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.


image2.141837

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.

 

The first Super Saturday of 2017 delivers a strong clearance rate, indicating a very healthy property market. A new record has been made for the highest number of auctions held on a single February weekend.

There were 1198 auctions in Melbourne, with 983 selling and 215 being passed in, 85 of those on a vendor bid. In addition to the auctions, there were also an additional 297 private sales. The result, was a solid 82% clearance rate.

Interestingly, CoreLogic have reported that 33 Melbourne suburbs have achieved a one hundred per cent clearance rates for 2017.

There is speculation that the Reserve Bank will soon be putting interest rate up in early March. A red flag is that some banks have pre-emptively started to put rates up to insure against the rising cost of home lending and regulatory action.

Next week will be the first test of the autumn market in Melbourne.


main 2.204906

Price: $1,351,000

Address: 25 Dickmann Street, Richmond

A small crowd of 25 people showed to watch the auction of this three level, three bedroom house located in a very convenient and popular part of Richmond. There were six bidders trying to secure this trendy piece of real estate, after an opening vendor bid of $1,000,000. The bids came slowly and the property was annoucned on the market at $1.27m and sold for $1.351 under the hammer.


main 1.114300

Price: $730,000

Address: 1/34 Park Street, Moonee Ponds

A vendor bid of $600,000 opened the auction of this two bedroom attractive front villa – ideally situated in one of Moonee Ponds’ most exclusive streets. From the crowd of 80, a man offered $610,000 putting it immediately on the market. Three bidders pushed the price up to $727,000 until only one bidder was remaining, and a fourth bidder added a single bid of $730,000 to win the keys.


main.105459

Price: $691,000

Address: 5/46 Fewster Road, Hampton

Popular with downsizers, this single level two-bedroom villa in a driveway of only six attracted a crowd of 50 to the auction. A vendor bid of $600,000 opened proceedings, and the next bid was slow to arrive at $620,000. Three bidders battled it out for this well positioned property with views of Sandringham Athletics track. The villa hit the market at $675,000 abs the hammer was brought down to a young couple for $691,000.

This weekend the clearance rate holds steady as the auction numbers doubled.

There were 846 auctions in Melbourne, with 681 selling and 186 being passed in, 79 of those on a vendor bid. In addition to the auctions, there were also an additional 308 private sales. The result, was a solid 79% clearance rate.

Stock levels may have doubled this weekend, bringing more choice for buyers, but there is still opportunity for buyers to grab property before auction. Some suburbs are experiencing a surge in off-market sales, due to red-hot demand.

This month there is an expected 3,100 home going under the hammer in Melbourne, which is an increase of three per cent on February last year.


Price: $980,000

Address: 135 Franklin Street, Eltham

A four-bedroom family home with a quiet, leafy outlook and three living areas attracted three bidders to the auction. The pre-auction price guide was $820,000 to $900,000 and one bidder dropped out in the high $800,000’s leaving two other contenders to continue pushing the price up. A local family, looking to upsize, paid $100,0000 above the reserve.


Price: $1,661,000

Address: 30 Plummer Road, Mentone

This well maintained and renovated three-bedroom clinker brick home, in a premium beachside locale, attracted interest from downsizers and young families. With four bidders vying for the keys, the price quickly sailed past the reserve of $1.5 million. The last bidder to enter the auction walked away with the keys for $1.661 million.

main.094404


Price: $1,721,000

Address: 7 Grange Road, Mont Albert

Designed by Fasham Johnson which often prove to be popular with buyers due to their unique architecture, the auction started slowly with the auctioneer getting things underways with a vendor bid of $1.5m.  Three bidders contested with lady determined to win the keys. The property was announced on the market at $1.65m and sold for $1.721m.  $71,000 over reserve.

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.


fdafdafda

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.


main_202010

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.


fdafda

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.

This weekend a clearance rate of 80 per cent was achieved from 1001 auctions reported. There were 800 selling and 201 being passed in, 80 of those on a vendor bid. In addition to the auctions, there were also 299 private sales reported.

Melbourne’s 80 per cent result was higher than the 75 per cent recorded the previous weekend and significantly ahead of the 65 per cent reported over the same weekend last year.

Melbourne’s western suburbs continue to rise, with a leading regional clearance rate of 86.2 per cent. The inner-south followed close behind with a clearance rate of 81.7 per cent.

For the second consecutive quarter, Melbourne’s median house price recorded solid price growth, up 3.2 per cent to a record high $740,000.

Next weekend the local market will experience its biggest test of the spring selling season, with nearly 1400 homes set to go under the hammer.


main.140154

7 Bowen Street, Richmond. Sold for $2,000,000.

Once Richmond’s first Cobb & Co coach house, built in 1871, now a three bedroom home of grand proportions. This freestanding landmark brick Victorian has been owned by a family for 20 years, and the family are moving into a house out the back of this building. The property sold at the vendor’s reserve after passing in at the auction, and a new family will soon be moving in.


1.100647

3/4 Murrell Street, Glenroy. Sold for $434,500.

A heated auction with eight bidders competing for the keys to this two bedroom villa in Glenroy. The sale price was pushed $74,000 above the reserve, with many first home buyers among the bidders, hoping to take their first step onto the property ladder. This entry-level low maintenance home sold to a young couple for $434,500.


main.142305

20 Victory Street, Sandringham.

Constructed to an exacting standard as a builder’s own home, this substantial five bedroom, two bathroom family residence showcases the best elements of late 20th Century design with walls of north-facing windows, lofty vaulted ceilings and well-zoned design. Nine bidders attended the auction, but the opening bid of $1.8 million knocked six of them out before they could put their hands up. The property sold to a family for $2.142 million (almost $1 million more than when it was bought four years ago).

This weekend a clearance rate of 80 per cent was achieved from 1001 auctions reported. There were 800 selling and 201 being passed in, 80 of those on a vendor bid. In addition to the auctions, there were also 299 private sales reported.
Melbourne’s 80 per cent result was higher than the 75 per cent recorded the previous weekend and significantly ahead of the 65 per cent reported over the same weekend last year.
Melbourne’s western suburbs continue to rise, with a leading regional clearance rate of 86.2 per cent. The inner-south followed close behind with a clearance rate of 81.7 per cent.
For the second consecutive quarter, Melbourne’s median house price recorded solid price growth, up 3.2 per cent to a record high $740,000.
Next weekend the local market will experience its biggest test of the spring selling season, with nearly 1400 homes set to go under the hammer.


main.140154
7 Bowen Street, Richmond. Sold for $2,000,000.
Once Richmond’s first Cobb & Co coach house, built in 1871, now a three bedroom home of grand proportions. This freestanding landmark brick Victorian has been owned by a family for 20 years, and the family are moving into a house out the back of this building. The property sold at the vendor’s reserve after passing in at the auction, and a new family will soon be moving in.


1.100647
3/4 Murrell Street, Glenroy. Sold for $434,500.
A heated auction with eight bidders competing for the keys to this two bedroom villa in Glenroy. The sale price was pushed $74,000 above the reserve, with many first home buyers among the bidders, hoping to take their first step onto the property ladder. This entry-level low maintenance home sold to a young couple for $434,500.


main.142305
20 Victory Street, Sandringham.
Constructed to an exacting standard as a builder’s own home, this substantial five bedroom, two bathroom family residence showcases the best elements of late 20th Century design with walls of north-facing windows, lofty vaulted ceilings and well-zoned design. Nine bidders attended the auction, but the opening bid of $1.8 million knocked six of them out before they could put their hands up. The property sold to a family for $2.142 million (almost $1 million more than when it was bought four years ago).

Derby Day weekend is usually a bit more quiet on the auction front, than the previous weekends in Melbourne. There were 455 auctions reported, with 364 selling and 91 being passed in, 39 of those on a vendor bid. In addition to the auctions, there were also 347 private sales reported.

The leading clearance rate suburbs at present are Bentleigh East and Hawthorn. The two suburbs delivered a 100 per cent clearance rate from 16 auctions last week.

The property market has continued to deliver clearance rates in the 80%’s and demand for quality property continues to be strong.  It could be argued that there are more properties being sold under pass in conditions rather than under the hammer due to vendor’s expectations at times are high and buyers currently have more choice.

An interesting property hit the market this week being the penthouse of the Eureka Tower. The property sits on the 86th floor and has 360 degree views of the city.  The high end “New York style” fitout has been listed with a hefty price guide of $22m.  This however would not make it the most expensive apartment sold in Australia which was $25m for the penthouse of Melbourne’s planned tallest skyscraper, Australia 108 which sold off the plan last year.


main27.093247

13 Gwendoline Avenue, Bentleigh sold $1,902,000

This renovated 4 bedroom, 2.5 bathroom California Bungalow in a good position of Bentleigh was auctioned on the weekend in front of a large crowd.  The numbers didn’t reflect the bidding with only one party participating resulting in the property passing in.  It was evident there were buyers in the crowd but the lack of bidding could be a result of a wider selection of properties on the market. The property passed in on a vendor’s bid of $1,775,000 but sold immediately after for $1,902,000.


main.215949

90 Suffolk Street, Maidstone sold for $1,351,000

This 818 square metre property was the choice for developers. Six developers competed to become the new owners of this Maidstone property located in this ever appreciating pocket of Maidstone close to all local amenities such as Highpoint Shopping Centre, Central West Plaza and public transport.So it was a developer who won the auction with a $1.351 million bid, and they hope to put townhouses on the site.


main.073114

18 Philip Street, Vermont sold for $952,000

Located in the prized Vermont educational catchment area and only a short walk to cafes, buses and Bellbird Dell, this three bedroom family home fetched $952,000 under the hammer on Saturday. The auction began with an $800,000 vendor bid, and three young families stepped up with offers. The vendors received quite a pay day considering that they purchased this property in 2007 for $162,000.

This weekend was one of Melbourne’s busiest auction weekend’s of the year! There were 1114 auctions reported, with 907 selling and 207 being passed in, 86 of those on a vendor bid. In addition to the auctions, there were also 336 private sales reported.

The weekend before Derby Day is always a busy one for Melbourne auctions, and this weekend proved to be true to form. It was a “Super Saturday” however, auction numbers fell short of those held on the same weekend in 2014 and 2015.

As we head towards the end of the year, there is expected to be strong competition at well-located properties. Such properties are attracting multiple bidders, so it is imperitive for buyers to have a strong strategy for auction day.

Melbourne’s northern suburbs have experienced a surge in demand from buyers, helping Melbourne reach a six month peak in auction sales.


fdfd.145200
14 Trafford Road, Carrum Downs. Sold for $560,000.
This beautifully presented four bedroom home located with easy access to Carrum Downs Shopping Centre, Peninsula Link and the Monash Freeway, attracted first home buyers and investors. ME Bank happily served smashed avocado to a crowd of 45 prior to the auction. With four bidders raising their hands at the Saturday auction, it is little wonder the property sold for $40,000 above the reserve. The final bid of $560,000 won the property for a couple purchasing for someone in their family.


1.114018
7 Stevens Parade, Black Rock. Sold for $1,446,000.
Around 40 people squeezed into the living room of 7 Stevens Parade on a cold spring morning with rain pattering on the rooftop. Quoted prior to auction at around $1.4M the agent wasted no time looking for a start and made a vendor bid of $1.3M to kick off the auction. A young couple sitting on the lounge room couch as their child made himself at home playing on the floor, the auctioneer noted it was a good omen for the young family who then made the first genuine bid of $1.32M. Another party hidden in the hallway behind the auctioneer then joined in continuing the $20K rises back and forth with the opening bidder. The bidding then slowed slows down to $5K and $1K rises and eventually sold to the young family for $1.446M.


2.114022
2/8 Mernda Avenue, Carnegie. Sold For $990,000.
Over 50 people stood in the driveway taking in the few rays of sunshine poking through the clouds waiting with umbrellas for the auction to start or the heavens to re-open. Quoted prior to auction around the mid to high $800,000s, auctioneer Ruth Roberts had no problems extracting an opening bid from her audience with a gentleman putting forward $730,000; Ruth then reminisced with the man about the last house she sold to him nearly 20 years ago in Carnegie. The bidding progressed quickly with multiple parties joining the action and the home was announced on the market at $860,000. It rapidly continued until slowing down to $1K bids between the opening and the 5th and final bidder where it became a showdown to the end. The 5th bidder ended up with the keys, securing this 3 bedroom unit for $990,000.

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.


main.143735
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.


main.144614
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.


w1920 h1080 w1600 h1200 2013008620 1 pi 160.150653
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.

This weekend Melbourne’s high clearance rate reflects a market in need of fresh stock. A 79% clearance rate was achieved this weekend from 782 auctions held, with 621 selling and 161 being passed in, 69 of those on a vendor bid. There were also an additional 315 private sales reported.

Buyers who are hungry for new stock on the market are making riskier decisions about their next purchase. Some buyers are willing to push the price well above the reserve in order to get the property they want. Whilst others are willing to purchase before selling their current home.

Auction listings, if they continue on current trends, will be down by about 15 per cent for 2016. While the total of private sales and auctions is expected to be down by 8 per cent.

What does this mean? Buyers need to be sensible and know the worth of a property before entering into a purchase. Poorly researched buying can result in shocking re-sale value in the future, which can come as a shock.

The first 2 weekends of the spring auction season have been very interesting! We look forward to seeing how the market will handle the next few weeks.

There is an expected 800 properties to go under the hammer next weekend.


main.131026
17 Myrtle Street, Clifton Hill. Sold for $1,435,000.
In a quiet street close to Village cafes, station, Spensley St Primary and parkland, this superbly extended two-bedroom home on a deep block attracted a crowd of 40 to the auction. The first call for bids was met with silence, followed by some dogs barking. The auctioneer tried again to rouse a first bid from the crowd, and received a $1.1 million opening offer. Another bidder joined in and the bidding was fast paced as the price zoomed past the reserve of $1.27 million. The terrace was sold to the second bidder for $1.435 million.


1.091331
33 Hannan Street, Williamstown. Sold for $2,230,000.
Integral to the story of Williamstown, originally the homestead for Michael Hannan’s 100 acre farm, this evocative Victorian boasting a rare 24 meter frontage, retains significant status today as one of the area’s most outstanding family residences. The land has decreased substantially since those days, yet the renovated home holds plenty of appeal. In front of sixty onlookers, the auctioneer accepted an opening bid of $1.8 million from one man. Another man joined in and the bids were pushing the price close to $2 million when a third man put his hand up. The property was announced on the market, at $2.12 million, and as the price reached $2.185 million a fourth bidder joined in. It was sold to the first bidder for $2.23 million.


main.133653
7 Robe STreet, St Kilda. Sold For $2,720,000.
Soaring ceilings and magnificent proportions define this refined c1880’s era traditional residence positioned in the heart of St Kilda, only a block from the beach. The auctioneer made a vendor bid of $2 million to commence, and two would-be buyers traded $50,000 bids. The price reached $2.4 million, when a man asked if the house was on the market, and it took only a couple more bids before it was declared selling at $2.45 million. It was three bidders who helped push the price $320,000 above the reserve, when the hammer fell to a young family for $2.72 million.

Logo
menu

Share This

Select your desired option below to share a direct link to this page.
Your friends or family will thank you later.