It was the first, high volume auction weekend for 2023 in Melbourne and it seems all signs are indicating that we are in a balanced market.  There were 780 auctions resulting in a solid clearance rate of 75%.  452 properties sold at auction, 131 sold before auction and 197 passed in.  There were an additional 134 private sales.  Auction numbers are down on the same time last year which held 1,342 auctions resulting in a clearance rate of 76%.

As we have been mentioning over the past few weeks, there appears to be a lot of interest in property from buyers.  Generally auctions and open for inspections are well attended but over the weekend, we saw many auctions with strong bidding from multiple buyers.  It appears that some buyers have factored in future rate rises and are prepared to make compromises to enter the market.  These compromises include location, size and condition of the property.

We may have already seen the worst of the property price decline which could possibly have been at the end of 2022.  We should know more over the next month or so.  Certainly at Elite, we are seeing good level of enquiry from buyers ready to purchase from both owner occupiers (first home buyers, downsizers and upsizers) and investors.

6a Manton Street, Richmond went to auction on the weekend.  The property was quoted $1,200,000 to $1,300,000 prior to auction for a three bedroom, two bathroom, double garage attached home in very liveable condition.  The property was announced on the market at around $1,550,000 but it is possible the property had met it’s reserve prior to this.  The property sold for $2,150,000 which is almost $1,000,000 above the original price quoted.

20 Tarongo Drive, Aspendale is a well presented, three bedroom, two bathroom home which was quoted prior to auction for $1,000,000 to $1,100,000.  Four bidders participated in the auction with the property selling for $1,190,000 under the hammer.

Have a great week.

David Easterbrook