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.
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.
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.
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.
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.
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.
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.
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.
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.
2/8 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
