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.


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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.


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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.


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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.

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.


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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.


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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.


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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.

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This small suburb is only 5 square kilometres and it’s a hop, skip and a jump from Melbourne CBD making this the perfect location to live, to work and of course to socialise!

This small suburb is filled with many different cultures and it is interesting to know that only approximately 50% speak English at home. This once well-known suburb for its ever alarming crime rate is well on its way to a complete 360 with people flocking to the suburb wanting to scoop up available real estate at alarming rates!

If you are looking for somewhere to grab a bite to eat or coffee, perhaps one of the 130+ restaurants/cafes could satisfy your needs and whilst wondering through the streets of Footscray, don’t forget to look around and admire the amazing graffiti art.

Footscray is also home to many wonderful and well known icons, such as the Heavenly Queen of Footscray, the Western Bulldogs, Franco Cozzo and the Melbourne Market which has been home for many fruit, flower and fish traders for over 50 years until its recent relocation to Epping – but what will become of this valuable land site and the iconic signage?

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