This weekend in Melbourne, there were 761 auctions held with a clearance rate of 73 per cent recorded, compared to 73 per cent last week, and 78 per cent this weekend last year. Of the auctions held, 559 sold and 202 were passed in, 89 of those on a vendor bid. In addition to the auctions held, there were also 232 private sales.
2016 is shaping up to be a good year in Melbourne real estate. Most weekends this year, three out of every four properties auctioned, have sold. In addition to this, Melbourne is also leading other capital cities for house price growth.
The biggest draw-card properties this weekend were the quality family homes in prime locations, decent knock down and rebuild sites and also single level compact homes.
There are 485 auctions scheduled next weekend, despite the Anzac Day long weekend.
1/9 Vale Street, St Kilda. Sold for $725,000
This first-floor north facing apartment is ultra-spacious, with two bedrooms, a wide covered terrace and exposed steel beams reminding us of its former life as a factory. The price guide of $590,000 to $650,000 attracted a range of attendees in the 30 strong crowd, including investors and first-home buyers. One man opened the bidding at $500,000, which was met with a $100,000 rise. Another couple joined in, but quickly dropped out, and a fourth bidder joined in when the property was ‘on the market’ for $680,000. The second bidder won the keys for $725,000.
4 Ardene Court, Hawthorn. Sold for $3,950,000
This 1881 Victorian, embellished with iron lacework and a return verandah combines contemporary spaces with illustrious period integrity, including a section which dates back to 1864. The auction attracted more than 100 onlookers to the elevated five-bedroom property, and the auctioneer had a very slow start, having to place 2 vendor bids before the first offer was made by a man for $2.95 million. Three bidders contested the property after it was announced on the market at $3.45 million, and it eventually sold to the first bidder for $3,950,000.
36 Victoria Street, Footscray. Sold for $885,000
This first-floor north facing apartment is ultra-spacious, with two bedrooms, a wide covered terrace and exposed steel beams reminding us of its former life as a factory. The price guide of $590,000 to $650,000 attracted a range of attendees in the 30 strong crowd, including investors and first-home buyers. One man opened the bidding at $500,000, which was met with a $100,000 rise. Another couple joined in, but quickly dropped out, and a fourth bidder joined in when the property was ‘on the market’ for $680,000. The second bidder won the keys for $725,000.
