The 8th of the 8th was certainly a busy day for auctions in Melbourne, and the result for the weekend was a clearance rate of 79 per cent, compared to 77 per cent last week. There were 872 auctions held on the weekend with 689 properties selling and 183 being passed in, 87 of those on a vendor bid. In addition to the auctions, there were 369 private sales reported.
This weekend was the biggest auction day in August that Melbourne has ever seen – all spurred on by the lucky number 8. Many Chinese view transacting on the eighth day of the eighth month as lucky. Auction numbers were up 51 per cent compared to the same weekend last year.
Luxury real estate in Melbourne is still running hot, with results showing that Melbourne’s top tier properties gained a 7.9 per cent growth in value in the year to June 30, placing Melbourne in the top ten cities with the most growth in luxury properties worldwide.
While this weekend saw an unusually large number of properties go under the hammer, many buyers are still waiting for the A-grade properties to hit the market in Spring.
Next week, there are over 750 auctions scheduled across Melbourne.
Auction Results
888 Riversdale Road, Camberwell. Sold for $1,440,000
In Chinese culture the number 8 signifies luck, so there was little surprise at the turnout of over 100 people (and two news crews) to 888 Riversdale Road on the 8/8/2015(2+0+1+5 = 8). With 3 bedrooms this 1940s red clinker brick home had no doubt seen better days and is in dire need of a renovation, or potentially a new home to be built on the 631 square metres of land. Quoting at $1.1 million+ prior to auction, the bidding was kicked off by a gentleman hiding in the crowd offering a $900,000 bid. The price quickly increased with $25,000 rises to over $1.1 million. At the half-time break, the property was still not on the market at $1.17 million. As the price climbed, more people seemed to be itching to get a bid in with one unlucky punter only making one bid of $1.43 million and missing out on the home which eventually sold to a developer for $1.44 million.
37 Mont Albert Road, Canterbury. Sold for $2,526,000
A 200 strong crowd of Chinese Australians and their families took over the footpath and road to watch auctioneer Alastair Craig of Jellis Craig sell a magnificent renovated 1920’s brick home on the corner of Mont Albert Road and Barnsbury Road in Canterbury. Amongst the 50 plus bids taken by Craig, at least 10 of them contained the lucky number 8, in various numerical order, but none won any of the eager bidders the keys to the door. As bids drew out to $1000 offerings (about 30 of them!), buyers were noisily on the phone taking instructions from whoever held the purse strings in their camp, hoping for another couple of grand to seal the deal. After much coaxing from one of the many Jellis Craig consultants who were there aiding the 5 or so bidders who came to secure their piece of the Golden Mile, it was a lady in her mid-50’s who, after nearly 45 minutes, eventually won the keys to the property for $2.526 million, almost $200k over the reserve.
1/45 Foam Street, Elwood. Sold for $575,000
Quoted at $400,000 plus, the auction started very slow with all attendees sitting on their hands not wanting to be the first one to bid. The Agent ended up opening the auction on a vendor bid of $430,000 to try and stir on some audience participation from the 80 strong crowd. After a few minutes, an offer of $440,000 shook the audience awake, as it spurred on some competition between two bidders who tangoed up to $480,000 when the second bidder dropped out. A very keen third bidder stepped up to challenge the first bidder and the two went head to head until the third party was outbid at $495,000. Two more bidders attempted to stop the motivated buyer but to no avail. The young man (potentially a first home buyer) purchased the property for $575,000 and bought himself a great apartment in an excellent location.
The first August results for 2015 saw a slightly higher clearance rate of 79 per cent, compared to 76 per cent last week. There were 595 auctions held on the weekend with 467 properties selling and 128 being passed in, 61 of those on a vendor bid. In addition to the auctions, there were 434 private sales reported.
The lead-up to Spring is seeing an increase in the volume of auction listings, with opportunity for uninterrupted four-week campaigns thanks to an October AFL Grand Final. Higher auction volumes have been trending throughout the winter months, compared to last year, and higher clearance rates have also been the result.
So far, there are 3,480 auctions already scheduled for August (source REIV) in greater Melbourne, while there was a total of 3,323 auctions held during the month of August 2014. The surge in listings may be due to vendors seeing the market peak in May, thanks to the interest rate cut, prompting them to prepare their home for selling, causing auction numbers to rise after the peak.
With the Reserve Bank meeting on Tuesday, we are not expecting any changes to the cash rate, which is good news for buyers entering the market. A word of caution though, while interest rates are remaining low, buyer’s still need to keep a level head and not over-extend themselves at auction.
Auction Results
36 Henry Street, Prahran. Sold for $1,113,000
This sophisticated Victorian has been thoughtfully renovated to its former glory, adding a beautiful light filled extension, whilst retaining the charm of its original period features. The two-bedroom cottage on the edge of Windsor attracted a crowd of 70 with five bidders amongst them. The opening bid offered by a woman at $800,000 was a healthy start. Bids started flying from four other directions with a variety of rises from $10,000 to $1,000 and $3,000, keeping the auctioneer on his toes. But it was a young couple who made the final bid, with the hammer being brought down at $1,113,000.
15 Fairmount Road, Hawthorn East. Sold for $2,540,000
This solid brick 1920’s home located in a prized tree-lined street, with three bedrooms, plus study with a well-separated teenagers’ retreat, welcomed a 70-strong crowd to the Saturday auction. An opening bid of $1.9 million started proceedings, with two more potential buyers joining in. The price reached $2.45 million when the auctioneer announced the property on the market, and it looked as though the hammer would be brought down, but a latecomer jumped in and within 2 bids, the fourth bidder won the keys at $2.54 million.
26 Austral Avenue, Preston. Sold for $852,000
A crowd of 50 came to see the auction of this four-bedroom property bordering Thornbury and close to Miller St cafes, schools, transport and parks. An opening offer of $720,000 was accepted after a long silence from the crowd, and two more bidders joined in to help the price reach $830,000 when it was “well and truly on the market”. Soon after, one couple dropped out of the battle, leaving two fiesty bidders to argue with each other until the auctioneer eventually asked one of them permission to sell it to the other party, and it was granted. The property sold for $852,000.
This weekend, a clearance rate of 79 per cent was recorded in Melbourne, compared to 75 per cent last week. There were 687 auctions held on the weekend with 542 properties selling and 145 being passed in, 56 of those on a vendor bid. In addition to the auctions, there were 407 private sales reported.
We are now beginning to see a reduction of investors in the market due to the tighter lending restrictions brought about by APRA in early July. It is likely that we won’t see the full effects of this immediately as pre-approved loans may still be available to some investors. As a result, we may see a slow down in the investor market which could help open the doors again for some owner occupiers and first home buyers.
Winter has caused some areas of Melbourne to have fewer than average listings which is not unexpected and in fact, the usual trend. As a result of this, and strong prices, we should see an increase in listings coming into the silly Spring season. This in-turn may stabilise house prices.
Stock listings have already started to rise due to the conclusion of the school holidays with 600 auctions expected for next week.
Auction Results
3/10 Higham Street, Cheltenham. Sold for $545,000
A small crowd of about 40 gathered in freezing conditions to see a smart, renovated villa unit, close to the Charman Road shops go under the hammer. Located at the rear of a boutique block, in a quiet cul de sac, this family friendly home appealed to first home buyers and investors alike. In calling for an opening bid, the auctioneer’s suggestion that we “should all be feeling warm as the market is so hot at the moment”, was met with silence until a vendor bid of $400,000 was made. Slowly the crowd responded with bids in $10k rises from 3 interested parties, until it slowed at $490,000. One of the bidders offered a $5000 rise and that’s where the auction stalled until a fourth bidder offered another $5000 just as the hammer was about to fall. This continued until all 3 bidders were out and the property was knocked down to the fourth bidder for $545,000, $10,000 above the reserve.
1/2 Victoria Street, Elsternwick. Sold for $660,000
This super-sized apartment with striking views from almost every room overlooking the greenery of Hopetoun Gardens, was quoted at $550,000 plus before auction. Amidst all of Elsternwick’s finest restaurants, transport facilities and sought after amenities, this apartment is truly in the heart of it all. Given the size and location, this two bedroom apartment was always going to be highly sought after, and the crowd of 60 people discovered just how tough the competition was at the auction. Four parties attempted to secure the property, with an opening bid of $550,000 being a strong start to the auction. Bidding was competitive from four sides, and the property was announced on the market at $620,000. But it was a gentlemens’ only bid of $660,000 that was enough to secure the property.
15 Marwarra Street, Ringwood East. Sold for $828,000
With a seemingly affordable price range of $540,000+, this three bedroom, one bathroom home in the Ringwood Secondary College catchment. Being on 669 square metres of land, it held wide appeal to investors, developers, renovators and owner occupiers. More than 100 onlookers attended the auction which saw six enthusiastic bidders drive the price up in an attempt to win the keys to this property. It was eventually sold for $828,000, well above the reserve. We are seeing more and more properties selling well in excess of reserve in the outer Eastern suburbs as first home buyers are being pushed further out of their targeted areas.
A clearance rate of 77 per cent was recorded in Melbourne this weekend. There were 614 auctions held on the weekend with 472 properties selling and 142 being passed in, 65 of those on a vendor bid. There were an additional 384 private sales reported.
It was quality apartments that dominated the Auction market on Saturday, with demand and sale prices achieving higher than expected results.
With the average time on the market being 32 days in May, and reports of winter auction listings being 20 per cent higher than in 2014, there are clear indications that the Melbourne property market is still enjoying better results than by the same time last year.
Median house prices at auctions in Melbourne grew by 5.2 per cent in the June 2015 quarter to $706,000 from $671,000 (from the March quarter). This is up from the same period last year and given the higher clearance rates, shows an impressive upward trend in the Melbourne market.
Next week there are over 700 auctions expected in Melbourne.
Auction Results
15 Fitzroy Street, McKinnon. Sold for $1,230,000
Owned by the one family for 70 years, this classic 3-bedroom Art Deco home in the sought after McKinnon Secondary College Zone provides a great opportunity for development. A price guide of $1 million+ for this 770 square-metre property was not enough to attract much action from the 80 strong crowd. One man, who had no intention of purchasing, offered the only bid of $1.01 million, and when no other competition stepped up, the property was passed in. Further negotiations between vendors and the man saw it sold for $1.23 million.
5 Whalley Street, Northcote. Sold for $1,421,000
A contemporary home with three bedrooms and two bathrooms welcomed over 40 people to the auction. Quoted prior to auction between $1.15M – $1.25M, a strong opening bid of $1.28M started the proceedings. In rises of $10K, the price reached $1.33M and came to a standstill when the auctioneer announced it was time for the half-time break. The bidding again resumed and at $1.35M the property was announced as on the market. When the price reached just $1.405M it looked to be won and done, but a last minute bidder came in, and with rises of $1K won the property at $1.421M.
51 Darling Street, Moonee Ponds. Sold for $910,000.
A cute 3 bedroom Victorian with an asking price of $790,000 – $865,000 had a good sized crowd of about 50 attendees at the auction on Saturday. One man offered $800,000 to start the auction, and the person standing next to him countered swiftly with $810,000. It was a close battle between these two bidders who continued on, and when the house was announced on the market at $900,000 the second bidder took the price up only $1000 more. But it was the first man who took the keys by offering a $9,000 rise and bringing the hammer down on the price of $910,000.
A clearance rate of 77 per cent was recorded in Melbourne this weekend. There were 507 auctions held on the weekend with 392 properties selling and 115 being passed in, 45 of those on a vendor bid. There were an additional 375 private sales reported.
The slightly lower clearance rate experienced this weekend in Melbourne is normal for the winter school holiday period when the cool weather seems to slow down sales. However, it is often a very motivated vendor who sells in winter – those that have already purchased a property and need to move on can present a great opportunity for buyers.
Melbourne’s house values grew 11.2 per cent in the past financial year, and apartments achieved 2.4 per cent growth. A new report published by the Valuer-General Victoria has listed Melbourne’s best performing suburbs for long-term price growth. Altona North is the best performing suburb for units, and Balwyn for house price growth in the last 10 year period.
The number of auctions is expected to increase over the next couple of weeks with approximately 750 auctions due to be held in each of the next two weekends.
Auction Results
77 Heath Street, Port Melbourne. Sold for $1,640,000
With 3 bedrooms, 2 bathrooms this beautiful double-front Victorian home, quoted prior to auction at $1.4 million+, attracted a large crowd with several bidders amongst them. The auction began with a hefty $1.5 million bid, which was quickly responded to by a woman with a $10,000 rise. A third contender jumped in with a $1.52 million bid, and continued to out-bid every other offer until a late entrant joined in at $1.62 million. The property was announced on the market at $1.61 million and sold shortly after to a couple for $60,000 above the reserve.
32 Corsair Street, Richmond. Sold for $1,240,000
Appealing to both investors and owner occupiers who would enjoy this renovated home with three equal-sized bedrooms and one bathroom. A crowd of around 70 people watched 6 bidders (mainly young couples) and plenty more that didn’t put their hands up, battle it out to secure this Richmond property. Originally quoted mid $900,000’s at the start of the campaign, this price guide was increased after the first open for inspection due to the numbers of interested parties viewing. The property with a south facing rear and no parking, was announced on the market at $1,020,000 and sold for $1,240,000 – showing that buyers are willing to make compromises for location.
52 Albion Road, Box Hill. Sold for $1,625,000
Marketed as a great development opportunity with dual street frontage on approximately 847 square metres of prime land. The price guide for this site, currently with two separate houses on the single title of land was $1.4 million+, which is well above the $1.05 million suburb median. There were four bidders who helped push the property beyond expectations, when the hammer was finally brought down for $1,625,000, which is equal to $1,918 per square metre.
This weekend there was an auction clearance rate of 77 per cent in Melbourne. There were 508 auctions held on the weekend with 392 properties selling and 116 being passed in, 50 of those on a vendor bid. There were an additional 443 private sales reported.
Fewer auctions were held on the weekend, and the clearance rate was slightly lower as well. There were around 2,300 auction sales in June 2015 compared to 2,100 over the same period last year, so it will be interesting to see how July compares. Agents are suggesting that August and September will be very busy months, with the 8th of the 8th tipped to be one of the busiest.
Demand for houses remains very strong, while units are on average remaining on the market for longer. This is partly due to the larger supply of apartments available, and fewer 3 or 4 bedroom family homes. Our team typically sees 4 or more bidders at house auctions, suggesting that buyer demand remains heated.
Next weekend there will be a similar amount of properties auctioned – with approximately 524 auctions scheduled.
Auction Results
19 Lingwell Road, Hawthorn East. Sold for $1,400,000
A free-standing Edwardian 2 bedroom cottage with a quote prior to auction of $1.1 million+ had a crowd of 60 packed inside to escape the rain during the auction on Saturday. Five bidders raised their hands with offers to purchase, and it came down to the wire with a downsizing pair against a family. It was the couple who won with a final $1.4 million bid, and surprisingly this was the first time they had seen the property. The vendors had purchased this home 14 years ago for $417,000, now making almost $1 million on their investment.
9 Malua Street, Ormond. Sold for $2,618,500
This exquisitely detailed 4 bedroom Victorian mansion is undeniably one of, if not THE grandest residence in the coveted McKinnon College Secondary zone. Built in the 1880s, and last renovated in 1980, this property had a quote prior to auction of $2.5 million+ and had two very keen bidders from families interested in purchasing.The property was on the market at $2,585,000, after which a late entrant jumped in to the bidding pool, but it was the first bidder, a local buyer, who held the highest bid of $2,618,500.
159 Wattletree Road, Malvern. Sold for $2,140,000.
A solid brick 4 bedroom Victorian home in meticulously maintained grounds was the setting for a fast-paced auction on Saturday where over 80 bids were placed. Despite the rain the auctioneer managed to keep track of the bids, starting only after he placed a vendor bid of $1 million. It was on the market at $1,325,000, when more bidders joined in, but it was a man taking instructions over his phone, who placed the winning bid of $2.14 million – which was more than $800,000 above the reserve.
Saturday’s auction market was again strong in Melbourne with a clearance rate of 79 per cent. There were 782 auctions over the weekend with 621 properties selling and 161 being passed in, 62 of those on a vendor bid. There were an additional 378 private sales reported.
Auction sales have continued to track higher with around 14,000 sales so far this year, the most auctions Melbourne has seen. This trend has spread further afield, with outer areas of Melbourne experiencing a 20 per cent increase in auction sales compared to the same time last year.
During winter, there have been fewer properties on the market and some buyers are finding conditions tough, with some auctions producing results well above the reserve price. Buyers who have been outbid at earlier auctions, are increasing their budgets which has in turn, boosted this year’s higher clearance rates, particularly in the inner suburbs.
The March quarter price index results showed that Melbourne property prices grew by 0.6 per cent, down from 1.3 per cent in the previous quarter. While Melbourne’s average rents rose 2.3 per cent, which was the slowest pace in a year. The slow rental growth may be contributing to concerns that Melbourne’s property boom is coming to an end, but investors are still attracted to the tax breaks in the form of negative gearing and discounted capital gains tax. Investors are still enjoying Melbourne’s very low vacancy rate, at 2.3 per cent.
Auction Results
5/35 Winter Street, Malvern. Sold for $672,000
There were around thirty shivering attendees standing on the aptly named Winter Street at 10.30am Saturday, some tightly gripping their take-away coffees absorbing every ounce of heat emitted. This two bedroom first floor apartment in a block of only seven is in a prime location less than a kilometre from Malvern train station and far closer to the shops, cafes and restaurants of Glenferrie Road. The bell rang and the auction began with a Vendor bid of $550,000 when no one offered a place to start, slowly two bidders emerged bringing the property over $630K where it was announced on the market. More bidders joined in the action bringing it quickly to it’s final position of $672,000.
1 Egan Street, Richmond. Sold for $2,005,000
In a coveted location, occupying an extraordinarily deep block of land, this freestanding balconied terrace with opportunity to renovate or develop, had a price guide of $1.3 million – $1.4 million. A big crowd of 120 onlookers watched the bidding take off after an opening offer of $1.5 million placed the property immediately on the market. Six parties battled it out for 25 minutes, but it was four local buyers keen to upsize from their Richmond homes, who dominated the bidding.The final offer of $2,005,000 from one family helped win the auction at more than $500,000 above the reserve.
61 Cardorna Street, Box Hill South. Sold for $1,155,500
This concrete and brick two bedroom post-war house with opportunities for renovation, extension or redevelopment, on approximately 750sqm elevated allotment had a price guide of $750,000 – $820,000. It’s versatile floor-plan includes a theatre room with french doors opening out to a back terrace, and a trap-door to an underfloor cellar-room beneath the master-bedroom. Over 100 people watched as the opening Vendor bid of $800,000 started the auction of this property with views to Deakin University and surrounding parkland. Five bidders became involved, and the home was announced on the market at $1,010,000, before selling at $1,155,500.
A clearance rate of 79 per cent was recorded this weekend in Melbourne. There were 867 auctions over the weekend with 687 properties selling and 180 being passed in, 89 of those on a vendor bid. There were an additional 469 private sales reported.
Competition is heating up for buyers hoping to purchase before the stock levels reduce even further throughout winter. We currently have the lowest interest rates since the mid-1960s, something that is being harnessed by the investor market.
Results over the past few weeks are indicating that prices are strengthening substantially in the outer and middle-ring suburbs due to the ripple effect of buyers spreading to adjoining lower-priced suburbs. Areas like Hampton, Brighton East and Sandringham have been in high demand when Brighton property is out of buyers price range; similarly, Box Hill North has become a hot spot due to the popularity of Surrey Hills.
It will be interesting to see what the Australian Tax Office investigation into foreign buyers illegally purchasing Victorian property will uncover. So far there are only 93 possible breaches being investigated, however we believe the figure could be much higher.
Next week there are 823 auctions scheduled.
Auction Results
9/41 Rockley Road, South Yarra. Sold for $780,000
Located in one of South Yarra’s best tree-lined streets, this supremely spacious two bedroom apartment with glimpses of the city skyline from its north-facing balcony and a car park and storage unit ensured this apartment would be highly sought after. Over 70 people attended this well-maintained building, and the auction opened with a bid of $650,000. Three bidders aggressively pushed the price past the “selling” price of $745,000, until it was eventually sold for $780,000. Apartment 10, a single bedroom unit at the rear of the bulding was also auctioned. This property attracted four bidders opening at $440,000, on the market at $500,000 and sold for $535,000.
27 & 27A Macfarlan Street, South Yarra. Sold for $2,000,000
Two identical side by side homes were auctioned off together on Saturday, hoping to draw a developer or someone with a keen eye to spot this diamond in the rough. These homes are mirror images of each other and both would require hours of painstaking labour to bring them back to life. Advertised at the low $1M’s there was a large amount of interest with around 70 contracts going out to potential purchasers. The opening bid brought the properties on the market by $200,000 and a flurry of bidding saw this property reach its final price of $2,000,000 to a couple who plans on rebuilding themselves.
10 Frederic Drive, Ringwood. Sold for $780,000
A partly updated 5 bedroom home in a family neighbourhood of Ringwood attracted a large crowd of onlookers with well over 60 people attending. Located close to schools and parks but still within striking range of Eastland shopping centre and Ringwood train-station, it appeared very appealing to many of the hopeful home-owners. Quoted prior to auction at “more than $610,000”, the auctioneer thought this would be a good place to start things off with a vendor bid when no-one from the audience would raise their hands. The crowd eventually remembered that audience participation was in fact required as a gentleman placed a $90,000 bid to bring the property on the market at $700,000. A rapid fire back and forth of $10K rises and then $5Ks brought the property well over reserve to $780,000 where it was sold.
Melbourne’s auction market has bounced back after the Queen’s birthday long weekend, with a clearance rate of 80 per cent. There were 781 auctions this weekend with 624 properties selling and 157 being passed in, 67 of those on a vendor bid. There were an additional 409 private sales reported.
Housing affordability has been a hot topic in Melbourne for the past couple of weeks, but it hasn’t deterred buyers. The winter months are typically the time of year when less properties are on the market, with less buyers, however this year the competition is still quite strong, especially in the middle-ring suburbs.
The higher clearance rates we’ve been seeing this year indicates how challenging it is for buyers, but there are still many areas of Melbourne that offer good value in this rising price climate.
Next weekend approximately 870 auctions are expected to be held in Melbourne.
Auction Results
39 Lambeth Avenue, Armadale. Sold for $4,660,000
The location of this designer-renovated Victorian home, between High St and Glenferrie Rd retail and restaurant precincts, Union St Park and great schools was not the only attraction of this property. Quoted prior to auction at $3.5 million+ for four stunning bedrooms, high ceilings and a picturesque courtyard, it attracted 300 onlookers to the auction. Bidding opened at $3 million, with an immediate rise of $500,000. Four people competed with rises of $100,000, until a fifth bidder jumped in at $4.47 million. The eventual purchaser outbid her last rival after the offers had dwindled down to $10,000 increments.
14 Duckham Street, Blackburn. Sold for $1,702,500
14 Duckham Street drew in a substantial crowd of around 200 people on a sunny Saturday afternoon. A four bedroom house with a beautiful facade and traditional floor plan in the Box Hill Secondary school zone had many reasons to consider it. On an allotment of over 700SQM there is the possibility of future development despite the South facing rear. The auction started with a bid of $1.2M which was quickly pushed higher by two other bidders jumping in and announced on the market at $1,470,000. It eventually slowed to $1,000 increments and a young couple desperate to do everything they could to win put their last $250 in, only to be immediately countered with $250 straight back.
93 O’Grady Street, Clifton Hill. Sold for $1,730,000
This two-bedroom 1880s terrace has been meticulously renovated and includes a stunning multi-purpose studio, ideal as a home office or 3rd bedroom. With a quote of $1.25 million to $1.375 million provided a good guide for bidders, as the opening offer came from a man wearing thongs, at $1.4 million. Another couple joined in until they bowed out of the running at $1,605,000 to be replaced by another man. The man wearing thongs had a heated discussion on his mobile phone to see if he could continue bidding, and once given the go-ahead by the mystery caller he eventually won the keys to the property for $1.73 million, nearly $300,000 above reserve.
Melbourne’s clearance rate for the final weekend in May has again defied expectations, with another strong result of 81 per cent. There were 1,048 auctions this weekend with 854 properties selling and 194 being passed in, 100 of those on a vendor bid. There were an additional 464 private sales reported.
This year’s results in the Melbourne property market are showing signs of price growth between 5 and 7 per cent this year. This could mean that house prices in this city are on track to rise by 25 per cent between 2013 and the end of 2015.
On the weekend, many properties were sold above their reserve, particularly in the highly sought after suburbs of the Bayside region and also the Inner East. So what is motivating buyers to purchase above the reserve? In some cases it’s just the location. Buyers are willing to pay top dollar to invest in a good location, quite often choosing to knock-down and rebuild.
The cash rate reduction by the Reserve Bank in early May has attracted many new buyers to the market. This can be seen in normally price-senstive areas such as Melbourne’s Western suburbs. Tenants are starting to realise that mortgage payments could be on par with their rental payments, and therefore they might be able to afford their own home in the outer suburbs of Melbourne.
With the long weekend coming up, there will only be 221 auctions held in Melbourne next weekend.
Auction Results
15a Renmark Court, Vermont South. Sold for $777,000
A good crowd of approximately 40 people attended the auction of this 10 year old, three bedroom townhouse in a quiet, leafy residential street. Spacious living areas, close proximity to schools and leisure activities and having no owners corporation were all attractive to the five bidders within the crowd. The auction started with a $630,000 vendor bid and slowly began to make its way to $758,000 where it was announced as being on the market. With some coaching from the auctioneer, two parties fought it out to the end and the hammer was brought down at $777,000 to a very relieved family, and the strongest bidder of the afternoon.
8 Cremin Close, Kew. Sold for $1,670,000
In a quiet cul-de-sac location, this 2-storey family home quoted between $1.1 million to $1.3 million prior to auction, attracted a crowd of 80 people to view the action. A vendor bid of $1,250,000 started the auction of this 4 bedroom home, but with 2 international bidders offering $50,000 rises, it didn’t take long to zoom past the reserve of $1.4 million, and eventually reach their limit of $1.65 million. 3 more international parties jumped in, offering $5000 rises, and one party only offered a single bid of $5000 more, and walked away with the keys for $1.67 million. This was a staggering result considered that an identical property across the street, with a slightly different renovation, sold a few months ago for $1.18 million.
33 Barkly Street, Brunswick East. Sold for $1,450,000
Quoted at $1.05 million+ this unique two-in-one property with a classic Californian bungalow at the front and a separate three-room unit at the back, held some fierce competition from nine parties at the auction. To begin proceedings, a vendor bid of $980,000 was hardly necessary, as it was immediately responded to within seconds. The property reached its reserve of $1.08 million, with several groups still not even entered into the bidding. One couple joined in at $1,365,000, and another late bidder was unsuccessful at outbidding them, as the hammer was brought down at $1.45 million – $370,000 above the reserve.
