Hi,

The sudden announcement of a fifth lockdown in Victoria threw the weekend’s Super Saturday auction calendar into chaos yet once again.  Some auctions were moved from Saturday to Thursday night (pre-lockdown) in order to have the auction on site, some moved to online, some sold before auction and some have been postponed.   525 auctions were still reported to the REIV which just shows how well we have been able to adapt in the event of a snap lockdown.

Of the 525 auctions reported, 315 sold at auction, 43 passed in, 166 sold before auction and 1 sold after resulting in a clearance rate of 92%.  There were an additional 175 private sales.  Due to 293 auctions being postponed, the clearance rate doesn’t give an accurate indication of what would have been had all properties gone to auction but it does still demonstrate strong buyer activity in the market.

Super Saturday weekened online auctions produced some strong results over the weekend and the auction of 23 Allnutt Parade, Cheltenham was one of them.  The renovated, five bedroom, three bathroom home was quoted $1,240,000 to $1,320,000 prior to auction with six bidders participating driving the price to $1,564,000.

The REIV released its June quarterly report showing the median house price in Melbourne held steady at $1,010,000 and in regional Victoria is increased to $559,500.  The median house price across regional Victoria rose 10.5 per cent over the quarter resulting in a 20 per cent annual growth in house prices.

Other findings of the report were:

– there was an increase from 155 to 177 metropolitan suburbs having median house prices over $1,000,000;

– auction clearance rates have been above 80 per cent for all of 2021 with June having the most amount of auctions reported;

– The median house prices in Greater Geelong increased 7.9 per cent in the June quarter to $695,000;

Have a great week.

Kim Easterbrook

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.

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.

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