This weekend a clearance rate of 62% was achieved from 598 auctions. Of those properties, 312 sold and 226 were passed in, 107 of those on a vendor bid. There were also 176 private sales over the past week.
Buying activity across the city is becoming more consistent, especially for first home buyers and even family home buyers. The latter enjoying an influx of new family home listings hitting the market.Regards,The Team at Elite.
30 Lee Street, Carlton North Sold for $910,000
This deceased estate in an exclusive Carlton North neighbourhood with immediate access to the best of inner-Melbourne was quoted at $850,000 – $920,000. It only took one knockout bid from a young couple to win the keys of this classic Victorian terrace. No other hands went up during the auction, and the young couple who secured the property at a killer price will soon have a lot of work to do to bring the property to a standard.
12 Victoria Street, St Kilda Sold for $1,926,000
Unliveable and will be requiring a total renovation (STCA), this four bedrooms Victorian house sold for $326,000 past the reserve. Held in the one family for generations, this property is a blank canvas for the new buyers who will enjoy the location close to the beach and Acland St. The facade is to be kept as part of the heritage overlay, and this property sale has set a new price record for St Kilda at a value of $6075 per square metre.
29 Tennyson Street, Sandringham Sold for $3,050,000
A pretty weatherboard home in one of the best streets in Sandringham saw 60-70 onlookers front up to see the contest headed by Auctioneer Peter Hickey. Surprisingly there was not one bid and the property was passed in on a vendor bid of $2.9m. However, 3 groups put their hands up to negotiate afterwards and so ensued a boardroom auction of types with all 3 going into the home (in various rooms) until they had an outcome. It was a savvy investor who eventually walked away with the keys to the beautiful home for $3.05m.
This weekend a clearance rate of 62% was achieved from 401 auctions. Of those properties, 199 sold and 154 were passed in, 60 of those on a vendor bid. There were also 165 private sales over the past week.
The number of auctions has dipped considerably this weekend compared to last weekend of the same weekend last year,but this is due to school holidays.
School holidays have now finished so we should see a rise in stock levels and auctions of the next one to two months before another slowdown due to the AFL finals.
10/393 Gilbert Road, Preston. Sold for $702,000
Advertised at $580,000 – $630,000, the auction of this two bedroom unit in Preston surprised everyone when the opening bid was higher than the price guide. An opening bid of $640,000 kicked off the auction, and the battle began between three bidders offering $5,000 increments until the price reached the high $600,000’s. At that point bidding slowed down to $1,000 or $500 increments before the property was announced as sold at $702,000.
17 Gipps Street, Richmond. Sold for $1,117,000
On a wide street in the heart of Richmond, this one bedroom plus study character-filled abode that sold for $67,000 past the reserve on Saturday. Two bidders, seeing the corner block’s potential, and loving the location being so close to Swan Street and the MCG, battled it out with bids of $10,000 and $5,000 increments. Bidding slowed to $1,000 increments before the hammer was brought down at $1.117 million.
12 Turner Street, Abbotsford. Sold for $1,620,000
This large double fronted, beautifully renovated Victorian in arguably Abbotsford’s best street, attracted 50 onlookers to the auction. The auction commenced with a $1.4 million opening bid with two couples in their 30s going toe to toe in an attempt to win the keys. The bidding continued up to $1.6 million. When the home was declared selling. It was soon sold to the first couple to bid for $1.62 million.
Clearance Rates Melbourne
14 & 15 July 2018
This week: 401 Auctions
Clearance: 62%
Last Year: 77% [source: REIV]
This weekend a clearance rate of 62% was achieved from 446 auctions. Of those properties, 224 sold and 169 were passed in, 79 of those on a vendor bid. There were also 169 private sales over the past week.
The Melbourne Property Market is currently quiet due to school holidays, however the 62% clearance rate is a still a solid result considering. Vendors of larger family homes are holding off until after school holidays before listing their properties, in the hope of achieving a better result.
606/120 Palmer Street, Richmond. Sold for $678,000
About 20 people watched on as three bidders vied for the keys of this two bedroom two bathroom top floor apartment being sold by a Richmond Tigers player, Alex Rance. Quoted at $620,000 – $680,000, the home offered two balconies looking out to Melbourne’s north and CBD. The property was announced on the market at $672,000 and sold shortly after at $678,000.
86A Gordon Street, Coburg. Sold for $1,505,000
Surrounded by lush gardens on an expansive 700sqm+ block, this landmark Victorian combines lifestyle, period character, contemporary comfort in its renovated glory. The three bedroom home was built in 1904, and had been purchased by the vendors for $128,500 in 1996 in a dilapidated state. A crowd of 40 watched on as three bidders battled it out. But it was a $4,000 rise that knocked out the competition who were bidding in $1,000 increments, that seale the deal for the new owners at $1.505 million.
124 Stanhope Street, Malvern. Sold for $2,740,000
A spectacular presentation of classic Victorian architecture, this c1893 home tastefully mingles the glorious attributes of its day with our beloved 21st century comforts and is located close to renowned schools including Malvern Central School, while just footsteps to transport, shopping, and eateries. The last time this four bedroom house sold was in 2006 for $1.115 million. On Saturday the bidding opened at $2.7 million. The property was on the market at $2.74 million with two bidders and sold for exactly that amount.
Clearance Rates Melbourne
7 & 8 July 2018
This week: 446 Auctions
Clearance: 62%
Last Year: 76% [source: REIV]
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.
Regards,
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.
This weekend a clearance rate of 63% was achieved from 710 auctions. Of those properties, 361 sold and 264 were passed in, 136 of those on a vendor bid. There were also 142 private sales over the past week.
Astute buyers are acting quickly on properties that they know are solid purchases. A sign that the market is not quite as dire as the media have been reporting.
Inner city properties offered below $800,000 were hotly this weekend, with many auctions attracting three or four bidders. The market is still very active and it will be interesting to see how long this balanced market lasts.
Regards,
The Team at Elite.
5/28 Rockley Road, South Yarra sold for $1,1510,000
Bids were flying everywhere in an effort to secure this rare style of home in South Yarra. The property was a 1960’s 3 level townhouse with large wraparound courtyard and large garage. The property needed updating but this did allow a buyer to put their own stamp on the property. A downsizer secured the property which sold for $260,000 above the top of the price range they were quoting of $1.15m to $1.25m.
247 Coppin Street, Richmond sold for $2,420,000
Directly facing Barkly Gardens, this once-charming Victorian Italianate home, offered for the first time in nearly sixty years a brilliant opportunity to secure a rarely-found 405m2 (approx.) allotment with rear right-of-way access in Richmond’s most idyllic setting. The rundown three-bedroom house soared $220,000 above the reserve with three bidders putting up their hands at the auction. A $1.7 million bid started the auction, and the property was announced on the market at $2.2 million. It was then that the bidding really took off with rises of $5000 and $10,000 increments before the hammer was brought down at $2.42 million.
13 Lansdown Street, Brighton East sold for $2,125,000
The auction of this architecturally designed home in a popular location near Landcox Park sparked interest from 3 bidders. The property was announced on the market at $2.05m and sold for $2.215m which was $65,000 over reserve. The sale price was not a surprising result as the home was on a good sized land of 775 sqm with a north facing rear.
This weekend a clearance rate of 61% was achieved from 731 auctions. Of those properties, 374 sold and 285 were passed in, 145 of those on a vendor bid. There were also 103 private sales over the past week.
Buyers are certainly welcoming the relief that the market is providing now with less bidders at auction across the board. However we believe the Melbourne market is increasingly running at two speeds. There is a widening gap between A-grade properties with quality renovations in good streets, close to schools, and less desirable properties.
Renovated period homes close to shops and transport in quiet streets, and quality villa units are attracting competition and in many cases still selling above their reserve.
Although the clearance rate has dropped, good quality properties are still selling well and should continue to do so.
Regards,
The Team at Elite.
21 Hume Street, Armadale. Sold for $2,800,000
A decent crowd of about 50 gathered in the narrow street to see a single level 10 year old 2 bedroom home go under the hammer. No surprise to anyone that the crowd was mostly downsizes (and neighbours). The lucky auctioneer didn’t have to wait long when he called for bids as an elderly gentleman politely offered his opening bid of $2.3m. Again not long before another silver haired gentleman returned another bid of $25k and so ensued a game of tennis – as the first bidder cleverly remarked. A couple of hopeful knock out bids from both until the first bidder had the gavel knocked down to him at $2.8m. Not bad for a 2 bedder!
52a Lansell Road, Toorak. Sold for undisclosed price.
A popular Sue Carr designed brand new three-bedroom townhouse had the auction conducted from the kitchen to protect the potential bidders from freezing in the Melbourne cold. The auctioneer, Justin Long didn’t bother to call for bids. Instead just opening with a vendor bid of $4.75m. From there one bid was extracted from the audience from a well dressed family. Long was about to pass the property in to the family when $5k rise was offered before the first bidder quickly hit back with another $10k. A few more bids followed until the original bidder had the luxurious home passed in to him at $4.85m. The property sold for an undisclosed price.
8 Eumeralla Road, Caulfield South. Sold for $1,750,000
A crowd of about 40 people attended the auction of this large four-bedroom home on a corner block in a prime location with approximately 613m2 allotment. It was a young family who secured the keys after a 7 minute auction with only one bid of $1.55 million. The Californian Bungalow with charming facade was passed in and sold after negotiations for $1.75 million.
This weekend a clearance rate of 62% was achieved from 843 auctions. Of those properties, 439 sold and 321 were passed in, 174 of those on a vendor bid. There were also 174 private sales over the past week.
Listing activity is quite strong across the city, and there was an increase in the number of auctions held this week compared to last week. Attendances at auctions across the board were very strong so the market is showing there is still a lot of interest from prospective buyers, but buyers appear to be holding off from bidding. This may indicate the eased buying conditions could be shortlived.
There is no doubt the Melbourne property market has turned into a balanced market which is very much welcomed by buyers entering into the market.
Regards,
The Team at Elite.
9 Stonehaven Avenue, Malvern East. Property Passed In.
About 30 gathered to see the old Edwardian go under the hammer. Renovated and extended some time ago the home sits pretty on the North side of the tree lined street and is surrounded by some old and many new, large family homes in the popular family orientated location. A vendor bid of $1.95m took some time to eventually see a rise from the crowd of $25k, to take the price to $1.975m, but then that was it. No further bids, and the property passed in to the Chinese couple on a sunny Saturday afternoon.
16 Jupiter Street, Caulfield South. Sold for $1,705,000
The auction of this four-bedroom three-bathroom home in a popular location of Caulfield South drew a large crowd of over 60 attendees and achieved some bidding competition. The first bidder was bullish and started the auction at $1.5m with another gentleman contesting his bidding, but he ran out of steam very quickly. The original party bid strong when a third bidder jumped in who then went on to win the keys. The property was announced on the market at $1.65m and sold for $1.705m.
15 McFarlane Court, Highett. Sold for $1,360,000
This substantial two-storey, four bedroom house, set with a sunny rear orientation in Highett’s quietest hidden cul-de-sac location sold under the hammer on Saturday. With a bid of $1.175 million kicking things off, two families bids pushed the price $160,000 above the reserve at the auction. The property had a pre-auction price guide of $1.15 – $1.25 million. It last sold in 1977 for $20,800 according to CoreLogic records.
This weekend a clearance rate of 61% was achieved from 551 auctions. Of those properties, 290 sold and 217 were passed in, 119 of those on a vendor bid. There were also 215 private sales over the past week.
Vendors are experiencing patchy results with some selling way above expectations and others just hitting the mark at auction. Savvy buyers are also sticking to their guns in some instances bringing to a standstill any outcome at auction and happy to negotiate afterwards with battle weary agents. Having said this there were still plenty of well-contested auctions across Melbourne with some solid results over the recent weekend.
Regards,
The Team at Elite.
526 Springvale Road, Forest Hill. Sold for $1,070,000
A retro time capsule home went under the hammer on Saturday at an exciting auction. The two storey, four bedroom brick house on 654sqm with a full length balcony and a garage for 3 vehicles showcased total 70’s charm. Bidding began at $850,000, and the home was on the market at $1.05 million. Complete with shagpile carpet, an 8 person sauna and a bedroom with a mirrored ceiling, the new buyers plan to retain the current look.
1/4 Gipps Avenue, Mordialloc. Sold for $642,000
This inviting front unit located only a quick walk from the station, cafes and the soft sands of Mordialloc beach attracted first-home buyers and downsizers alike sold well above the reserve price.
The two queen-sized bedrooms both benefit from fitted wardrobes and share an original bathroom which has been upgraded with a stone vanity,
4/7-11 Moresby Street, Mitcham. Sold for $755,000
This fully-renovated townhouse in a prized and private position in a complex of six, sold to a first home buyer at auction on Saturday for $25,000 above the reserve. The home features a soaring ceiling and an elegant timber floor in the sunny lounge. French doors open onto a private courtyard which leads down to another private entertaining area, with new timber decking.
This weekend a clearance rate of 64% was achieved from 798 auctions. Of those properties, 425 sold and 286 were passed in, 153 of those on a vendor bid. There were also 393 private sales over the past week.
The auction clearance rate remains with a percentage in the low 60’s, as predicted. Buyers are enjoying a much more balanced market that we have seen in a number of years.
The Melbourne market is experiencing a larger amount of properties passing in at auction in particular the $2 million to $4 million range. Most are being sold immediately on the Saturday, or within a few days thereafter if they are reasonably priced. The vendors that have high price expectations are likely to see their properties unsold for some quite time thereafter as less buyers are currently in the market.
Regards,
The Team at Elite.
101/21 Rose Street, Fitzroy. Sold for $957,000.
This low maintenance near-new Fitzroy residence, just a short walk to Brunswick Street cafes, two tram routes and the Carlton Gardens sold under the hammer on Saturday. Quoted at $850,000 to $890,000, and declared on the market at $890,000 with two bidders pushing their price limits. The two-bedroom apartment went on to sell for $957,000
69 Irving Road, Toorak. Sold for $4,850,000.
Marketed as an opportunity to renovate or rebuild this substantial family home situated on 480m2 approx. on a prime corner allotment in the heart of Toorak. The four-bedroom, three-bathroom 1950s house was passed into a solo bidder for $4.425 million. After auction negotiations saw the bidder increase their offer dramatically, by negotiating a sale at $4.85 million.
19 Edgecomb Street, Kew. Price Undisclosed.
Two families battled to become the new owners of this deceptively large freestanding home on a landscaped, easy-care 410 sqm allotment (approx.) close to leading schools, Kew Junction shopping, Victoria Gardens and Yarra parklands. Bidding was very slow for the two families slugging it out for the keys to this contemporary townhouse. It sold under the hammer in front of 80 onlookers.
This weekend a clearance rate of 63% was achieved from 807 auctions. Of those properties, 417 sold and 295 were passed in, 155 of those on a vendor bid. There were also 538 private sales over the past week.
Clearance rates are still sliding, however, the auction market for first home buyers is performing well, with properties in the $600,000 – $900,000 range being hotly contested. In addition to that properties that are priced at market value and high quality properties that tick all the investment boxes are still experiencing strong competition.
We believe the clearance rate should remain in the 60’s percent for a little while to come as we come into the winter months. This may present buyers with some opportunities in the months to come however any drop in stock levels could send the clearance rates back into the 70’s.
Regards,
The Team at Elite.
126 Wheatley Road, Ormond. Sold for $1,102,000.
This two bedroom period home in the heart of the McKinnon College Zone holds a coveted corner position. Set on a beautiful 366sqm approx. garden block, this home attracted young families as well as downsizers to the auction. An opening bid of $850,000 started the auction, and with three bidders in the mix it was on the market at $1.055 million. The property eventually sold for $1,102,000 in front of a crowd of about 50 onlookers.
90 Newlands Road, Coburg North. Sold for $881,000.
Set well above the street, this beautifully presented three bedroom home features an elevated entertainer’s deck with tranquil leafy views and a private backyard with space for the family to enjoy. But it was the music studio/cellar which caught the eye of the new owners of this home, a first home buyer couple. They outlasted two other bidders to win the keys to the three bedroom house which was quoted at $780,000 – $830,000.
53 Kenmare Street, Mont Albert North. Sold for $1,300,000.
This single level 3-bedroom home delivers exceptional design, is idyllically positioned on a low maintenance 489 square metre allotment with its own title in a leafy and highly sought-after locale, the home is close to Box Hill Hospital, TAFE and the tram, and is within easy reach of restaurants, cafes, station and the many attractions of Box Hill Central and Balwyn. Three bidders competed, and after 15 bids the price had leapt $50,000 past the $1.28 million reserve eventually selling for $1.3 million.
