Hi ,

Masks were off over the weekend and bidding was fierce at some auctions.  The REIV clearance rate was 84% on 937 auctions.  592 sold at auction, 195 sold before auction and there were an additional 194 private sales.

There is a huge interest in property at the moment, not only in Melbourne but across the state.  The after effects of multiple lockdowns have seen many people rethink their way of living.  The number of vendors selling due to a seachange or treechange has increased dramatically.  On the flipside though, we have also experienced high level of enquiries of expats wanting to buy a base in Melbourne with a view of coming home over the next couple of years.  There has also been an influx of Sydney buyers wanting real estate in Melbourne or Regional Victoria (mainly Geelong and Ballarat).

The demand in the upsizer market is putting strong pressure on the housing market, this has been caused by a large number of people rethinking about the type of property and space they need due to spending so much time at home over the past twelve months.  Extra bedrooms, study’s and reasonable sized backyards are on the wish list to allow more flexibility to work from home and space for children to run around.

Over the weekend, there have been many reports of properties selling well above the advertised price range and the vendors reserve.   While some of this has been caused by the increase in buyer demand, I do believe that some advertised price ranges are low and not in line with current market value. This is mostly not due to the agent under quoting the property, rather than vendors having extremely realistic reserves and at levels where prices were last year.  Over the next few months that gap should decrease as vendor’s expectations start to rise due to the rising market.

The auction of 20 Cowper Street, Sandringham was of interest to many buyers.  The property was a three bedroom, two bathroom original mid-century home on approximately 390 sqm of land.  The appeal of the property was the location and the architectural uniqueness of the home.  The property was quoted for $1,300,000 to $1,400,000 in the first week of the campaign but due to high interest levels was raised to $1,500,000 to $1,600,000.  The property was announced on the market at $1,650,000 but what was interesting was the level of interest above this.  There were still five bidders above $1,900,000 and three bidders above $2,000,000.  The property sold for $2,105,000 to what appeared to be an owner occupier.

Another rare property to sell well above reserve was 15 Waltham Street, Flemington.  The Victorian home on 500 square metres was hugely popular with the opening bid of $2,000,000 exceeding the reserve and putting the property on the market.  The property sold for $2,560,000 which was $610,000 above the vendors reserve.

Interestingly, properties that were on the market last year and could not sell have been relisted and being snapped up quickly.

Have a wonderful week.

Kim Easterbrook

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.

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.

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 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.


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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.


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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.


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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 windy weekend for the Spring auction market in Melbourne. There were 904 auctions reported, with 717 selling and 187 being passed in, 82 of those on a vendor bid. In addition to the auctions, there were also 358 private sales reported.

The September quarter has shown that auction volumes were down significantly on the same period last year. The city recorded a clearance rate of 76.2 per cent from 9,932 auctions in the 3 months up to 25 September. This is compared to 75.7 per cent clearance from 12,413 auctions for the same period last year.

The inner-south has become Melbourne’s strongest performing region, with an 80.6 per cent clearance rate from 1409 auctions.

But the house price growth has driven more buyers to Melbourne’s outer suburbs, and areas such as Greensborough, Watsonia, Carrum Downs and Bayswater are expected to benefit next.

Victorian investors are helping to refuel the Melbourne auction market. Recent Australian Bureau of Statistis results reveal that lending to Victorian investors in August increased by 5 per cent on the same time last year.

Next weekend is expected to be another busy one for the auction market.


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76 Shepherd Road, Glen Waverley. Sold for $1,560,000.
With five bidders among a crowd of over one hundred people, it is little wonder that this property sold for more than $160,000 above the reserve. The last time this four bedroom home in Glen Waverley was on the market was 33 years ago. The owners have updated this boutique home in fine fashion, hoping to win the hearts of potential buyers. The opening bid of $1.1 million set the tone, and five would be buyers pushed the price up, until the hammer was brought down at $1.56 million.


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44 Vine Street, Moonee Ponds. Sold for $2,340,000.
Uniting brilliant contemporary design with premium fixtures, exemplary extras and a highly desirable locale, this stunning five-bedroom plus study Victorian-inspired family home was hotly contested at auction. With an opening bid of $1.7 million, the auctioneer had little trouble finding more offers. Five bidders eagerly threw their hands up, helping smash the reserve by $390,000. The property sold for $2.34 million.


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7 Austin Street, Hampton. Sold For $1,050,000.
This Bayside address appeals to investors, first-home buyers or empty nesters. With super spacious single-level living, this freestanding three bedroom, two bathroom home on approx. 357.50sqm block close to schools and the beach, drew 38 bids at the auction on Saturday. It was a young couple who became the new owners, paying $50,000 above the reserve of $1 million.

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