Big crowds at auctions and open houses on Saturday, as 601 properties were auctioned this weekend. A clearance rate of 78 per cent was achieved, with 468 properties selling and 133 being passed in, 66 of those on a vendor bid. There were an additional 341 private sales reported.
In the three months prior to 30 June, the highest clearance rate of any Melbourne suburbs was recorded from East Melbourne (100 percent), followed by Fitzroy North (96 percent), Blackburn South and Caulfield South (95 per cent).
The Real Estate Insititute of Victoria released new data last week indicating that there are some opportunities for buyers to secure a property in exclusive suburbs at realtively affordable prices. The key is to compare prices and land sizes, as many suburbs have two bedroom homes that are priced well below the median house price of that suburb. For example, the median price in Elternwick in June was $1.57 million, however a two bedroom house median price in that suburb is $929,000.
Villa units and older style apartments in good locations continue to be in high demand from investors, downsizers and younger buyers. Yet, this weekend it was period houses with modern extensions which led the market action.
There are 618 auctions scheduled for the first weekend in August.
119 Droop Street, Footscray. Sold for $745,000
With plenty of backyard space to extend and make changes to the unusual layout of the bathroom located in the kitchen, this single-fronted two bedroom Victorian’s price guide of $640,000+ offered a great opportunity to buyers. Thirty people attended the auction which kicked off with a $640,000 vendor bid, and a couple immediately offered $650,000. Three other parties joined in, but it was the first couple who put the property on the market at $725,000, then shortly after, they made the winning bid of $745,000.
49 Princess Street, Kew. Sold for $2,250,000
The price range of high $1 millions to early $2 millions was spot on for this double-fronted Victorian property. Gathered inside the home to avoid the windy conditions, the would-be buyers made bold bids. The first bid of $1.7 million was met by the auctioneer’s vendor bid of $1.85 million. There were three bidders in the running by the time the price reached $2.12 million, and even a knockout bid of $19,000 helped boost the price up to the winning bid of $2,250,000.
10 Wallingford Street, Cheltenham. Sold for $976,000
This beautifully renovated 2-bedroom home offering exceptionally comfortable living in Cheltenham’s prized Golden Triangle attracted eight bidders to the Saturday morning auction. The property last changed hands in late 2007 for $567,000. The auction took off after the opening bid of $785,000,with fierce competition pushing the price higher than the vedor’s expectations. The hammer was finally brought down for $976,000.
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.