February 17 was the first big auction weekend for 2018 with 737 auctions across Melbourne.  A clearance rate of 72% resulted with 419 properties selling under the hammer and 209 passed in.  This is down on 947 auctions this same weekend last year.

As stock levels start to rise, over the next few weeks we will really start to get a feel for how the property market should perform for the first half of the year. All signs are showing it should be a stable market (neither sellers or buyers market) but A Grade properties likely to be highly contested across town.

The rental market has shown signs of increased demand across all asset types being apartments, units/townhouses and houses.  Properties that are presented well and priced accurately are leasing quickly with multiple applications.
We are looking forward to another busy year and an active property market and will continue to update your weekly through our Market Wraps.

1/46 Ruskin Street, Elwood .  Sold for $688,000
The always entertaining auctioneer Tony Pride received many bids from 6 bidders who were all wanting to secure this large apartment in one of Elwood’s premier streets. The bidders were a mix of investors, first home buyers and downsizers with a middle aged gentleman winning the auction. The property was quoted $600,000 to $640,000 and announced on the market at $640,000 before selling for $688,000. A strong result for an unrenovated ground floor apartment, however it was the size of the apartment, location and the bonus of a garage that appeals to buyers.

3/24 Magnolia Street, Oak Park.  Sold for $647,000
Quoted at $510k-$560k this renovated 2 bedroom villa attracted a large crowd gather on auction day with 7 bidders all battling for their patch of dirt in a great location only 450m to train and shops. An opening bid of $515k was quickly answered and one by one buyers were knocked out by the next best bidder. A first home buyer madly jumped to $600k hoping that would secure her the home, however a trio of downsizers had other ideas and the property finally sold for $647k

64 Butler Street, Richmond.  Sold for $745,000
After an opening bid of $600,000, four bidders pushed the price to $725,000 in front of a crowd of 50 onlookers. On offer was a tired two-bedroom house, on a 117-square-metre block just waiting for a new buyer to renovate. The last bidder joined in at the final call at $725,000 and went head to head with a man, before winning the keys for $745,000.