With the school holidays behind us, the Melbourne property market is seeing a growth in demand for family homes.
This weekend a clearance rate of 68% was achieved from 1004 auctions. Of those properties, 566 sold and 324 were passed in, 170 of those on a vendor bid. There were also 249 private sales over the past week.
It’s good news for family buyers, as free-standing houses with three bedrooms expected to dominate listings in the lead up to winter.
May is looking like it will have similar auction numbers to last year, so there should be some excellent choices available for buyers.

Kind Regards,
The Team at Elite.

21 Evans Court, Toorak.    Passed In  
A typically Toorak home from the 1930’s with lots of little rooms and hidden spaces, pool out the back and double garage went under the hammer in front of a jovial crowd of about 60, standing in the glowing Autumn sun. An opening bid fell on deaf ears and the auctioneer finally made a vendor bid of a reasonable $4.5m. After calls for a $50k rise, there was more deafening silence from the shy onlookers and the auctioneer made another vendor bid to bring the price to $4.75m. After several gallant attempts to lure any form of bidding from the crowd the auctioneer finally and reluctantly gave up and passed the home in. Land size just over 900m2.

160 Wheelers Park Drive, Cranbourne North. Sold for $2,350,000 
This grand Georgian manor with 3 metre ceilings smashed its reserve by more than $350,000 while making a new record for the suburb as Cranbourne North’s most expensive house. It was a two bidder race to win the keys to the six bedroom, five bathroom residence on 3200sqm of park-like surrounds. Bidding opened at $1.9 million, immediately knocking out some potential bidders, and eventually sold to a local family.

71 Albert Street, Port Melbourne. Sold for $1,492,000 
Two bidders competed to become the new owners of this recently renovated three bedroom, two-storey home close to Port Melbourne Primary School, Bay Street, the beach, parks and trams. The natural light within the home was a drawcard for buyers. The auction saw the property sell for just a touch above the reserve of $1,485,000.