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The sale of a brick veneer pad in Brighton for $1.29 million proved the continued popularity of 1960s and ‘70s villa units in Melbourne, buyer’s advocate Kim Easterbrook said.
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In Kew, a home of a different era — Edwardian — fetched $3.21 million after a hot contest between three bidders.
A contemporary townhouse was snapped up for $2.156 million in Fitzroy.
And a period house with a dark blue paint job in Seddon sold for the first time in 23 years, for $1.87 million.
Read on for more about these seven-figure sales from all corners of the city.
Read the full story here on www.news.com.au
The autumn market is already gaining strong momentum, and really setting things up for anothe strong year of growth for the Melbourne property market.
There were 1198 auctions in Melbourne, with 883 selling and 211 being passed in, 104 of those on a vendor bid. In addition to the auctions, there were also an additional 334 private sales. The result, was a very strong 81% clearance rate.
The results so far for 2017 have been the strongest start to the year we have seen. Demand is high, however there has been a plenty of stock hitting the market, which indicates that there is still plenty of underlying demand for Melbourne property.
Price: $895,000
Address: 2/40 Embankment, Chelsea
On its own title and with no body corporate this 3 bedroom 2.5 bathroom located at the back of a block is a rare find. Around 60 people crammed into the driveway to see the opening bid of $690,000 be outdone by a second bidder offering $770,000. The two bidders helped the property get announced on the market at $785,000. Two new bidders then joined in, pushing the price well over $800,000. At $880,000 the bids slowed down to $1,000 rises until it was sold for $895,000.
Price: $1,980,000
Address: 220 Victoria Road, Northcote
A three bedroom period home on a corner block of approximately 608sqm, near leisure centres, shops, parks and transport, reached a price $380,000 above the reserve on Saturday. It was a battle of seven bidders, and the hammer was brought down to a developer who secured the property after outbidding a would-be buyer who intended to live there. The sale price of $1,980,000 was a new record for Victoria Road.
Price: $955,000
Address: 11 Isabella St, Parkdale
With two large living zones plus a sun-bathed north-easterly courtyard, this two bedroom, two bathroom villa with a double garage and street frontage attracted a crowd of 100+ people to the auction. A price guide of $720,000 – $790,000 saw multiple downsizers, investors and young owner occupiers vying for the keys. Located near shops, train and a short walk to the beach, the property received an opening bid of $760,000. Six would-be buyers were in the crowd, but only two bidders were able to put their hands up. On the market at $860,000 and sold to a downsizer for $955,000.
The first Super Saturday of 2017 delivers a strong clearance rate, indicating a very healthy property market. A new record has been made for the highest number of auctions held on a single February weekend.
There were 1198 auctions in Melbourne, with 983 selling and 215 being passed in, 85 of those on a vendor bid. In addition to the auctions, there were also an additional 297 private sales. The result, was a solid 82% clearance rate.
Interestingly, CoreLogic have reported that 33 Melbourne suburbs have achieved a one hundred per cent clearance rates for 2017.
There is speculation that the Reserve Bank will soon be putting interest rate up in early March. A red flag is that some banks have pre-emptively started to put rates up to insure against the rising cost of home lending and regulatory action.
Next week will be the first test of the autumn market in Melbourne.
Price: $1,351,000
Address: 25 Dickmann Street, Richmond
A small crowd of 25 people showed to watch the auction of this three level, three bedroom house located in a very convenient and popular part of Richmond. There were six bidders trying to secure this trendy piece of real estate, after an opening vendor bid of $1,000,000. The bids came slowly and the property was annoucned on the market at $1.27m and sold for $1.351 under the hammer.
Price: $730,000
Address: 1/34 Park Street, Moonee Ponds
A vendor bid of $600,000 opened the auction of this two bedroom attractive front villa – ideally situated in one of Moonee Ponds’ most exclusive streets. From the crowd of 80, a man offered $610,000 putting it immediately on the market. Three bidders pushed the price up to $727,000 until only one bidder was remaining, and a fourth bidder added a single bid of $730,000 to win the keys.
Price: $691,000
Address: 5/46 Fewster Road, Hampton
Popular with downsizers, this single level two-bedroom villa in a driveway of only six attracted a crowd of 50 to the auction. A vendor bid of $600,000 opened proceedings, and the next bid was slow to arrive at $620,000. Three bidders battled it out for this well positioned property with views of Sandringham Athletics track. The villa hit the market at $675,000 abs the hammer was brought down to a young couple for $691,000.
This weekend the clearance rate holds steady as the auction numbers doubled.
There were 846 auctions in Melbourne, with 681 selling and 186 being passed in, 79 of those on a vendor bid. In addition to the auctions, there were also an additional 308 private sales. The result, was a solid 79% clearance rate.
Stock levels may have doubled this weekend, bringing more choice for buyers, but there is still opportunity for buyers to grab property before auction. Some suburbs are experiencing a surge in off-market sales, due to red-hot demand.
This month there is an expected 3,100 home going under the hammer in Melbourne, which is an increase of three per cent on February last year.
Price: $980,000
Address: 135 Franklin Street, Eltham
A four-bedroom family home with a quiet, leafy outlook and three living areas attracted three bidders to the auction. The pre-auction price guide was $820,000 to $900,000 and one bidder dropped out in the high $800,000’s leaving two other contenders to continue pushing the price up. A local family, looking to upsize, paid $100,0000 above the reserve.
Price: $1,661,000
Address: 30 Plummer Road, Mentone
This well maintained and renovated three-bedroom clinker brick home, in a premium beachside locale, attracted interest from downsizers and young families. With four bidders vying for the keys, the price quickly sailed past the reserve of $1.5 million. The last bidder to enter the auction walked away with the keys for $1.661 million.
Price: $1,721,000
Address: 7 Grange Road, Mont Albert
Designed by Fasham Johnson which often prove to be popular with buyers due to their unique architecture, the auction started slowly with the auctioneer getting things underways with a vendor bid of $1.5m. Three bidders contested with lady determined to win the keys. The property was announced on the market at $1.65m and sold for $1.721m. $71,000 over reserve.
Melbourne’s auction market has delivered another steady, yet strong result as we plunge into 2017.
There were 444 auctions in Melbourne, with 361 selling and 83 being passed in, 30 of those on a vendor bid. In addition to the auctions, there were also an additional 329 private sales.
Last Tuesday, as expected, the RBA, left rates on hold for the fifth consecutive month, at the record low 1.5 per cent. For buyers, this brings a great opportunity to step into or step up in the Melbourne property market.
The early 2017 market has already seen some strong results, but next weekend buyers will have far more choice. An expected 900 properties have auctions scheduled next weekend, double what we have seen in the past couple of weeks.
Price: $1,005,000
Address: 40 Mernda Avenue, Bonbeach
Featuring three bedrooms, a studio, a tandem garage and ample outdoor space, this property located minuted from Carrum station, shops and the beach attracted seven bidders. Bidding took off quickly which pushed the sale price $205,000 above the reserve. It was a young couple with a three week old baby who won the keys.
Price: $426,000
Address: 43 Wilgah Street, Thomastown
Marketed as the ideal first home, or investment, or downsizing opportunity. This two bedroom, one bathroom close to the Ring Road, local schools, shopping centres, parks, train station and other forms of transport provides an affordable option not too far from the city. Six bidders helped push the selling price up $26,000 over reserve when the hammer was brought down at $426,000.
Price: $1,260,000
Address: 7 Browning Street, Moonee Ponds
A three bedroom terrace known as “Carringbush” evokes enticing Victorian splendour from its highly sought after coveted Poet’s Corner address. Two home buyers bid at the auction from $1.05 million to $1.19 million, however it was passed in to the highest bidder. The property sold minutes after the auction for $1.26 million.
Melbourne’s auction market got off to a strong start over the weekend as buyers enjoyed the choices available as more listings have recently arrived on the market.
There were 192 auctions held in Melbourne on Saturday, and in the 7 weeks from 19 December 2016 to 5 February 2017 a clearance rate of 79 per cent was recorded. Of the 421 auctions reported, there were 333 sold and 88 passed in, 39 of those on a vendor bid. There were 1428 private sales recorded.
The Reserve Bank of Australia will meet for the first time for 2017 this week to decide the level of official interest rates for February. Economists are expecting that the RBA will likely be leaving the rates on hold for the fifth consecutive month.
The auction activity is increasing throughout this month with more than 1,400 auctions due to be held in the last week of February. Nearly 500 auctions are expected for next week.
2/96 Cooper Street, Essendon sold for $911,000
This spacious three bedroom, two bathroom villa opposite Buckley Park attracted 55 people to the auction. Pre-auction interest was around $750,000 for this middle villa with a double garage in a block of only three. With an opening bid of $650,000 the auction took off from there, with five bidders jumping in. At $830,000 the property was on the market, and the fifth bidder took the price up to $900,000. But it was a young couple who stayed in, and won the keys for $911,000.
6 Merrett Avenue, Hoppers Crossing sold for $475,000
Over the past twelve months there has been a considerable increase in interest in family homes under $600,000. This three-bedroom house positioned on a generous 585m2 (approx.) parcel of land sold for the first time since it was built 42 years ago. There were four bidders vying for the keys to the property which easily reached its reserve price of $460,000. It was a local family who were successful at the auction for a price of $475,000.
2 Blyth Street, Murrumbeena sold for $1,421,000
The potential of this three bedroom plus study timber house attracted a range of would-be owners including developers and home buyers. Sitting on approximately 760 square metres of land, the home sold for more than $171,000 above the reserve. The property last sold in 1978 for $36,000, and on Saturday two bidders pushed the price up to $1.421 million. This equates to an annual capital growth of over 10% per annum over the 38 year period.
This month looks set to break the December auction records with almost 4000 homes set to go under the hammer, almost 200 more than 2015. This week Melbourne’s auction market had a clearance rate of 80 per cent from 1264 auctions reported. There were 1014 selling and 250 being passed in, 99 of those on a vendor bid. In addition to the auctions, there were also 321 private sales reported.
Despite a huge surge in listings, the weekend achieved a two month high clearance rate of 80.7%. The best performing area this week was the south eastern suburbs – with a clearance of 90%.
As expected, The Reserve Bank of Australia, left interest rates on hold again at the record-low 1.5 per cent at its final meeting of the year last week. The next RBA meeting will be in February.
Next week is the final auction weekend of the year and it will be the highest final weekend offering ever experienced in Melbourne, with more than 1000 properties going under the hammer.
73 Creek Street, Mitcham. Sold for $1,130,000.
Set on approximately 762sqm of land with a 17.86m frontage in one of Mitcham’s sought after streets, this beautiful clinker brick home sold for $180,000 above reserve on Saturday. A first-home-buyer couple beat four other bidders to win the keys of this three-bedroom house. Two other would-be buyers didn’t even get a chance to raise their hands in this fast paced auction.
39 Henry Street, Kensington. Sold for $1,455,000.
This double fronted Victorian with a large rear garden – a sanctuary of serene greenery in a prized inner city precinct and only moments from the cafes of the Kensington Village, attracted 3 bidders to the auction. The three bedroom property sold for $55,000 above the reserve after being declared on the market at $1.4 million.
13 St Vincent Place, Albert Park. Sold for $5,100,000.
The elegance of the Victorian era and the excellence of modern spaces are compatibly combined throughout this spectacular terrace, circa 1870. The sought after address opposite St Vincent Gardens had three bidders at the auction and fetched a hefty price tag. The hammer was brought down at $5.1 million.
The final few weeks of 2016 are here, and Melbourne’s summer has brought an upbeat mood to the market. This week Melbourne’s auction market had a clearance rate of 79 per cent from 1094 auctions reported. There were 867 selling and 227 being passed in, 104 of those on a vendor bid. In addition to the auctions, there were also 389 private sales reported.
This weekend’s clearance rate was the highest recorded in almost two months in Melbourne. In fact, the spring selling season had produced some incredible results, with the average clearance rate of 79 per cent being the highest recorded in recent years.
The Reserve Bank of Australia will meet for the final time of the year on Tuesday and for the last time until February. It is expected that they will choose to keep official interest rates on hold.
58 Wolverhampton Street, Footscray. Sold for $977,000.
The asking price of this unique converted coach house was only $790,000, attracting a range of potential buyers. Five bidders were interested in the polished concrete floors, contemporary style and double-height ceilings of this four bedroom home. Such fierce competition helped push the price $127,000 above the reserve, and it was a young couple who became the new owners.
20 Marlton Crescent, St Kilda. Sold for $1,915,000.
This superb wide Hawthorn brick Victorian in a popular St Kilda location always coveted for its character and its convenience sold for $195,000 above its reserve. With a mixed bag of four bidders competing for the property, it was downsizers who outbid younger homebuyers and an investor. The three bedroom home sold for $1,915,000.
4 Bowen Street, Hawthorn. Sold for $2,670,000.
Among the 60 attendees to the auction of this four bedroom Victorian home were three bidders. On offer was a beautifully renovated home with a rear extension providing a modern flair. The initial bidding began at $2.32 million, and the property was announced on the market at $2.6 million. This sale price was more than $880,000 above the sale price when the property last sold in 2012.
As the Spring auction season reaches its final weekend, a clearance rate of 78 per cent was achieved from 1238 auctions reported. There were 964 selling and 274 being passed in, 129 of those on a vendor bid. In addition to the auctions, there were also 301 private sales reported.
With plenty of stock on offer this weekend, Melbourne vendors faced tough competition while buyers were spoiled for choice. This was the second-highest number of homes being auctioned across the city, behind the 1598 auctions held on the pre-Easter super Saturday on 19th March.
The median auction price recorded in Melbourne this weekend was $856,000, just below the $860,000 reported the previous weekend, but 13.4 per cent higher than the $755,000 recorded over the same weekend last year.
Melbourne’s auction market looks set to be busy over the next 4 weeks in the lead up to Christmas, with an expected 3,000 homes to be auctioned.
151 Power Street, Hawthorn. Sold for $1,976,000.
This lovely freestanding four bedroom Victorian terrace positioned on approximately 407m2 attracted three bidders among the crowd on Saturday. Fast bidding with $1,000 increments took this two storey property higher than the 1.91 million reserve. The hammer was brought down at $1.976 million to a semi-retired couple who plan to move in to the property set in lush gardens.
26 George Street, St Albans. Sold for $630,000.
The price guide of $600k plus helped attract quite a crowd to the auction for this unrenovated four-bedroom home which was built by the vendors approximately 50 years ago. Five bidders threw their hands up to become the new owners of the property situated on approximately 785 square metres of land. But it was an investor who won the keys for $630,000.
23 Beach Road, Beaumaris. Sold for $1,740,000.
With a price guide of $1.6 million – $1.7 million, this was an affordable four bedroom home with views of the bay. In front of a crowd of 50 people, the auctioneer found three bidders vying for the opportunity to live within a stone throw of the water. The home which has been with the one family for 30 years, sold to a family who plan to rent it out for a couple of years before moving in when their children leave school.
This weekend a clearance rate of 80 per cent was achieved from 1001 auctions reported. There were 800 selling and 201 being passed in, 80 of those on a vendor bid. In addition to the auctions, there were also 299 private sales reported.
Melbourne’s 80 per cent result was higher than the 75 per cent recorded the previous weekend and significantly ahead of the 65 per cent reported over the same weekend last year.
Melbourne’s western suburbs continue to rise, with a leading regional clearance rate of 86.2 per cent. The inner-south followed close behind with a clearance rate of 81.7 per cent.
For the second consecutive quarter, Melbourne’s median house price recorded solid price growth, up 3.2 per cent to a record high $740,000.
Next weekend the local market will experience its biggest test of the spring selling season, with nearly 1400 homes set to go under the hammer.
7 Bowen Street, Richmond. Sold for $2,000,000.
Once Richmond’s first Cobb & Co coach house, built in 1871, now a three bedroom home of grand proportions. This freestanding landmark brick Victorian has been owned by a family for 20 years, and the family are moving into a house out the back of this building. The property sold at the vendor’s reserve after passing in at the auction, and a new family will soon be moving in.
3/4 Murrell Street, Glenroy. Sold for $434,500.
A heated auction with eight bidders competing for the keys to this two bedroom villa in Glenroy. The sale price was pushed $74,000 above the reserve, with many first home buyers among the bidders, hoping to take their first step onto the property ladder. This entry-level low maintenance home sold to a young couple for $434,500.
20 Victory Street, Sandringham.
Constructed to an exacting standard as a builder’s own home, this substantial five bedroom, two bathroom family residence showcases the best elements of late 20th Century design with walls of north-facing windows, lofty vaulted ceilings and well-zoned design. Nine bidders attended the auction, but the opening bid of $1.8 million knocked six of them out before they could put their hands up. The property sold to a family for $2.142 million (almost $1 million more than when it was bought four years ago).
