Good morning everyone!
The last weekend of school holidays saw 562 properties going under the hammer. 429 sold at auction and 71 sold before auction. In addition, there were 174 private sales. The clearance rate of 76% was significantly higher than the 55% for the same weekend last year.
The latest reduction in interest rates will increase the amount that buyers have to spend on a property, even with the 4 major banks not passing on the whole interest rate reduction. In turn, this could have an increase effect on property prices over the next few months.
Congratulations to our buyers who purchased last week in Elwood, Armadale, Heathmont, Fitzroy and Thornbury.
The Elite Team.
Clearance Rates
Melbourne | 7th October 2019
This week: 573 Auctions | Clearance: 76% | Last Year: 55% [source: REIV]
4/50 Morang Road, Hawthorn Sold for $726,000
About 60 turned out to see the auction of this park-side two bedroom apartment of which the auctioneer happily conducted in the sun, in the park! With a pre-auction quoted range of $600,000 to $650,000, a young couple stepped up with an opening bid of $625,000 putting the property immediately on the market. A buyer’s advocate was quick to join in and just those two bidders took it to $726,000 with the advocate securing the keys.
82 North Street, Ascot Vale Sold for $1,005,000
A Hawthorn brick façade in a cul-de-sac streetscape of other fine period homes was the setting for this auction. The crowd of 25 included three bidders: a single woman in her thirties, a twenty-something woman with her father, and an advocate. Bidding started at $950,000 and quickly rose to $967,000 and on the market. The hammer was brought down at $1,005,000.
130 Smith Street, Thornbury Sold for $1,500,000
This stylish three bedroom Californian attracted a crowd of 65 people to the auction. Bidding commenced with an advocate offering $1,200,000 before two other parties joined in. At $1,270,000 the property was announced on the market, and sold not long after for a neat $1,500,000.
Good morning everyone!
It was a very busy weekend with 796 properties going under the hammer. 538 properties sold at auction, 88 sold before auction and 1 sold after. In addition, there were 136 private sales. There was a significant difference in the clearance rate with houses vs units with 81% of houses selling at auction and 75% of units/apartments.
Although we are continuing to see strong sales results, on the weekend we did witness some auctions that passed in with only one bidder. The property market is still presenting the odd opportunity out there however they have become fewer and far between.
There will be very few auctions next weekend due to the AFL Grand Final and therefore the market wrap will return on the 7th of October.
Enjoy the long weekend!
Kind Regards,
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 17 February 2020
This week: 494 Auctions | Clearance: 82% | Last Year: 60% [source: REIV]
16/58 The Avenue, Windsor Sold for $658,000
This very well located, private, two bedroom apartment was auctioned in front of a 100 plus crowd. The property was quoted at $500,000 to $550,000 prior to auction so the opening bid of $575,000 clearly knocked out some buyers. It didn’t deter another 4 bidders though until one man was left standing at $658,000 where he took away the keys.
2 Ferguson Street, Ferguson Street Sold for $1,357,000
This unrenovated, two bedroom house in a popular Brighton East location was hotly contested at auction on Saturday. A buyer’s advocate opened the bidding at $1,050,000 on a property quoted at $1,000,000 to $1,100,000 prior to auction. Another four bidders decided to participate in the auction with the property selling for nearly $300,000 over reserve at $1,357,000.
66 Rosedale, Glen Iris Sold for $3,420,000
Many family homes were struggling to sell last year but this year the buyer sentiment for these type of homes has certainly changed. This one was no exception with three bidders trying secure the property. The bidding kicked off at $2,700,000 at the higher end of the price quoted and was announced on the market at $2,900,000. The bidding continued and the property sold for a huge of $3,420,000.
Good morning!
I hope everyone managed to enjoy the beautiful sunshine over the weekend.
The sun certainly brought the crowds out with big numbers in attendance at Melbourne auctions over the weekend. Of the 625 auctions held, 399 sold at auction, 80 before auction, and additional 156 private sales bringing the overall clearance rate to 77%. The clearance rate for apartments was 75% whilst houses were 78%.
We saw many properties selling well over reserve (and listed price range) which is due to both demand and competition from buyers, but also very realistic vendors. We have had many buyers asking us whether underquoting is back due to the volume of properties selling well above the listed price. Whilst there still may be a little bit of that happening, the reality is that most of the auctions we are attending, the properties are on the market (hitting reserve price) at the top of the price range or sometimes just a tad above. It is the buyers who are willing to pay more than the advertised price and some vendors who are conservative in setting their reserves (and rightly so as in some cases are no comparable sales to demonstrate they should be setting reserves where the properties are selling).
Two apartments I wish to mention that sold over the weekend for large amounts over their reserves demonstrates the importance of X Factor when buying properties. X Factor could be in the form of size of the property, floor plan, outdoor space, location and so on. It’s the X Factor that makes a property a standout (and scarce) and usually results in strong demand. Two good examples which are mentioned below in the auction results are:
705/147 Beach Street, Port Melbourne and 38/7 Drewery Lane, Melbourne CBD.
Both of these properties are located in high density locations but because they both have some very special attributes is what made them hugely popular amongst buyers. The photo above is the auction of the property in Drewery Lane which attracted a huge crowd and a lot of bidders.
We have one more weekend of auctions left before a quiet Grand Final weekend and then traditionally enter into two months of higher auction volumes so it will be interesting to see how the property market performs as stock levels rise.
Have a great week.
Kind Regards,
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 16th September 2019
This week: 625 Auctions | Clearance: 77% | Last Year: 57% [source: REIV]
38/7 Drewery Lane, Melbourne Sold for $1,335,000
A huge crowd attended the auction of this three bedroom, two bathrooms, one carpark apartment in the heart of the CBD. Bids were flying from all directions on the property quoted at $800,000 – $850,000 prior to auction. Even though the price quote seemed low, the property was announced on the market at $900,000. The bidding got fierce from there with it being impossible to count the bidders as they were bidding over the top of each other. The property sold for a huge $1,335,000.
705/147 Beach St, Port Melbourne Sold for $4,340,000
Likely to be the biggest result from the weekend this three bedroom, two bathroom apartment sold for a whopping $1,540,000 over reserve. Four bidders in total tried to secure this large apartment with city and bay views with two at the end going head to head with a downsizer securing the keys. The property was announced on the market at $2,800,000 and sold for $1,540,000. This block is highly sought after in the Port Melbourne area due to its direct beach access and large floor plans.
47 Rose Avenue, Bulleen Sold for $1,100,000
Quoting $950,000 prior to auction, this four bedroom, two bathroom single level home in good condition attracted bidding from four bidders with the auction starting on a strong opening bid from a buyer’s advocate. The home boasted a traditional floor plan and is very liveable with an opportunity to update later down the track should the buyer whish to. The buyer’s advocate took on the other three bidders and stayed strong to secure the property for her client at $1,100,000.
Good morning!
Weather conditions were not great over the weekend but it did not stop buyers from bidding or even just turning up to spectate. Large numbers were in attendance of many auctions which could mean there are many buyers out there sitting on their hands waiting to buy. Or simply could be keeping an eye on the market because the ideal property has not been listed for them to pursue.
September can historically be a quiet month in the property market due to the football season but it isn’t shaping up this way this year. Buyer enquiry is strong, numbers going through open for inspections is high and bidders at auctions has increased since last year.
There is no sign of this slowing down for quite some time now as confidence in the market remains high, interest rates are at record lows, population growth continues and the banks have relaxed their lending thresholds to allow buyers to borrow more money.
In fact, this could be just the beginning of another price growth spurt for the Melbourne property market. Is it too late to get in? Of course not, stock levels in Spring should help prevent the market going into any crazy price growth, however, we won’t be seeing the lower price results from this time last year, and quite possibly may not see those prices again. We are expecting the market to have some steady growth for quite some time so now might just be a good time to take the leap.
Have a great week.
Kind Regards,
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 9th September 2019
This week: 549 Auctions | Clearance: 77% | Last Year: 63% [source: REIV]
8 Holmwood Avenue, Brighton Sold for $3,400,000
Upto 100 people braved the cold to watch this home (or potential 699sqm land site) go under the hammer in a premier location of Brighton. Four bidders in total tried to secure the property with very low increment but persistent bidding. The auction started at $2,800,000 on a genuine bid and sold for $3,400,000 which was $200,000 over the reserve.
33 Latrobe Street, Hughesdale Sold for $1,840,000
Another large crowd turned out to the auction of this five bedroom, two bathroom renovated family home quoted at $1,550,000 to $1,750,000 prior to auction wth a strong opening bid of $1,750,000 to start things off. Six bidders were over the top of the range where the property sold for a strong result of $1,840,000. $90,000 over the reserve price.
77 Sackville Street, Kew Sold for Undisclosed
This vendor has previously tried to sell off their north facing tennis court but had failed. This time though they were able to take advantage of the market conditions over the weekend resulting in a strong sale. The 940 sqm land site attracted three bidders at auction but failed to reach the reserve price. The property was negotiated afterwards for an amount above where it passed in.
Good morning!
Corelogic has started releasing data showing the first property price rises in 18 months. June and July saw rises of 0.2 per cent and August is on track to have a 0.5 per cent rise. These small but consistent rises are demonstrating a market recovery which is also reflective in the clearance rates and a number of bidders at auction. Some experts are predicting a slow and steady rise across Spring, rather than the balanced out market the higher stock levels can often produce. Corelogic also reported that Melbourne is leading in the nation’s recovery.
585 auctions were conducted over the weekend with 382 selling at auction, 65 selling before auction and in addition, there were 152 private sales. Houses produced a higher clearance rate of 78% with units resulting in a 74% clearance rate. Overall, the clearance rate was 76% which was down on the 81% clearance rate from last week.
Have a great week.
Kind Regards,
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 2nd September 2019
This week: 585 Auctions | Clearance: 76% | Last Year: 59% [source: REIV]
1/184 The Parade, Ascot Vale Sold for $828,000
A young couple took away the keys of this two bedroom, one bathroom single level unit located within a small block of two. The opening bid was strong at $804,000 which immediately put the property on the market. It sold with participation from two bidders for $828,000. An expected result.
6 Totara Court, Lower Templestowe Sold for $1,305,000
Two bidders fought it out to secure this four bedroom, two bathroom family home. The bidding started at $1,100,000 from a buyer’s advocate when a gentleman raised the bidding to $1,120,000. The buyer’s advocate was determined to take the keys away for their client in which she did at $1,305,000.
20 Brinsley Road, Camberwell Sold for $2,410,000
This property last sold in 1978 for $96,000 which is only a fraction of the price it achieved at auction on Saturday. Essentially a land site on 649 sqm of land, park across the road and two train stations nearby, the auction attracted active bidding from seven parties to sell $310,000 over reserve for $2,410,000.
The clearance rate of 81% that was achieved in Melbourne over the weekend is the highest clearance rate result since April 2017. This demonstrates we have a shortage of properties on the market and entering into a seller’s market. This and some strong sales results should hopefully be enough to convince vendors to put their properties on the market.
Of the 496 auctions (considerably lower than last year), 331 sold at auction, interestingly 71 sold before auction (which is much higher than it has been for quite some time), 1 after auction and in addition 193 private sales.
We should see some new auction campaigns starting this week in preparation for auction weekend – 21st of September, but next week there will be very few new listings due to it clashing with Grand Final weekend. The week after though, Spring campaigns will commence with the expectation of a very active couple of months leading into Christmas. The rise in stock levels should balance out the clearance rate over this period.
Congratulations to our clients who purchased this week. We purchased two off market properties, one private sale and one at auction in varying locations over Melbourne.
Enjoy the sunshine this week!
Kind Regards,
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 26 August 2019
This week: 496 Auctions | Clearance: 81% | Last Year: 59% [source: REIV]
3 Wight Street, Kensington Sold for $1,063,000
This very well located two bedroom period home in good condition with the upstairs extension already completed proved popular, attracting four bidders at auction. The property was quoted at $880,000 to $950,000 prior to auction. The auction started on a vendor bid of $800,000 with a genuine bid quick to follow at $890,000. The property was announced on the market at $950,000 and sold for $1,063,000.
85 Rathmines Road, Hawthorn East Sold for $2,351,000
An unliveable, renovators delight with a stunning facade was in demand with buyers attracting six bidders at auction. Due to the location and the street presence, the bidding was fierce and the property sold for $471,000 over its reserve. The property last sold for $402,000 in 1996. A solid result for the vendor as the house needs structural and cosmetic updates to lift it to its full potential.
31 Rodney Avenue, Coburg North Sold for $940,000
Updated homes on over 600 sqm, under $1,000,000 are scarce in Melbourne and before too long they will become non-existent. Over 150 people attended this auction of the three bedroom, two bathroom home. The property has a cemetery located at the end of the street which can deter some buyers. However, it did not seem to prevent strong bidding from six parties to sell for $100,000 over its reserve.
Good morning everyone!
The clearance rate hit the highest point it has for quite some time achieving a rate of 79% on 443 auctions. However, it is important to note that this time last year though there were 742 auctions over the same weekend demonstrating that stock levels are considerably down. Buyers will certainly be welcoming the higher stock supplies coming for Spring. The clearance rate for houses was 81% and units 78%, in addition, there were 158 private sales.
It seems the confidence in the market is now spreading across all segments of the markets. First home buyers, investors and downsizers were already active but also the higher end of the market is showing signs of recovery. The top end is usually the last segment of the market to recover in a downturn with many higher end properties being auctioned on the weekend having active bidding rather than passing in for negotiation.
Buyers thinking of getting into the market should consider doing so in Spring when we should see the market balance out before the amount of properties on the market decrease for the Christmas period. The first lot of properties being auctioned for Spring will come onto the market in the next few weeks.
Have a great week and stay warm.
Kind Regards,
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 19 August 2019
This week: 443 Auctions | Clearance: 79% | Last Year: 58% [source: REIV]
36 Regent Street, Prahran Sold for $905,000
One of Prahran’s most affordable homes went under the hammer on the weekend attracting a lot of interest from young couples. These buyers are a strong segment of the market due to most of them having two good incomes and not having the expense of a family as of yet. Three bidders pushed this property $55,000 over its reserve.
19 Sargood St, Toorak Sold for $7,050,000
Twelve months ago this property would have passed in at auction with likely no bids. Over the weekend it attracted two bidders and selling $400,000 over reserve. There are limited amount of buyers at the higher end of the market so achieving two strong bidders at this level was a very good outcome for the vendor.
12 Bathman St, Fitzroy North Sold for $1,275,000
Another renovators delight in the west smashed reserve on the weekend with this unliveable house selling $90,000 above its reserve. Three bidders tried to secure the property that not only was unliveable but backed onto the train line. An extensive restoration would bring this beauty back to its former glory. The property sold for $800,000, above its reserve of $710,000.
Good morning everyone,
The cold blast did not keep the buyers away on the weekend with big crowds at auctions being reported. The clearance rate remained steady at 76% on 382 auctions. 244 properties sold at auction with 45 selling before auction. 46 of the 93 properties that passed in, passed in on a vendor’s bid. Interestingly, the clearance rate for both houses and apartments/units were both 76% which shows an improvement of the amount of apartments/units sold over the weekend. In addition, there were 138 private sales.
As the market improves, we are seeing more properties that not only have vendors with high expectations of what their properties are worth but also properties selling well in excess of their reserve prices.
Properties in need of extensive renovations traditionally can struggle to attract multiple interested parties have been performing well at auction. This is the result of low stock levels but also buyers wanting to live closer to the city with limited budgets. These buyers are willing to accept a lesser property for a better location and do the work overtime to fix it up.
We have five more weeks before we enter into a short lull in the market due to school holidays and sports finals. We then enter into the silly spring season in which we should be active due to higher confidence in the market, lower interest rates and more properties on the market.
Have a great week and stay warm.
Kind Regards,
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 12 August 2019
This week: 382 Auctions | Clearance: 76% | Last Year: 62% [source: REIV]
16 Hammerdale Avenue, St Kilda East Sold for $1,320,000
Congratulations to our buyer who secured this well located, updated, three bedroom, two bathroom house with car parking. The property was quoted at $1,100,000 to $1,210,000 prior to auction and three bidders participated in the auction. To everyone’s surprise the property was still not on market at $1,320,000 (our bid) where the property passed in. We secured the property after auction for the same price as our last bid.
2 Regent Street, Yarraville Sold for $905,000
Listed at $620,000 to $680,000 prior to auction, this unrenovated house with a heritage overlay (surprising with the 60’s/70’s house on the land) proved very popular at auction with 5 bidders trying to secure it. The opening bid of $650,000 put the house immediately on the market with the property selling well above reserve for $905,000. The owner paid $75,000, 32 years ago for the property
125 Albert Street, Seddon Sold for $800,000
Another renovators delight in the west smashed reserve on the weekend with this unliveable house selling $90,000 above its reserve. Three bidders tried to secure the property that not only was unliveable but backed onto the train line. An extensive restoration would bring this beauty back to its former glory. The property sold for $800,000, above its reserve of $710,000.
Good morning everyone,
The clearance rate surged to 76% on the weekend again demonstrating that more properties are required on the market. We are still in a balanced market but if the clearance rate increases any further, we will be at risk of being in a sellers market.
There were 375 auctions on the weekend with 230 selling at auction, 55 before auction and an additional 129 private sales. The clearance rate for houses was 78% and 74% for apartments. In comparison, there were 536 auctions the same time last year.
APRA reported last week that three of the four major banks have experienced strong growth in their mortgage portfolios one month after the election. Interestingly, the increase came from owner occupiers. Banks are still taking longer to process applications due to the outcome of the Royal Commission and now the increase in applications. Which means there are still many buyers were are keen to get into the market but are still not quite ready to do so.
We will welcome the increase in properties coming on the market over the next few months as we creep closer to the crazy spring season.
We had a busy week at Elite last week securing properties in Elwood, Greensborough, Docklands and Beaumaris for both investors and owner occupiers. Biggest congratulations to our super happy clients.
Have a great week and stay warm.
Kind Regards,
The Team at Elite.
Clearance Rates
Melbourne | August 3-4 2019
This week: 372 Auctions | Clearance: 76% | Last Year: 60% [source: REIV]
9 Primrose Street, Prahran Sold for $1,295,000
150 turned up to watch the competitive auction of this single fronted home in Prahran. The agent suggested 20 contracts had gone out prior to the auction. The home was quoted at $900,000 to $990,000 but wasn’t announced on the market until $1,200,000 during the auction. That is not to say the auction hadn’t reached the reserve much earlier than when it was announced. 9 bidders attempted to buy this and more who didn’t put up their hand with the property selling at $1,295,000.
2/352 Burnley Street, Richmond Sold for $2,178,000
Downsizers appear to be back in the market now that property prices are recovering. But the true test was whether the vendor could recover the $1,940,000 they paid for the property at the peak of the market in 2017. They did, and smashed it. Reserve was announced at $1,880,000 (showing the vendor did not believe they would achieve more than what they paid) with four bidders trying to secure the funky townhouse with lift. Three downsizers were part of this mix however missed out to a family who took home the keys.
454 Wellington Street, Clifton Hill Sold for $1,460,000
Again a huge crowd attended the auction of this four bedroom, one bathroom homes in need of repair but wasn’t scarce of willing parties to do the work. Seems numbers were generally high at auctions over the weekend. A deceased estate, the property was quoted $1,150,000 to $1,250,000 prior to auction. The property was announced on the market at $1,200,000 and sold well above that for $1,460,000. The buyer was a family who lived in the area and is intending to extensively renovate the property.
Good morning everyone,
Auction clearance rates were steady in the 70’s again over the weekend demonstrating we are now in a balanced market. But in saying that, there are still some properties attracting very good interest and resulting in a runaway result. Even though we could do with some more quality properties for sale, many vendors may need to see an increase in prices this quarter to have confidence to put their properties on the market. That being said though, selling conditions are currently at their best they have been for quite some time.
Auction numbers were up on last week with 396 properties going under the hammer with 249 selling at auction and 39 before auction. In addition, there were 148 private sales. The clearance rate on houses was remarkably higher this week at 77% and units/apartments 68%.
Biggest congratulations this week to our buyer who secured a beautiful home in East Melbourne last week off market. With stock levels down the importance of off market properties is greater in order to provide a buyer with more choice. Whilst the amount of off market properties is not huge, our team at Elite are tirelessly working to find more options for our clients. When we find a property that ticks all the boxes, it can be a great outcome for both buyer and seller.
Have a great week and stay warm.
Kind Regards,
The Team at Elite.
Clearance Rates
Melbourne | June 27-28 2019
This week: 670 Auctions | Clearance: 73% | Last Year: 72% [source: REIV]
39 Barry Street, Brunswick Sold for $752,000
4 Bidders tried to secure this unlivable house in Brunswick. Brunswick continues to be popular due to its close proximity to the city and prominent cafe lifestyle. The property had a heritage overlay which limited the buyers interested however the property still sold $70,000 above reserve for $752,000.
2B Beltane Avenue, Brighton East Sold for $987,000
A near new, single level two bedroom two bathroom townhouse with no common property in Brighton East was largely popular with downsizers. Although it was a younger buyer who took away the keys securing the property for $107,000 over reserve for $987,000.
100 Elsie Grove, Chelsea Sold for $1,230,000
The outer Bayside suburbs continue to be popular due to the more affordable price point than the Bayside suburbs closer to the city. Seven bidders tried to secure this renovated family home with pool on 851 sqm selling $70,000 over reserve for $1,230,000.
