Another Super Saturday brings a steady clearance rate for the Melbourne property market ahead of the Easter long weekend.
This weekend a clearance rate of 67% was achieved from 1468 auctions. Of those properties, 490 were passed in, 242 of those on a vendor bid. There were also 389 private sales over the past week. Units achieved a 68% clearance rate, and houses resulted in a 66% clearance rate across the city.

Similar auction volumes of 1428 happened on the same weekend last year, however last year’s clearance rate on the same weekend was 81%.
With next weekend’s Easter break, auction activity will be minimal. Our market wrap will return in two weeks. Have a great Easter!

Kind Regards,
The Team at Elite.


56 Regent Street, Elsternwick. Sold for $1,950,000 
Four bidders contested this stunning double fronted Victorian three-bedroom home on Saturday. Perfectly positioned just several doors down from the ‘The Block 2017’, the property is conveniently located just 5 minutes’ walk from Elsternwick station, Glenhuntly Rd eateries and elite schools. The auction commenced with a $1.46 million bid, and was announced on the market at $1.77 million. But it was a late bidder who secured the property with a final knockout $10,000 rise after a series of $1,000 offers.

21 Roberts Street, Keilor East. Sold for $1,600,000 
A four-bedroom single-level home delivering an exceptional family lifestyle of luxury and versatility in a sought-after Keilor East pocket had three auction bidders fiercely competing to become the new owners. It was a young family who took the keys after outbidding two other groups. The sale price was $120,000 above the reserve.

622 Bridge Road, Richmond. Sold for $1,460,000
Originally the site of the Richmond Racecourse in 1907, this clinker brick English cottage was established in 1941 as part of Richmond’s first housing commission estate. The three-bedroom house received bids from two parties, but it passed in on a $1.425 million vendor bid. The property sold for $10,000 above the reserve shortly after the auction.

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.


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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.


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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.


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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.


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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.

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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 has delivered another steady, yet strong result as we plunge into 2017.

There were 444 auctions in Melbourne, with 361 selling and 83 being passed in, 30 of those on a vendor bid. In addition to the auctions, there were also an additional 329 private sales.

Last Tuesday, as expected, the RBA, left rates on hold for the fifth consecutive month, at the record low 1.5 per cent. For buyers, this brings a great opportunity to step into or step up in the Melbourne property market.

The early 2017 market has already seen some strong results, but next weekend buyers will have far more choice. An expected 900 properties have auctions scheduled next weekend, double what we have seen in the past couple of weeks.


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Price: $1,005,000

Address: 40 Mernda Avenue, Bonbeach

Featuring three bedrooms, a studio, a tandem garage and ample outdoor space, this property located minuted from Carrum station, shops and the beach attracted seven bidders. Bidding took off quickly which pushed the sale price $205,000 above the reserve. It was a young couple with a three week old baby who won the keys.


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Price: $426,000

Address: 43 Wilgah Street, Thomastown

Marketed as the ideal first home, or investment, or downsizing opportunity. This two bedroom, one bathroom close to the Ring Road, local schools, shopping centres, parks, train station and other forms of transport provides an affordable option not too far from the city. Six bidders helped push the selling price up $26,000 over reserve when the hammer was brought down at $426,000.


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Price: $1,260,000

Address: 7 Browning Street, Moonee Ponds

A three bedroom terrace known as “Carringbush” evokes enticing Victorian splendour from its highly sought after coveted Poet’s Corner address. Two home buyers bid at the auction from $1.05 million to $1.19 million, however it was passed in to the highest bidder. The property sold minutes after the auction for $1.26 million.

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.

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.


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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.


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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.


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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.


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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.


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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.


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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 77 per cent was achieved from 990 auctions reported. There were 760 selling and 230 being passed in, 93 of those on a vendor bid. In addition to the auctions, there were also 297 private sales reported.

Higher listing numbers may have contributed to a lower clearance rate this weekend, as it was Melbourne’s lowest since the Spring auction season began.

The north and west areas of Melbourne were once again the top performers in the weekend auction results, with clearance rates of 86.4 per cent and 82.3 per cent respectively.

We look forward to seeing how the Spring market will fare next weekend.


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30 Tennyson Street, Highett. Sold for $890,000.

Screened by established gardens on a prominent corner allotment, this pretty double-fronted two bedroom cottage on a 421sq metres sold for the first time in 45 years. After an opening bid of $800,000, three bidders pushed the price up. It was a young couple with plans to renovate that won the keys for $890,000.


12 Marin Lane, Maribyrnong, Vic 3032

12 Marin Lane, Maribyrnong. Sold for $847,000.

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.


17 Fairlie Avenue, Macleod, Vic 3085

17 Fairlie Avenue, Macleod. Sold for $925,000.

This three bedroom weatherboard home last sold for $104,000 29 years ago, and this weekend five bidders helped push the price well past the resrve of $810,000. The opening bid of $750,000 set the tone for a heated auction for the home set on a block of 769sq metres. But it was a family who outbid all rivals on the day with their final bid of $925,000.

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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