home sold for more than $171,000 above the reserve. The property last sold in 1978 for $36,000, and on Saturday two bidders pushed the price up to $1.421 million. This equates to an annual capital growth of over 10% per annum over the 38 year period.
The final few weeks of 2016 are here, and Melbourne’s summer has brought an upbeat mood to the market. This week Melbourne’s auction market had a clearance rate of 79 per cent from 1094 auctions reported. There were 867 selling and 227 being passed in, 104 of those on a vendor bid. In addition to the auctions, there were also 389 private sales reported.
This weekend’s clearance rate was the highest recorded in almost two months in Melbourne. In fact, the spring selling season had produced some incredible results, with the average clearance rate of 79 per cent being the highest recorded in recent years.
The Reserve Bank of Australia will meet for the final time of the year on Tuesday and for the last time until February. It is expected that they will choose to keep official interest rates on hold.
58 Wolverhampton Street, Footscray. Sold for $977,000.
The asking price of this unique converted coach house was only $790,000, attracting a range of potential buyers. Five bidders were interested in the polished concrete floors, contemporary style and double-height ceilings of this four bedroom home. Such fierce competition helped push the price $127,000 above the reserve, and it was a young couple who became the new owners.
20 Marlton Crescent, St Kilda. Sold for $1,915,000.
This superb wide Hawthorn brick Victorian in a popular St Kilda location always coveted for its character and its convenience sold for $195,000 above its reserve. With a mixed bag of four bidders competing for the property, it was downsizers who outbid younger homebuyers and an investor. The three bedroom home sold for $1,915,000.
4 Bowen Street, Hawthorn. Sold for $2,670,000.
Among the 60 attendees to the auction of this four bedroom Victorian home were three bidders. On offer was a beautifully renovated home with a rear extension providing a modern flair. The initial bidding began at $2.32 million, and the property was announced on the market at $2.6 million. This sale price was more than $880,000 above the sale price when the property last sold in 2012.
Another weekend of low stock, but the good news is that fresh properties are arriving on the market ready for a spring surge. 81% clearance rate was achieved this weekend from 756 auctions held, with 611 selling and 145 being passed in, 63 of those on a vendor bid. There were also an additional 345 private sales reported.
This being the beginning of the Victorian school holidays, many buyers are holding off on attempting to buy until the new range of properties arrives on the market. In fact, it looks like late October (22 – 23) is fast shaping up to become a booming weekend for auctions in Melbourne.
We expect to see over 1000 auctions held next weekend, before the AFL grand final week.
40 Spensley Street, Clifton Hill. Sold for $1,405,000.
This picturesque terrace with second frontage to George Street, close to Village cafes, station, Spensley Street Primary and Yarra parkland epitomizes the enduring appeal of Clifton Hill. The auction attracted a cross section of buyers including a young couple, downsizers and an investor, who all helped push the sale price well above the reserve. It was the investor who walked away with the keys for this two-bedroom property which was declared on the market at $1.27 million.
52 Dudley Street, Footscray. Sold for $956,000.
A price guide of $775,000 attracted plenty of young couples and families along to this renovated four bedroom property. With six bidders in the mix, it was unlikely that there would be any bargain at this auction. After a vendor bid of $750,000 was followed by a trump bid of $800,000 from a couple, the auction quickly became very serious. The couple outbid every other person who attempted to buy it until no other contenders dared put their hand up. It was sold to the couple for $965,000.
117 Lord Street, Richmond. Sold For $1,088,000.
Filled with light, this 2 bedroom Victorian’s impressive proportions are matched by the outdoor appeal of its open landscaped rear garden. After the opening bid of $900,000 was met with silence, it looked like it might have been a short-lived auction. But after a vendor referral, things started up again with some fresh bids arriving. It was the first bidder at the auction who ended up becoming the new owner in front of a crowd of 50. The price reached $1,088,000 when the auctioneer again referred to the owners before declaring the property on the market. No further bids were received and it was announced as sold to a young man.
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.
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.
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.
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.