The first weekend in March saw a large number of properties go under the hammer across Melbourne.
This weekend a clearance rate of 68% was achieved from 1152 auctions. Of those properties 371 were passed in, 189 of those on a vendor bid. There were also 352 private sales over the past week.
The lower clearance rate is reflective of a ‘buyers sitting on their hands’ sentiment although buyers are in a great position to take advantage of the higher stock levels hitting the market.  Buying conditions have eased however quality properties are still selling strong.
March is set to be one of the biggest auction months of the year in Melbourne. We look forward to bringing you the next update after the Labour Day long weekend.

Kind Regards,
The Team at Elite.

52A Bowen Street, Malvern East. Sold for $1,575,000
A crowd of around 100 came to see this 4 bedroom semi-detached townhouse with street frontage and a short 5 minute walk to Chadstone Shopping Centre, go under the hammer. After an opening bid of $1.3m, bids rose steadily in $20k rises, then $10k’s until it was almost knocked down to the third bidder at $1.44m. A fourth bidder jumped in with $1.45m. As bidding slowed, nerves set in and the fourth bidder was the only one left confident enough to keep going at that level, eventually winning the keys at $1.575m.

2 Point Avenue, Beaumaris. Sold for $3,270,000 
Metres from the beach, in a position coveted by many a Beaumaris local, this exceptional 1111sqm (approx.) parcel of land not only delivers in size and orientation but also in a location so tightly-held that openings like these are simply once in a lifetime. Six bidders took the price $720,000 past its reserve price. The property was sold for the first time in 44 years, and reached an incredible $3.72 million.

2 Sheffield Street, Brunswick. Sold for $1,661,000 
With its back-to-frame renovation and impressive open-plan extension, this captivating 4BR period home delivers a lifestyle of uncompromised quality and family flexibility in a blissfully quiet and convenient cul-de-sac. Five families competed in the bidding for this exceptional family home located near schools, cafes and sporting facilities.