There were some heated auctions around Melbourne on the weekend, with some surprising sales results. For the first weekend of spring, Melbourne achieved a 79% clearance rate. There were 712 auctions held this weekend, with 560 selling and 152 being passed in, 76 of those on a vendor bid. There were also an additional 375 private sales reported.
With less stock on the market, some buyers are finding themselves emotionally attached to a property they want to buy. We have seen a few properties selling well beyond the reserve, in extremely contested auctions. However this trend seems to be more pronounced during periods when auction listings are down.
In the lead up to the AFL grand final, it is unlikely that we will see any 1000+ property auction weekends. Many vendors are holding off their auction campaign until after the finals. Although next weekend there is an expected 850 properties going under the hammer.
18 Linton Street, St Kilda. Sold for $1,819,000.
Fastidiously renovated & extended to designer perfection, this striking four bedroom home close to Carlisle Street cafes became the scene of a fiesty 40 minute auction. The pre-auction price range of $1.35 million to $1.45 million was not even included in the bidding when the first bidder immediately offered $1.5 million. The bids that followed were rising in $10,000 increments until the three bidders began trading $1,000 increases as the price crept past the $1.58 million reserve. The hammer was brought down to a young man who held on for a price of $1.819 million.
83 Tarrengower Street, Yarraville. Sold for $1,165,000.
This renovated three bedroom house double fronted Victorian located close to the vibrant village lifestyle in Yarraville soared to $195,000 above its reserve price. The opening bid was a vendor bid of $900,000 from the auctioneer. From there, it was tough competition as three bidders battled it out wanting to become the new owners. As the bidding came down to the wire, the final bid was placed by a young family who were very pleased to win the keys.
23 Rogers Avenue, Brighton East. Sold For $1,060,000.
Expertly designed to maximise space, this high-gabled 2 bedroom, 2 bathroom villa unit was hotly contested. The single-level property in a quiet bayside street held a reserve of approximately $900,000. It was five bidders who pushed the price well beyond the reserve, after a relatively slow start to the auction. The final two bidders were both keen to live at the property, but one of them eventually had to step down, when a bid of $1.06 million became the winning offer.
The final weekend of winter brought strong sale results in many areas. There were 840 properties auctioned this weekend, resulting in a clearance rate of 79%. The details are: 665 properties sold and 175 passed in, 85 on a vendor bid. There were also an additional 309 private sales reported.
Auction volumes have increased slightly, but still not at the same level as last year. This weekend there was the widest choice of properties on offer compared to the last couple of months.
Sales results in Brighton and Malvern East have been strong in the past few weeks, with a 91 percent clearance rate for the last weekend of winter.
There is an expected 730 auctions to be held for the first weekend of the spring market next week.
8 Dendy Street, Brighton. Sold for $2,030,000.
Just 150m from the famous Dendy St beach bathing boxes, this expansive three bedroom, two bathroom home attracted a crowd of approximately 90 to the auction on Saturday. At the auctioneers first signal for bids, a man wearing a suit offered $1.75 million. The auctioneer immediately placed a $1.8 million vendor bid, before another bid took the property on the market at $1,935,000. The two bidders, both representing retiree families took the price to $2.03 million when the second bidder became the new owner winning the keys.
28 Lily Street, Seddon. Sold for $1,310,000.
This architect’s own home delivers a fully-optioned and energy-efficient family lifestyle in a sought-after Seddon location which attracted a crowd of 100 people. One man opened with a bid of $1 million, before a younger man offered $1.05 million. A woman joined in and made three bids before bowing out of the running for this three bedroom townhouse. The younger man made a strange final bid of $1,300,888 but conceded defeat when the older man bid $1.31 million.
41 Johnson Street, Northcote. Sold For $1,340,000.
Blending Edwardian charm and modern functionality, this elegant c1910 residence offers an enviable lifestyle. In an auction that took a while to get started, with a long silence followed by a low ball offer of $800,000, things really heated up. With six bidders helping push the price to $1.26 million with rises of $10,000, the property was declared on the market at $1.12 million. Three bidders had already dropped out, and the three remaining took the price to $1,308,000 when a new bidder joined. The last bidder became the new owner after only a few bids to take the keys for $1.34 million.
There were 486 properties auctioned this weekend, resulting in a strong clearance rate of 81 per cent. The details are: 392 properties selling and 94 being passed in, 43 of those on a vendor bid. There was an additional 281 private sales reported.
As late winter typically has fewer properties available on the market, resulting in more bidders at auctions across Melbourne. With stronger competition for fewer properties, there is a trend for properties to be selling in isolation, with no similar homes competing for buyers.
Auction numbers are starting to pick up again as we head towards Spring. There are 633 auctions scheduled for next weekend.
33 Emo Road, Malvern East. Sold for $2,080,000
This pretty three bedroom Edwardian home located in sought after Adrie Estate, where homes are protected by a heritage overlay, attracted six would-be buyers to the auction. A fierce opening bid of $1.6 million was quickly overtaken by a $20,000 rise. The duel continued in $20,000 rises until the reserve of $1.72 million was reached. Other parties joined in, helping the price reach $1.96 million, when the pace slowed down to $1000 bids before the property was announced as sold at $2.08 million.
41 Horace Street, Malvern. Sold for $3,800,000
A modern family home with 4 beds, study, kids retreat, 3 bathrooms and an in-ground pool was touted by the auctioneer as the perfect family home with nothing to do but move in. An opening bid got the ball rolling at $3.3m followed by a $20k rise. This continued until it hit $3.6m. A family man offering $3.61m continued the auction. Bids rose in $10k lots until he was out at $3.8m. The agent sought instructions and returned to announce the home is on the market. A call for new bids landed on deaf ears and the property was reluctantly knocked down to the calm and patient woman. In attendance was a decent crowd of about 150.
322 Geelong Road, West Footscray. $751,000
A three bedroom family classic offering a series of tempting spaces behind its appealing original facade close to Hanson Reserve, transport and city access, attracted numerous interested parties at the inspections. However it was a different story during the auction, when it took two vendor bids before the first genuine bid of $700,000. Two more bidders came forward with $5000 rises, and the action came to a halt at $725,000 when the property was passed in. After auction negotiations with the highest bidder saw the property sell to a young couple for $751,000.
Auction numbers down which means some tough competition for buyers, as 573 properties were auctioned this weekend. A clearance rate of 77 per cent was achieved, with 441 properties selling and 132 being passed in, 60 of those on a vendor bid. There were an additional 315 private sales reported.
Last week’s decision by the Reserve Bank to again cut interest rates to a record low of 1.5 per cent has become a key driver of a strong auction market. These lower rates for mortgage holders will indeed increase buyer confidence as we head into the spring market.
Auctioneers have seen a turnaround in the market recently with less need for vendor bids, and more enthusiastic starts at auctions, particularly in highly sought after areas.
Stock levels are expected to remain relatively low for the next 6 weeks, until the spring market begins to gain momentum
16 Linda Street, Coburg. Sold for $953,000
This renovated two bedroom Victorian family home with high ceilings, polished floorboards and a charming landscaped front yard, attracted six hopeful buyers amongst the 80-strong crowd. With a price range of mid to high $700,000s, the opening bidder believed that their $820,000 offer would be enough to win them the keys, but all it did was immediately put the property on the market. It was a fast-paced auction, and one of the last two entrants after $900,000 eventually became the new owner with a final bid of $953,000.
89 Raglan Street, Port Melbourne. Sold for $1,502,000
A dilapidated Victorian shop presented a blank canvas for buyers to create whatever home they wish to live in, only a short stroll to the Bay Street shopping and cafe precinct, North Port light rail station and the beach. A crowd of 110 watched as auctioneer took bids from six bidders, as the price sailed past the reserve of $1.1 million. It was a very determined couple with a baby who took the keys with their final bid of $1,502,000. They plan to make the property habitable, before renovating it fully in the coming years.
4/113 Cecil Street, Fitzroy. Sold for $810,000
With a price guide of $650,000 to $700,000, it’s little wonder this two bedroom loft-style apartment with sensational city views attracted a crowd of young prospective buyers. An opening bid of $650,000 from a man bidding for a young woman sparked $10k rises from four bidders. At $740,000 the property was on the market and fast competition continued. But it was the original bidder who held on, winning the keys for the young woman who was elated and surprised by the result.
Buyers were out in large numbers on the final weekend of the financial year. A clearance rate of 79 per cent was achieved from 181 auctions this weekend, with 133 properties selling and 48 being passed in, 15 of those on a vendor bid. There were an additional 370 private sales reported.
Restrictions to negative gearing tax concessions on new properties may have seen us with a different result last Saturday, if they had have come into effect. As it happens investor activity is up and clearance rates have hit a new high for the year (79 per cent). This is the highest since June 2015 and shows a marked improvement in auction results. With the Australian Bureau of statistics reporting an increase on investor lending by 17.3 per cent over May (compared to April this year) investors certainly seem more confident post-election and the trend looks set to continue.
Lower levels of stock are creating strong competition at auction and private sales are experiencing shorter days on market (according to several outer suburban agents) over the last few weeks. In particular the Northern suburbs are booming where home owners and investors alike are lining up to get a foot in the door. Buyers in the West are also very active with suburbs such as Seddon, Footscray West and Yarraville leading the way.
45 Black Street, Brighton. Sold for $1,500,000
A single level 3 bedroom period home in highly sought after location close to Church Street shopping strip, Brighton Primary and leading private local schools attracted five bidders to the auction. The Art Deco house last changed hands in October 2014 for $998,000. Its value swelled by a staggering $520,000 under the hammer on Saturday. It sold to a local investor, who plans to rent the property out.
374 Richardson Street, Middle Park. Sold for $1,130,000
Located in one of Middle Park’s finest tree-lined streets this single fronted unrenovated brick Victorian house in triple ‘A’ location, is unliveable in its current condition and offers plenty of opportunity. A crowd of 80 watched on as the auctioneer opened with a vendor bid of $900k, followed by a man offering $10,000 more, before two other bidders joined in. The two bedroom plus study house, on approximately 144sq.m, was announced on the market at $1 million, and sold for $1.13 million. The final price was $130,000 more than the vendor would have been happy accepting.
180 Station Street, Port Melbourne. Sold for $1,402,000
Double fronted and free-standing, this inviting three bedroom period home is only a short walk to Bay Street, and easy to travel by nearby tram or bike track to the city. Six would-be buyers put their hands up to attempt to buy the property which had been owned by the one family for about 20 years. The auctioneer started with a vendor bid of $1.2 million, which prompted another man to join in with his first bid of $50k. It didn’t take long to be on the market at $1.28 million. The buyer, who currently rents a property only a few doors down, outbid the competition by paying $138,000 over the reserve.
South Yarra is a very popular suburb of Melbourne because of its simple access to the CBD and the many attractions which keep people visiting and residing in the area. It located approximately 4 kilometres south east from the CBD and is only 5 square kilometres.
South Yarra backs onto the Royal Botanic Gardens and features Fawkner and Como parks, it also has the well-known shopping precinct on Chapel Street, which comprises of cafes, restaurants, an amazing nightlife and an abundance of clothing outlets – it really has everything you need.
The Como House is a historical home that has beautiful gardens that has been around since 1847, it is a tourist attraction today that you can attend a tour of and if you wish, you can hire it out for functions. It is owned by the National Trust of Australia.
Buyers were out in large numbers on the final weekend of the financial year. A clearance rate of 73 per cent was achieved from 181 auctions this weekend, with 133 properties selling and 48 being passed in, 15 of those on a vendor bid. There were an additional 370 private sales reported.
Only a relatively small number of auctions were held in Melbourne this week, due to the combined impact of the school holidays, the federal election and winter conditions.
In June, a new record was set for a single weekend with a total of 993 auctions held – 40 more than the previous record. This capped off a solid end to the financial year for Melbourne’s auction market.
1/88 Queens Parade, Fitzroy North. Sold for $1,135,000
Perched at the edge of Edinburgh Gardens close to Clifton Hill and Carlton North, this modern, tri-level townhouse was hotley contested amongst four bidders. With 3 bedrooms and the rarity of three, possibly four parking spaces, this low maintenance home had a price guide of $880,000 to $950,000. Bidding began at $750,000 and quickly rose with more bidders joining in as it cleared it’s reserve of $980,000. The price sailed past the $1 million mark and the hammer was brought down at $1,135,000.
10 Spring Street, Coburg. Sold for $662,000
A one-bedroom house near the Merri Creek trails in Coburg attracted three bidders to the auction on Saturday. With polished hardwood floors throughout, a large bedroom and plenty of north facing backyard space, the property would be an attractive purchase for developers, investors or single buyers. The auctioneer fielded bids from three separate parties who helped push the price past the $590,000 reserve. The entry level home, on approximately 390 square metres of land, eventually sold for $72,000 above the reserve for $662,000.
62 Iluka Avenue, Aspendale. Sold for $713,000
Set on approximately 536sqm of land, the existing three bedroom 1970s property is in need of a major renovation. Located within walking distance of the beautiful foreshore, shops & train station or a stroll to either Aspendale or Aspendale Gardens Primary School this family-friendly location offers easy access to it all. Two bidders were willing to take on the opportunity that this property presents. But the price quickly rose past the quoted $575,000 to $630,000 and the hammer was brought down for $713,000.
The Melbourne auction market had an impressive return to form after the Queens Birthday weekend break. A clearance rate of 72 per cent was achieved from 893 auctions this weekend, with 533 properties selling and 247 being passed in, 98 of those on a vendor bid. There were an additional 275 private sales reported.
This weekend, the competition at auctions was particularly strong, with buyers fiercely bidding for quality properties that are currently in short supply in sought after areas.
Popular with buyers are the “move right in” properties that have been renovated or extended; or even properties that provide potential for redevelopment. Many of the auctions for these properties had three or more bidders, which is always a good indication that there are not enough properties available to meet the demand.
With such high auction volumes for late June, the next couple of weeks in Melbourne will be extremely interesting to watch. Such an influx of high auction numbers would provide strong opportunities for buyers. Melbourne will see one of the biggest ends to the financial year on record, with close to 2,000 auctions scheduled in the next two weeks.
Next weekend there will be an expected 920 auctions held in Melbourne ahead of the Victorian school holidays and the upcoming Federal Election.
658 Lygon Street, Carlton North. Sold for $880,000
This classic single-front Victorian on the edge of the city attracted many admirer’s before the auction. Multiple bidders were involved in the auction for this two large bedroom home with period-inspired bathroom complete with clawfoot bath, central lounge and updated kitchen/meals area. A vendor bid of $750,000 kicked off proceedings, and two parties immediately started trading $10,000 bids, then $5,000 bids until the price reached $800,000. A third bidder then joined in with $1,000 rises until they were eventually beaten by one of the first bidders, who acted on behalf of a contact via a phone.
2 Forrest Street, Yarraville. Sold for$1,224,000
A double-fronted Victorian in the heart of Yarraville with an asking price of $900,000+ attracted some hot competition at the Saturday auction. A vendor bid of $900,000 stirred the serious buyers to put their hands up, and three bidders were in the mix by the time the price reached $940,000. An investor went head to head with another fierce bidder with $5,000 increments helping the price reach the reserve of $1.09 million. But it didn’t stop there. Two new contenders attempted to win the keys, but it was an investor who secured the contract with a final bid of $500 more than his opponents, and $134,000 above the reserve.
5A James Crescent, Hampton. Sold for $1,271,000
Five bidders slogged it out to try and grab their own piece of the family friendly bayside suburb of Hampton. On offer was an enchanting three bedroom, 2 bathroom home fronting a quiet crescent with a high-gabled attic-style design …and located with a frontage on Thomas Street park with a sun-catching north-westerly aspect. With five bidders pushing the price of this weatherboard home up to $171,000 above the reserve, the property sold to a local buyer returning to the area after working overseas.
Heidelberg is located approximately 13 kilometres north-east of Melbourne CBD and partially boarders with the beautiful Yarra River.
Along the Yarra River, you will find ample walking trails with some that can keep you walking or running for kilometres. There are also play grounds and recreational areas along the way such as tennis courts and football ovals for the athletics.
Burgundy Street is one of the main streets that run through Heidelberg and where you will find health care institutes such as the Austin Hospital, Mercy Hospital for Women and the Warrigal Private Hospital and when you venture further along the road you will hit an array of restaurants and cafes.
If you are interested in Art or enjoy learning about Australian history stop by the Heide Museum of Modern Art, which began in 1934. It is now home to beautiful gardens which incorporate a sculpture park, the main collection and a range of exhibitions feature her
Low interest rates have enticed more first-home buyers to become active in the Melbourne property market this weekend. A clearance rate of 76 per cent was achieved from 747 auctions this weekend, with 565 properties selling and 182 being passed in, 78 of those on a vendor bid. There were an additional 361 private sales reported.
Entry level properties for under $700,000, which are always popular with investors and first-home buyers have seen some hot competition since interest rates were lowered last month, the northern and southern parts of Melbourne received the most attention from buyers this week.
As next weekend contains a public holiday for the Queen’s birthday, there are only 261 auctions scheduled.
3/78 William Street, Brighton. Sold for $800,000
Overlooking the leafy William St Reserve, this unrenovated two bedroom unit was under executor’s instructions to sell. Six bidders braved the rain to compete for their own piece of the Brighton landscape, and helped the price soar well above the $650,000 reserve. A young couple from Bayside eventually outbid all competitors to gain the keys for $800,000.
18 Autumn Street, Coburg. Sold for $1,211,000
This masterfully renovated four bedroom, two bathroom single-level family residence attracted quite a crowd to the auction. With an asking price of $900,000 to $950,000 the property was hotly contested by young families. Bidding began with an offer of $900,000 and continued with one bidder slowing the pace of the auction with rises of only $1000. The home eventually sold for $90,000 above the reserve to a family who had been in the auction from the start with a final bid of $1,211,000.
11 Prentice Street, Elsternwick. Sold for $2,000,000
Thoughtfully renovated and extended (and in keeping with its Edwardian origins), this superb family home reveals amazing accommodation and flexible living in this prestigious residential position. The 4 bedroom home was extended 6 years ago to add on a fifth bedroom or additional living area, an addition that helped the price range reach $1.65 to $1.75 million. The opening bid of $1.85 million from a family was upped by another buyer who quickly took the price to the reserve of $2 million, where it eventually sold.
