Arriving at the final month of 2014 and buyers have been very active, with plenty of choice still remaining. 1,347 auctions were reported this weekend with a clearance rate of 69 per cent. From those auctions 926 properties sold and 421 were passed in, 192 of those on a vendor bid. In addition to the auctions, there were also 468 private sales reported, which is the most we’ve seen in a while.

Recent reports about the Melbourne market having a dip in values may be driving more buyers out of the woodwork, hoping to snap up a bargain. Of the auctions we attended on the weekend, there was undoubtedly some competitive bidding going on from multiple interested parties. The inner ring around the CBD, within 10 kilometres of the city remains highly sought after, benefitting from the most advantaged infrastructre such as transport links and lifestyle. This may be a pre-Christmas property rush, or it might just be the perfect time to buy.

The REIV have reported that the Spring auction market had two record weekends in the past five weeks, resulting in the strongest Spring that Melbourne has seen in terms of volume. Property in Melbourne has shown healthy growth this year, for the year to date, house values have risen by 6.5 per cent, and units by 1.6 per cent (source: RP Data Core Logic). Coupled with a slightly higher number of transactions that last year, the market could be described as moderate, not booming.

The year continues on with another large number of auctions expected next weekend – at 1,299.

The State election being held on Saturday did not deter buyers, in fact it meant that there were more people attending auctions in their local area. 1,213 auctions were reported this weekend with a clearance rate of 66 per cent. From those auctions 805 properties sold and 408 were passed in, 209 of those on a vendor bid. In addition to the auctions, there were also 391 private sales reported.

The suburbs with the most auctions held this weekend were Richmond, Port Melbourne, Reservoir, Doncaster East and St Kilda, where the election did not seem to scare vendors off. November has seen a massive increase in the number of auctions held in Melbourne and it’s been reported by CoreLogic RP Data that Melbourne is on track to have 87,000 residential property transactions this year. That figure is 3,600 more than 2013, but still shy of the 2009 record of 97,800.

The weekend market showed signs of confidence as both buyers and sellers were pushing for sales before Christmas. Such a lifestyle deadline is a clear motivator as most buyers are hoping to move in to their new property before the school year begins in February, whilst sellers are hoping to capitalise on this fact.

With plenty of housing stock on offer, buyers have been able to gain the upper hand in the Spring auction market. This weekend, there were 1,193 auctions reported, and a clearance rate of 69 per cent. From those auctions, 821 sold, and 372 were passed in, 202 of those on a vendor bid. In addition to the auctions, there were also 356 private sales reported.

It’s been a huge year for Melbourne auctions up to November. The REIV have recorded a 17 per cent jump in the total number of auctions held in the year to date, compared to last year. Furthermore, three suburbs top the list of numbers of homes sold this year for more than $2 million – Brighton, Toorak and Kew each had over 100 sales in this price category. Some impressive results!

With 1,193 properties auctioned on Saturday, there were plenty of opportunities for buyers to secure homes at good prices. The pressure on vendors having to sell their properties before the Christmas season, which sees the market winding down, has meant that there may have been some last-minute negotiations to reassess the reserve price on their properties. Some auctions have started late, or required the auctioneer to have extended delays caused by these late negotiations of reserves. So, are bidders waiting for properties to be passed in, before getting involved in the ‘real’ negotiations. In some cases, yes. But this is not always the best tactic to employ when purchasing property.

Clearance rates are moderating, and the buyer-pool is growing smaller as buyers are making their purchases this Spring, these are both trends typical of this time of year. It might put some pressure on vendor prices over the coming weeks, as the auction market starts to slow down before the holidays, but it’s a great time to buy!

Next weekend, Melbourne should be hosting another 1,120 auctions; and within that there are some excellent opportunities for buyers. We cannot wait!

Passionate buyers still turned out on Saturday to brave the 35 degree heat, but it was vendors who were really feeling the heat with high stock levels giving buyers plenty of choice. This weekend, there were 934 auctions reported, and a clearance rate of 68 per cent. From those auctions, 632 sold, and 302 were passed in, 146 of those on a vendor bid. In addition to the auctions, there were also 358 private sales reported.

With less than two months left in the year, it’s worth noting that vendors had a relatively good October, as home values rose more strongly than in August or September. RP Data have released figures stating that house values in Melbourne increased by 2.1 per cent in October, and by 1.8 per cent over the last three months. Units had a small rise of 0.5 per cent last month, and 2.2 per cent in the quarter. Auction market conditions are similar to the private sale market in Melbourne, with the time on market tightening from 33 days to 31 days over the last week.

The November market has buyers spoilt for choice, meaning that vendors will need to recognise the shift in the competition. Fewer bidders at auctions and an increase in properties being passed-in on Saturday will also be making vendors feel the heat in this Spring market.

Last week’s drop in the dollar to a four-and-a-half-year low, would provide a further discount to a growing number of Chinese property buyers, who’ve been buying up in Melbourne, attracted by the schools and opportunities in the property market. However the full effects of the change in the dollar value won’t be immediately felt.

One thing is for certain, vendors with properties located close to transport links and amenities, in good streets, will not be short of interested parties. Our team have had one of the busiest week’s on record last week, and we’re looking forward to more of the same this week. To top it all off, there’s 1150 auctions scheduled next weekend!

A new record number of auctions were held in Melbourne on Saturday – with over 1500 properties auctioned. The clearance rate of 73% was a strong result from 1508 auctions recorded in Melbourne this weekend. From those auctions, 1102 sold, and 406 were passed in, 193 of those on a vendor bid. In addition to the auctions, there were also 442 private sales reported.

 Our property advisors attended auctions in Mont Albert, Brighton, Elsternwick, Armadale and Blackburn South with all auctions attracting multiple bidders but not all selling under the hammer. This demonstrates that vendors expectations are not quite meeting the market, and are having to fail before their expectations come down to a level that will meet the market.

 There are only a few more weeks of new properties hitting the market for auction this year and then we will enter into a period where private sales and off market transactions will become the more prevalent way that buyers will purchase property.  We believe that we will still see some activity over what is a ‘usual’ quieter period due to the increase in buyers that we have witnessed this year, and some may even fail to purchase before Christmas arrives.

Auction sales have dropped off slightly this week with a clearance rate of 73% recorded in Melbourne, although buyers have more choice. There were 932 auctions held, with 681 selling, and 251 being passed in, 127 of those on a vendor bid. In addition to the auctions, there were also 370 private sales recorded over the weekend.

 Consistency is still found in the inner suburbs with good access to public transport and other infrastructure, where A-grade properties receive solid competition. Properties which are either ‘move right in’ or ‘potential development sites’ have been selling strongly in these areas; but units have not received the same kind of demand.

 One factor that might be affecting clearance rates is the trend of having many of the properties in the outer suburbs now switching to being put up for auction.

 The Real Estate Institute of Victoria [REIV] reported the median house price data showing that in the September quarter, the city’s $649,000 median house price remained the same as at the end of the financial year, however the median apartment price was up slightly to $503,000.

 For those of you who are not aware, we are excited to be attending the REIV Awards for Excellence this Thursday 23rd October. Our very own Kim Easterbrook has been announced as a finalist for Buyer’s Agent of the Year. Thanks to everyone who has liked and commented with support on our Facebook Page too, it means a lot.

 Next weekend there is a record 1515 metro area auctions scheduled. A VERY busy week ahead!

A steady clearance rate of 74% was recorded this weekend in Melbourne. There were 843 auctions held, with 623 selling, and 220 being passed in, 116 of those on a vendor bid. In addition to the auctions, there were also 422 private sales recorded over the weekend.

 As reported by the REIV, Melbourne’s auction numbers for the September quarter of 2014 have set a new all-time record. There were around 8,165 held across the city in the past three months. This is 15 per cent higher than the same time last year.

Meanwhile, October has seen the residential market calm down more than it has in the past few months, as a result of increased stock and smaller numbers of bidders competing at auctions. Only one to three prospective buyers are now bidding at many auctions, and the most prevalent competition is found at A-grade properties in superior locations. The “panic buying” of five or more bidders vying for the same property, that we were witnessing at the mid-year auctions, is now occuring less frequently.

You may have read Kim Easterbrook’s comments in The Sunday Age yesterday. Kim discussed how buyers are far less panicked than they were a few months ago, and that current prices are basically where they should be, as opposed to 10 per cent above where they should be.

With these fair prices in mind, we are very keen to see what results next weekend’s 983 scheduled auctions will produce. Have a great week!

The sunny conditions on the weekend provided a perfect setting for the Melbourne auction market. There were 680 auctions held this weekend across Melbourne, with 501 selling, and 179 being passed in (76 of those on a vendor bid) resulting in a solid clearance rate of 74%. In addition to the auctions, there were also 429 private sales recorded over the weekend. The month of October is estimated to host approximately 4,000 auctions, including two Super Saturdays. The REIV have reported that this level of auctions is higher than the 10-year average of 3,182 for the month.

 Residential buyers have not been deterred by the recent warnings from the Reserve Bank about excessively rising house prices. In fact, there’s evidence that some areas of the Melbourne market are remaining steady.

 The most hotly contested areas at auction on the weekend were the inner city, inner east and inner north. We’re seeing strong demand for period homes and redevelopment sites, and buyer competition at auction can be intense which is clearly driving up prices in these areas.

 With price-growth remaining steady in many areas, except for the expensive pockets of Melbourne’s inner east, sellers are having to be realistic in their expectations of sales figures. Buyers will not pay more than fair market value of properties. A good sign for those looking for property in the coming months.

 Next weekend, there is an expected 886 auctions to be held in Melbourne.

Melbourne has experienced its first bumper weekend in spring with 894 auctions held, and a clearance rate of 75%. 669 properties were sold at auction, with 225 being passed in, 104 of those on a vendor bid. In addition to the auctions, there were also 380 private sales recorded over the weekend.

Buyers are enjoying the increased stock levels after the winter shortages, and have come out to secure properties hoping to move in by Christmas. There were a large number of boilover auctions with over four bidders, and a good test of the markets depth for the spring selling season.

 For buyers looking to secure a property this spring, don’t be discouraged by the media reporting on properties selling well above their reserve. There are still plenty of opportunities to be had with the new stock arriving on the market each week.

 Next weekend’s AFL Grand Final will give the market a little rest, as there are only a small number of auctions expected. We are looking forward to the first weekend of October, for the next big Saturday!