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.

As the Spring auction season reaches its final weekend, a clearance rate of 78 per cent was achieved from 1238 auctions reported. There were 964 selling and 274 being passed in, 129 of those on a vendor bid. In addition to the auctions, there were also 301 private sales reported.

With plenty of stock on offer this weekend, Melbourne vendors faced tough competition while buyers were spoiled for choice. This was the second-highest number of homes being auctioned across the city, behind the 1598 auctions held on the pre-Easter super Saturday on 19th March.

The median auction price recorded in Melbourne this weekend was $856,000, just below the $860,000 reported the previous weekend, but 13.4 per cent higher than the $755,000 recorded over the same weekend last year.

Melbourne’s auction market looks set to be busy over the next 4 weeks in the lead up to Christmas, with an expected 3,000 homes to be auctioned.


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151 Power Street, Hawthorn.  Sold for $1,976,000.

This lovely freestanding four bedroom Victorian terrace positioned on approximately 407m2 attracted three bidders among the crowd on Saturday. Fast bidding with $1,000 increments took this two storey property higher than the 1.91 million reserve. The hammer was brought down at $1.976 million to a semi-retired couple who plan to move in to the property set in lush gardens.


26 George Street, St Albans

26 George Street, St Albans.  Sold for $630,000.

The price guide of $600k plus helped attract quite a crowd to the auction for this unrenovated four-bedroom home which was built by the vendors approximately 50 years ago. Five bidders threw their hands up to become the new owners of the property situated on approximately 785 square metres of land. But it was an investor who won the keys for $630,000.


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23 Beach Road, Beaumaris.  Sold for $1,740,000.

With a price guide of $1.6 million – $1.7 million, this was an affordable four bedroom home with views of the bay. In front of a crowd of 50 people, the auctioneer found three bidders vying for the opportunity to live within a stone throw of the water. The home which has been with the one family for 30 years, sold to a family who plan to rent it out for a couple of years before moving in when their children leave school.

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