In Melbourne there were 1041 auctions held, with a clearance rate of 74 per cent recorded, compared to 76 per cent last week, and 70 per cent this weekend last year. Of the auctions held, 775 sold and 266 were passed in, 140 of those on a vendor bid. In addition to the auctions held, there were also 394 private sales.
Melbourne’s auction clearance rate dipped only slightly this weekend, but the market conditions remain even. Crowd numbers were certainly strong at the auctions we attended on the weekend, with many auctions attracting around 3 to 4 bidders.
Some vendors have offered extended settlement dates of 180 days to increase buyer confidence to bid, and in most cases the properties sold 5 to 10 per cent above the reserve.
With the Labour Day holiday next weekend, there are only a small number of auctions scheduled.
Auction Results
1/37 Church Road, Carrum. Sold for $662,000
A smart unit with street frontage, manicured gardens and bamboo timber floors drew a large crowd to the Carrum address. With the newly developed Patterson Lakes town centre up the road, Patterson Lakes Marina, local beaches, cafes and shops all within reach this three bedroom property was attractive to families, as well as first home buyers. An opening bid of $500,000 was met with a counter bid of $10,000. When the bidding reached $570,000, the first bidder increased the pressure, with a $600,000 bid. From there several other parties joined in and overtook the knockout bidder, until a remarkable result of $662,000 was achieved. First home buyers didn’t stand a chance.
98 Creswick Street, Footscray. Sold for $856,000
An updated and extended 2 bedroom free-standing Victorian home drew a crowd of around 50 people to view the auction. At the end of the auctioneer’s opening spiel, no one was willing to raise a hand and make the first move. A Vendor bid of $750,000 was made, and had the right effect on the crowd, with a $760,000 bid soon following. A second bidder and then third bidder joined in with $10,000 bids quickly pushing the price to $820,000 when the rises lowered and bidding then stopped at $850k. After a short half time break the property was announced on the market, and it took only a few more bids before the hammer was brought down for $856,000.
28 Lorne Road, Prahran. Sold for $2,105,000
This double fronted Hawthorn brick Victorian home located in sought after Hawksburn Village, offers a blank canvas with a potential for restoration, contemporary renovation or extension, STCA. Barely livable in its present condition, this property sold for almost $300,000 above the reserve with tough competition from five bidders. The confident opening bid of $1.8 million was met with a second bid of $1.9 million, and the property was soon announced ‘on the market’ at $1.96 million. The bidding slowed down, and the final bid of $2,105,000 saw the property sold to a Prahran resident as an investment.
In Melbourne there were 1083 auctions held, with a clearance rate of 78 per cent recorded, compared to 75 per cent last week. Of the auctions held, 843 sold and 240 were passed in, 116 of those on a vendor bid. In addition to the auctions held, there were also 350 private sales.
Kim Easterbrook featured in Domain over the weekend speaking about how the market is reflecting that properties with courtyards are in high demand. The Elite team attended multiple auctions over the weekend showing that buyers are being pushed out of purchasing houses, but are still wanting some kind of outdoor space to compensate.
Auction numbers are up significantly on last week, but still not as high as the 1341 auctions held on the same weekend last year. Nevertheless, the market is showing strong signs of continuing its momentum, and rising further.
At this time of year, buyers are enthusiastic and eager to take advantage of the fresh stock that has arrived on the market, as they have had to wait through the inactive summer period. The big test of the 2016 market will be in March and April with increased stock levels.
Next weekend, more than 1,160 properties are scheduled for auction.
Auction Results
53 Bunting Street, Richmond. Sold for $923,000
Just a short stroll to Swan Street and Bridge Road’s cafes, and shops, the Yarra River and parklands, and transport to whisk you into the city, this two bedroom single-fronted Victorian presented a great lifestyle opportunity in a winning location. Around 50 people squeezed into the one way street for the auction to witness the opening bid of $750,000 begin proceedings, but the auctioneer was met with silence during his attempts to coax another bid from the crowd. The half-time break did the trick, with a second bidder taking on the first bidder with $10,000 rises from $750,000 to $880,000. The bids slowed down to $3,000 rises from the second bidder, and $7,000 rises from the first bidder, until the second bidder eventually won the keys for $923,000.
1a St James Street, Ascot Vale. Sold for $770,000
This impeccably presented 3 bedroom townhouse, brilliantly located close to the Maribyrnong River parklands, numerous schools, and Union Road’s shopping, dining and public transport options all a short a stroll away, attracted a strong crowd of around 30 people. The opening bid of $660,000 started the auction, and was answered by another three parties who all helpd push the price up in $10,000 rises, then $5,000 rises. The attractive townhouse was announced on the market at $765,000 when bids slowed down to $500 rises, and was announced as sold at $770,000.
2/23 Camden Street, St Kilda East
This two bedroom ground-floor apartment with a north-facing wrap-around outdoor entertaining area, just a few strides from funky cafes, boutique shops, trains to the city and trams to Chapel Street or St Kilda beach. More than 100 people attended the auction of this property with its own street frontage to Edward Street, a private entrance and remote garage. The auction commenced with a genuine bid of $600,000 and was fiercely contested by 5 other bidders, who appeared to be a mix of first home buyers, upgraders and down sizers attracted to the easy lifestyle this property presented. The property sold under the hammer for $725,000.
This weekend was the first for 2016 with more than 800 auctions taking place. In Melbourne there were 852 auctions held, with a clearance rate of 77 per cent recorded, compared to 75 per cent last week. Of the auctions held, 656 sold and 196 were passed in, 94 of those on a vendor bid.
This weekend’s clearance rate is a good indication of the strength of the property market as the auction numbers for 2016 begin to climb. Some of the inner suburbs experienced cautious bidding, while the inner-bayide suburbs and inner west experienced tough competition amongst bidders.
The final weekend in February will see more than 1200 homes be auctioned – no doubt vendors are keen to get in early before next month’s holidays. This month has had the strongest February auction numbers than ever before, with more than 3000 homes going under the hammer.
Auction Results
86 Somerset Road, Richmond. Sold for $965,000
Intelligently designed, this two-level, two-bedroom town residence close to Bridge Road held a price guide of low $800,000’s prior to auction. A similar property at 275 Highett St, Richmond sold last week for mid $900,000’s, so there was no surprise to see the popularity of this property, with five interested parties bidding for the keys. The heated auction saw the price sale past the conservative vendor reserve of $860,000, and sold for $105,000 more at $965,000.
35 Spray Street, Elwood. Sold for $1,970,000
A block away from the beach, and close to Ormond Road shops and cafes, this 3 bedroom home on a 415 sqm, north facing block had a price guide of $1.6 million+. The auctioneer explained that no reserve had been set, and he would ask the vendor when the price was nearing her expectations. One bidder opened the auction with $1,488,000 and four others joined in. Rapid-fire bidding took the price up to $1.9 million, when the vendor was consulted. The bidding continued, and the property was announced on the market at $1.945 million before it sold for $1.97 million to a man buying his daughter her first home.
35 Wales Street, Thornbury. Sold for $1,395,000
This three bedroom Californian Bungalow close to lively High St, and Northcote Plaza was quoted between $1.1 million to $1.2 million before auction. The vendor bid of $1.1 million awoke a couple of potential buyers in the crowd. One offered $1.11 million, to which the other offered a rise of $10,000 more. These two parties maintained this bidding momentum past the $1.25 million reserve price, and all the way up to $1.395 million when the 2nd bidder gave up after a 36-bid battle.
2016 has started off strongly in the Melbourne property market, with higher numbers of listings than the same time last year. This weekend in Melbourne there were 438 auctions held, with a clearance rate of 78 per cent recorded, compared to 73 per cent last week. Of the auctions held, 270 sold and 96 were passed in, 39 of those on a vendor bid.
Interest in the property market is strong, and the listings are tracking significantly higher than this time last year. With attendance up at open houses, auctions over the next four weeks will be a good indication of where the market is placed for 2016.
Upsizing families are returning to the market after not being successful in late 2015, yet the supply still has some catching up to do. On the other hand, first home-buyers are in a good position right now, with apartments being in good supply.
The past few weeks have also seen some activity amongst Bayside residents with Dendy Beach bathing boxes becoming hot property. The standing record for a bathing box has been broken, going under the hammer for $295,000.
More than 900 auctions are expected to be held in Melbourne next weekend.
Auction Results
226 Essex Street, West Footscray. Sold for $861,000
A hot auction took place at this renovated three-bedroom home with significant period character and superb modern elements. The first genuine offer of $740,000 quickly attracted another two interested parties into the bidding pool. As the house reached its $800,000 reserve, a fourth bidder joined in, but it wasn’t until the price reached $825,000 that a fifth would-be buyer stepped in causing a collective gasp from the crowd. The final bidder walked away with the keys after a challenging 16 bids, with the house selling for $861,000.
340 Howe Parade, Port Melbourne. Sold for $966,000
A one bedroom cottage on 283 square-meters of land, only three blocks from the beach was recognised by six hopeful buyers who saw the potential. The property comes with a planning permit to upgrade the property to a three-bedroom, two-storey home. A vendor bid of $740,000 started the auction, and bids proceeded quickly after that until the property was announced on the market at $810,000. The final bid was $166,000 above the reserve, and it came from an owner-occupier.
7 Harper Street, Northcote. Sold for $975,000.
An unrenovated single-fronted Edwardian, set in an exclusive cul-de-sac with a functional design, original period details and untapped renovation/extension potential (STCA) attracted fierce competition. Bidding began at $850,000, with bids flying at $10,000 increments taking the price all the way up to $970,000 in less than one minute. Gathering his breath during a quiet moment from the crowd, the auctioneer announced that the property had surpassed the reserve price, and there would be no half-time break. A fourth bidder attempted another offer with a $2,500 rise, yet it was another bidder who offered $2,500 more to become the new owner.
A clearance rate of 71 per cent was recorded in Melbourne from 1209 auctions, compared to 64 per cent last week. Of the auctions held, 865 sold and 349 were passed in, 153 of those on a vendor bid. In addition to the auctions, there were 430 private sales reported.
It was the final “Super Saturday” of 2015, and the market has proved again to be quite strong, even at this late stage of the year. The question we are being asked of late is “what do you think the market will be like next year?” Well, that depends on what happens with stock levels. There are still a lot of buyers in the market and the increased stock levels over Spring have allowed property prices to stabilise, however, this may be short lived if stock levels do not keep to the same levels in February and March next year.
The REIV have reported a record $27 billion worth of residential property has been sold by auction in Victoria, so far this year – up 27 per cent ($6 billion) on last year.
This will be our final market wrap for 2015. We are looking forward to seeing the new rush of homes on the market in late January and February. We hope you have a wonderful summer break!
Auction Results
70 Albert Street, East Melbourne. Sold for $1,825,000
This 1884 Victorian double fronted property in Melbourne’s most liveable suburb went under the hammer on Saturday. One keen buyer immediately offered a bid of $1.4 million, prompting a second bidder to offer a rise of $25,000. Two more bidders joined in, helping the price push past the reserve of $1.6 million. A late entrant made a solid offer of $1.8 million, but it was a downsizer who secured the property for $1,825,000.
2/5 Collington Ave, Brighton. Sold for $856,000
A terrific entry level property into Brighton caught the attention of many potential purchasers. This art deco apartment with large courtyard would suit investors, professional couples and downsizers. The auction started on a genuine bid of $750,000 with strong bidding from four interested parties. The property was announced on the market at $840,000 and sold for $856,000.
9/14-18 Howitt Street, South Yarra. Sold for $855,000
This large apartment with two balconies is located in a really convenient and quiet location in South Yarra. This location has the convenience of Hawkesburn train station and trams on Malvern Road. Three bidders participated in this auction to try and secure this piece of real estate. The auction started on a strong bid of $800,000, was announced on the market at $840,000 and sold for $855,000.
A clearance rate of 67 per cent was recorded in Melbourne from 1236 auctions, compared to 65 per cent last week. Of the auctions held, 825 sold and 411 were passed in, 161 of those on a vendor bid. In addition to the auctions, there were 413 private sales reported.
The market held firm this weekend, with plenty of properties going under the hammer. There were also about 20% of this week’s vendors who accepted offers before their scheduled auction time, which happens more commonly as the end of year approaches.
Buyers have been taking advantage of the perceived value available in properties in the north-east, an area which had been flying under the radar due to the emphasis on the popularity of the inner-east. Recent figures have shown that price growth and clearance rates had risen on the back of demand in 2015 in areas such as Ivanhoe.
There are more than 1,400 auctions scheduled next weekend, which will mark the final Super Saturday for the year.
Auction Results
60 Milton Street, Elwood. Passed in
In a sought after pocket of Elwood, this majestic two bedroom Edwardian with its high ceilings, two living spaces, open fireplaces, lead-light entry and Baltic pine polished boards had plenty of admirers. The auctioneer took an opening bid of $1.23 million, which was answered quickly by a second bidder offering $1.25 million. But this is where the auction stalled, and the auctioneer took an early break to talk with the vendors. Upon his return, he made a vendor bid of $1.3 million, and received no further whisper from the crowd so it was passed in and further negotiations were taking place.
517 Dryburgh Street, North Melbourne. Sold for $1,650,000
Around 40 people attended the auction of a beautiful 3 bedroom double storey terrace in North Melbourne; a stones’ throw from the Melbourne Zoo. The auctioneer received a real bid of $1,500,000 to kick it off, however went straight over the top with a Vendor’s bid of $1,550,000 then was calling for $50k rises. No one else was willing to put their hand up… it seemed as though they were waiting for it to be on the market. The auctioneer went in for his half time break and threatened to pass the property in on his bid. The first bidder then offered the auctioneer a real bid at $1.55m, which he accepted with obvious dissatisfaction. The property was later negotiated and secured for $1,650,000
27 Pilgrim Street, Yarraville. Sold for $900,000
Quoted $730,000 plus before auction. This pretty Victorian home was sure to attract strong competition to secure. A strong crowd was present and obvious many bidders were there to put their hand up, but never got a chance. The opening bid was $730,000 and two parties went head to head until they dropped out at $850,000… another party jumped in quickly when the property was announced on the market at $870,000. The property was knocked down to the bidder who started the auction at $900,000.
It was the biggest auction day in Australia’s history, with approximately 5,800 auctions taking place in all of the capital cities, 1,467 of those occurred in Melbourne. A clearance rate of 67 per cent was recorded in Melbourne on the weekend, compared to 65 per cent last week. Of the auctions held in Melbourne this weekend, 981 sold and 486 were passed in, 218 of those on a vendor bid. In addition to the auctions, there were 428 private sales reported.
Buyer’s wishing to snap up a bargain before the end of the year had their best chance this month – with high auction numbers and clearance rates below 70 per cent, the conditions were definitely in favour of buyers. It has been a record month, with about 5,700 auctions held, 300 more than in November last year.
The surge in listings this month has been a benefit to buyers, particularly in the eastern suburbs and some inner-city areas of Melbourne. In these areas, the market has relaxed a bit and the high prices that were being achieved between March and May have slowed, with many properties only just making their reserve price at auction.
With a few weeks left of the 2015 market, there are still plenty of opportunities for buyers to make their move.
Auction Results
9 Davies Street, Newport. Sold for $1,379,000
A renovated four bedroom Victorian with a price guide of $1.2 million went under the hammer on Saturday. On offer was an entertainers delight with two outdoor areas and a large designer kitchen. There were five bidders vying for the property, with the first offer of $950,000 immediately being topped by a $1.1 million vendor bid. The bidding then picked up as the other four eventually chose to raise their hands. The property sold for $54,000 above the reserve, to a woman who outbid the other hopefuls with a final price of $1,379,000.
6 Jenkins Street, Caulfield South. Sold for $1,426,000
It wasn’t just the quote prior to auction of $1.15 million to $1.3 million that attracted buyers to the auction of this contemporary four bedroom, three bathroom home – the flexible floor plan, location within the Caulfield school zone and proximity to public transport and amenities made this property a winning purchase. It was two young girls who made the first bid of $1.15 million, on behalf of their mother overseas. They were challenged by a woman who offered $1.2 million, but the young girls continued to outbid every offer the woman made. The price sailed past the reserve of $1.3 million, and the girls won the keys at $1,426,000.
39 Spencer Road, Camberwell. Sold for $1,755,000
The prized leafy location of this weatherboard home with 3 bedrooms and plenty of room to extend, or rebuild was surprisingly slow at auction. With no movement the auctioneer put forth two vendor bids, the second at $1,425,000 attempting to awaken the sleepy auction crowd. It seemed to work as three hopeful bidders made themselves known. At $1.72 million, the property was announced on the market, and it was a late entrant who joined in and won the keys with only one bid of $1,755,000.
A clearance rate of 67 per cent was recorded in Melbourne on the weekend, compared to 69 per cent last week. There were 1172 auctions held on the weekend with 780 properties selling and 392 being passed in, 153 of those on a vendor bid. In addition to the auctions, there were 376 private sales reported.
Listings are up, and the clearance rate has dropped, showing that buyers have the advantage and vendors are running out of time to sell before Christmas. Popular among buyers was period homes in high amenity locations close to transport and schools.
In the wake of the recent Government crackdown on foreign home owners, auctions on Saturday offered plenty of opportunities for local buyers. Less competition and more choice can only be a good thing for buyers looking to grab a late spring purchase.
Next weekend Melbourne’s auction market will face a massive test with its expected 1,750 auctions scheduled, one of the highest on record.
Auction Results
59 Walter Street, Seddon. Sold for $770,000
Well-located near the cafes and restaurants of Seddon, and with a pre-auction quote of $590,000+, this renovated two bedroom Victorian was popular with young buyers. The crowd of 120 included many first home buyers keen to get their foot in the door of the inner-west lifestyle. Two vendor bids started the auction before a strong genuine bid of $650,000 came through. The bidding quickly continued too fast for the auctioneer to even announce that the property was already on the market. The first bidders, who looked like first home-buyers were outbid by a second home buyer who became the new owner after paying more than $120,000 above the reserve.
4 McLachlan Street, Northcote. Sold for $3,100,000
This elegant Italianate tower residence, constructed in 1879 for Northcote pioneer Peter Orr, has been restored to its former glory to offer a versatile floor plan combining modern comfort with exquisite period detail. 200 onlookers watched as the five bedroom home, with a price guide of $2.5 million to $2.7 million received a strong opening bid of $2.6 million. The auctioneer briefly went inside to talk to the vendors after no challenge was made, however things started to heat up when a second buyer began offering $50,000 rises. The property was announced on the market at $2.8 million, then a third bidder joined in. The property was sold to the final entrant for $3.1 million – almost a record for the suburb.
12 Athol Street, Prahran. Sold for $1,555,000
Immaculately presented, in a stylish location walking distance to Greville Street, Fawkner Park and St Kilda Road. This double fronted Victorian residence in a pretty garden had a quote prior to auction of $1.5 million+. The auctioneer opened the bidding for this renovated, two double-bedroom, two-bathroom house with a vendor bid of $1.5 million. The first bid of $5,000 was rejected, as the auctioneer asked for $10,000 and received it from another man. The first bidder again offered a rise of $5,000, which was accepted this time, and it only took one more $5,000 rise above the second bidder, for him to win the keys. The property was announced on the market at $1.54 million, and sold for $1.555 million.
Selling your house can be a tricky thing. You don’t want to end up doing a deal that makes you feel like you didn’t get enough return, nor do you want to scare buyers by a price too high. Here are four things that will help you get you the best deal for your house.
- Expensive refurbishments might not necessarily increase your selling price
If you are planning on doing any expensive changes to your house before selling it off – hold your horses! You should first do a thorough analysis on the neighborhood. Even if you have granite countertops and stainless steel appliances, it would not mean that you can get a higher price for your house. Your price also depends on the prices of neighbouring houses. Therefore, only make changes that are fitting to the market rate.
- Marketing is key to getting the best deal
Putting up a “For Sale” sign on your yard and a photo you took through the phone up on the internet, doesn’t guarantee success. Getting the highest price for your house needs an extra effort to make your material look good. Therefore, get a professional photographer to get a picture of the house when the grass is green and the sun is out, and find the right price two months before you are planning on putting it up for sale.
- Fix things that are broken
The last thing you want is for buyers to walk into your house and notice stuff that needs repairing. The question running through their minds will be – how well have you maintained what’s not visible? If there are any obvious repairs that are necessary, attend to them first and make sure the place looks perfect for someone to move in right then and there.
- Don’t let emotional attachments get in the way
Selling a house can be an emotional experience for some – mainly because many people shed blood sweat and tears to get it to exactly how they want it to be. But if you have unique decorations added, or anything that gets in the way of making a buyer feel neutral about the house, you could lose a good sale. You need to make the house feel like a place that anyone could instantly move into. Have a friend or a realtor take a look at your house and give you feedback on what needs to be changed so that you will attract the attention of a wide range of customers.
This weekend Melbourne recorded a clearance rate of 71 per cent, compared to 68 per cent last week. There were 1243 auctions held on the weekend with 880 properties selling and 363 being passed in, 141 of those on a vendor bid. In addition to the auctions, there were 349 private sales reported.
The REIV have released figures stating that there were about 11,800 residential sales in the month of October – up eight per cent from the same time last year. And November is also on track to achieve strong results.
With stock levels at the highest levels we’ve seen in months, buyers are being sensible about prices and determined not to overpay. Many auctions have been receiving small increment bids, which is one sign that the market has relaxed a bit.
There has also been a shift in the number of international buyers recently, with activity from Chinese buyers slowing down. This could be good news for many buyers who still have not purchased this Spring – in the countdown to Christmas, there is still plenty of stock coming on to the market.
Auction Results
64 Victoria Street, Brunswick. Sold for $1,062,000
Only a stones throw from Lygon Street cafes, this brick federation home on 251sqm attracted a crowd of 50 to witness the auction. Auctioneer Simon Shrimpton called for an opening bid and found a reply in the form of a cheeky passer by who offered one dollar! Shrimpton decided to take the offer and called for a rise of $799k. The silence that followed prompted the auctioneer to eventually make a vendor bid of $800,000. The auction slowly gained momentum with five bidders helping the sale price reach $1.062m. The man who bid $1 was clearly disappointed.
5/1 Hughenden Road, St Kilda East. Sold for $639,000
A grand and spacious period-style top floor apartment filled with character ticks all the boxes for a lifestyle choice or an investment in a thriving area. Only 20 people attended the Saturday auction which opened with a vendor bid of $500,000. Bidding was slow to start, but the first hand that went up offered $510,000. A second bidder eventually joined in, and the auctioneer had a very difficult job of pulling further bids out of them. The half-time break arrived quickly at $520,000, and from there the two bidders brought the price to $610,000 after being announced on the market at $600,000. Two more bidders jumped in to the mix, one man with small but strong and intimidating bids. He was able to secure the property by offering $1,000 more than his opponents, at $639,000.
4/15 The Esplanade, Elwood. Sold for $864,000
With a stunning beach view from this first floor apartment, it was surprising that only 19 people attended the auction. On offer was a renovated interior with period features, and an interesting floor plan with one master bedroom, a smaller bedroom and 2 study areas / retreats. The bidding opened at $800,000, and four bidders helped take the price to $860,000 where it was announced on the market. It wasn’t long after this that the final bid was made, and the hammer brought down at $864,000.
