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.


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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.


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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.


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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.


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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.

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.


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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.


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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.


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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.

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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