This weekend a clearance rate of 64% was achieved from 597 auctions. Of those properties, 318 sold and 217 were passed in, 112 of those on a vendor bid. There were also 119 private sales over the past week.
The market will quieten over the next two weeks due to school holidays but we should see stock levels rise as we enter into August. Interestingly, on the weekend we saw a clearance rate of 68% on units and apartments where houses clearance rate dropped to 62%. This also confirms what we are seeing in the market where the more affordable properties are under competition but properties with a higher price tag (generally speaking) are fewer bidders at the auction.
The Team at Elite.
327 Young Street, Fitzroy Sold for $1,157,000
Set over several levels with an expansive roof terrace, with three double bedrooms, a spacious living/dining room open to a custom kitchen and easterly entertaining balcony, this property attracted competition between four bidders. After a $900,000 opening bid, the property was announced on the market at $990,000. The price continued to soar to $167,000 past the reserve when the hammer was brought down to a young first home buyer.
15 Laura Street, Moonee Ponds sold for $2,350,000
A large period home was in buyer’s sites on Saturday as “Ellwyn”, a grand four bedroom Edwardian went under the hammer. Located on a wide block of land in one of Moonee Ponds’ premier tree-lined streets, the property was advertised at $2,200,000 to $2,400,000. The property sold within the range of $2,350,000.
17 Urquhart Street, Northcote sold for $711,000
The four bidders at the auction of this genuine Victorian worker’s cottage knew what they would be getting into if they became the new owners of this property that have experienced some significant movement and has a Building Notice from the City of Darebin. Just a block from Merri Creek and in unlivable condition, the property requires major works. Quoted at $620,000 – $682,000 the property had a reserve of $650,000 and sold for $711,000.