Over the weekend, there were 898 properties going under the hammer, and the clearance rate increased to 76%. Of the auctions, 537 properties sold and 146 sold before auction. In addition, there were 175 private sales. In comparison, the same weekend last year had a clearance rate of only 48% but on a weekend of 1183 auctions.
This is the last week of new auction campaigns hitting the internet, with the odd one expected to launch next week. Late November and December are usually months where it is a good time to buy as vendors become extremely motivated to sell before Christmas. That being said, it may not be vendors expectations that buyers are up against this year but rather other buyers.
As we enter the years end, we will see an increase in off market activity as selling agents are listing properties to sell in the new year.
Enjoy the sunshine this week.
The Elite Team.
Clearance Rates
Melbourne | 18th November 2019
This week: 898 Auctions | Clearance: 76% | Last Year: 48% [source: REIV]
4 Ashburton Road, Glen Iris Sold for $2,440,000
This architecturally designed four-bedroom residence’s single level home has a coveted location: walking distance to schools, Ashburton Village, Glen Iris and Ashburton train stations, the Ferndale Trail and freeway access. A family paid $220,000 above the reserve, with two bidders battling for the keys.
18 Fowler Street, Box Hill South Sold for $2,052,000
In one of the areas premier tree-lined streets, this charming brick Californian Bungalow has expanded to enhance the family-friendly home. A reasonably sized audience attended the auction of this five bedroom house on a large block of approximately 1032 sqm. Three bidders helped push the sale price $252,000 above the reserve, but it was a young family who secured the keys.
6 Littlejohn Court, Vermont Sold for $1,401,000
This large family home in a quiet location with beautiful Dandenong Ranges views attracted seven bidders to the auction on the weekend. With landscaped gardens and five bedrooms, the property was popular with families. The hammer was brought down at $1,401,000, a result that was $81,000 above the vendor’s reserve.
Elite’s Weekly Market Wrap
11th November 2019
This weekend in Melbourne saw 705 properties going under the hammer, and a slight dip in the clearance rate to 73%. Of the auctions, 422 properties sold and 91 sold before auction. In addition, there were 117 private sales. In comparison, the same weekend last year had a clearance rate of only 50%.
There is only a limited amount of time to buy before Christmas with the Christmas break fast approaching. The last big auction weekend for 2019 is scheduled to be the 14th of December with a few auctions likely to occur on the 19th and the 21st of December. The industry will then quieten down until the end of January. It appears with the amount of buyers in the market that many may not buy before the end of the year, and therefore, the market next year does not appear to be showing any signs of slow down. In fact, it is showing signs that prices will continue to rise.
Have a great week!
The Elite Team.
2/33 St Georges Road, Elsternwick Sold for $665,000
This expertly renovated two bedroom apartment offers garden-focused single-level living in a great ground-floor front position in a boutique mid-Century group. A huge crowd turned out to see the apartment go under the hammer. With a price guide of $500,000 – $550,000, the auction opened with a cheeky bid of $475,000 to kick things off. Six bidders helped push the property on the market at $550,000 before selling at a healthy $665,000 result in the pretty street close to Glenhuntly Road Shopping Village.
1/8-10 Stuart Avenue, Cheltenham Sold for $730,000
Freestanding, to the front of a well-groomed group, this renovated two bedroom unit stands clear with single-level style and a sun-catching aspect. A crowd of about 80 attended the auction which opened with a bid of $570,000 by a potential buyer who hadn’t inspected the property before auction day. But it was a first-home buyer from South Yarra who came out on top, after competing against four other bidders for the two-bedroom unit, which quickly sold over the reserve.
28B Severn Street, Yarraville Sold for $810,000
An attractive price guide of $650,000 – $700,000 ensured this well presented two bedroom house saw some healthy competition at auction amongst first home buyers and investors. The $810,000 sale price completely shocked the vendors who had their reserve at $700,000. The small home is ready to move in, and in a great location close to Yarraville shops.
Clearance Rates
Melbourne
11th November 2019
This week: 705 Auctions
Clearance: 73%
Last Year: 50% [source: REIV]
Elite’s Weekly Market Wrap
28th October 2019
A boost in auction numbers brings a Super Saturday to the Melbourne property market.
This weekend Melbourne held almost double the number of auctions as last week with 1067 properties going under the hammer, while the clearance rate held steady at 76%. 685 properties sold at auction and 131 sold before auction. In addition, there were 186 private sales. The same weekend last year had a clearance rate of 54%
The boost in buyer confidence has resulted in the Melbourne median house price increasing by 4.5% for Melbourne for the September quarter. This is the highest quarterly result since March 2017, while units have increased by 3.9%. These results are just averages and we are certainly seeing some suburbs and property types have increased in value by more than this.
The rise in volumes of properties for sale is helping to keep the median price growth at a reasonable level. That being said, we only have 7 more auction weekends before Christmas where stock levels will drop dramatically while the property market takes a break. We can only hope for stock levels to healthy in the new year to avoid any dramatic price rises.
Have a great week!
The Elite Team.
29 Tintern Crescent, Wantirna South Sold for $960,000
Resting in an enviable tree-lined pocket, this three-bedroom, two bathroom residence attracted a decent crowd of 40 to the auction. An advocate started the bidding at $870,000, before a young family joined in and the two parties went back and forth with rises of $5,000 and $10,000. At $890,000 the property was declared on the market, and bidding slowed at $950,000 with final bids coming in at $1,000 and $500 before the keys were secured for a final price of $960,000.
1/4 Turner Road, Highett Sold for $791,000
30 people braved the cold wind to watch five bidders try and secure this street fronted villa unit in a small development of only four. Quoted $650,000-$700,000 prior to auction, the auction started with an opening bid of $600,000. The agent responded with a vendor bid at $650,000 and another party jumped in at $660,000 where the auction took off quickly. With five bidders, the property was announced on the market at $740,000 but likely reserve reached prior to that. The hammer was brought down to the successful bidder at $791,000.
28 Calembeena Avenue, Hughesdale Sold for $1,836,000
A large crowd gathered under the grey skies to watch the auction in a popular location in Hughesdale. The updated Californian Bungalow on approximately 758sqm received an opening bid of $1.45m, which at the top of the range was a decent bid. However, from there it took another five bidders an excruciating amount of bids to take it past its reserve of $1,550,000 to a whopping $1,836,000. The winning couple hugged and the underbidder shed a tear.
Clearance Rates
Melbourne
28th October 2019
This week: 1067 Auctions
Clearance: 76%
Last Year: 54% [source: REIV]
Elite’s Weekly Market Wrap
21st October 2019
Hello to Spring! We had quite a mix of weather this weekend, as is typical during the Spring selling season.
This weekend Melbourne held a few less auctions than last week with 652 properties going under the hammer, while the clearance rate held steady at 77%. 415 sold at auction and 85 sold before auction. In addition, there were 180 private sales. The same weekend last year had a clearance rate of 50%
Speculation continues about where the housing market is headed. With lower interest rates, more buyers are coming onto the market, but is there enough stock to meet this demand? Is the housing market stabilising again after months of uncertainty?
Vendors are enjoying a period of buyer confidence with the recent interest rate drop however we are noticing a slight improvement in stock levels so this may start levelling out some competition at auction.
Have a great week!
From The Elite Team.
17 Mclean Avenue, Bentleigh Sold for $1,780,000
575sqm of north-facing rear period house with a moderate update located in a popular school zone and moments walk to Centre Rd, Bentleigh train station, and Brighton Beach is only a few kilometers away. The auction opened with a vendor bid of $1,450,000, quickly followed by a genuine bid of $1,460,000, then quickly eclipsed by a $100,000 rise at $1,560,000. From there the auction took off between 6 parties and it was declared to be on the market for some time when a person in the crowd asked if the price had reached reserve … and then three groups continued and the hammer was brought down at $1,780,000 in front of a crowd of at least 60 people
6/24 Hotham Street, East Melbourne Sold for $825,000
Occupying a prized elevated position, this sun-drenched apartment dishes up a true sense of space enhanced by an irresistible classic appeal. The property attracted first home buyers and investors alike, as it is a great opportunity on the city-fringe. The hammer was brought down at $825,000, which was slightly higher than a similar apartment on the level below which sold 12 months ago for $810,000.
1/56 Rathmines Road, Hawthorn East Sold for $1,070,000
A vendor who lived in this home for the past 22 years put this property to auction on the weekend with interest from multiple bidders. This entry level townhouse previously sold in 1997 for $236,000. A husband and wife team used an under and overbidding strategy to try to intimidate other buyers which in this case seemed to work as they took home the keys for $1,070,000.
Clearance Rates
Melbourne
14th October 2019
This week: 652 Auctions
Clearance: 77%
Last Year: 50% [source: REIV]
Elite’s Weekly Market Wrap
14th October 2019
Good morning everyone!
This weekend there was a jump in the number of auctions in Melbourne with 698 properties going under the hammer, while the clearance rate held steady at 77%. 448 sold at auction and 88 sold before auction. In addition, there were 147 private sales.
Melbourne’s property market is heating up with more stock arriving onto the market to be sold before Christmas, yet the clearance rate has remained fairly consistent.
Buyers can enjoy the choice, coupled with their renewed buying power following the recent interest rate drop.
The Elite Team.
97 Mowbray Drive, Wantirna South Sold for $1,007,000
A four bedroom family home on 723 sq. metres of land attracted 85 people to the auction on Saturday. Bidding commenced with a young couple offering 760,000, followed quickly by an advocate jumping the price to $870,000. Bidding continued at $5,000 increments between the advocate and a new bidder. Bidding slowed at $950,000 when it was called on the market, and finally the hammer was brought down at $1,007,000.
37 Langridge Street, Middle Park Sold for $1,970,000
Only a quick walk to the beach, Albert Park Lake, Village shops and restaurants, schools and trams, this charming solid brick period home was hotly contested on Saturday. Bidding started at the bottom of the quoted price range of $1.7 million to $1.8 million. The home was announced on the market at $1.9 million, and it was an investor who arrived late and threw in two knock-out bids to scare off her competition and secure the property.
2A Myrtle Street, St Kilda East Sold for $1,500,000
Five bidders helped push the sale price of this two-bedroom terrace to $971,000. The quoted range of $810,000 to $890,000 was quickly surpassed by the mix of bidders including owner-occupiers and investors. Properties in the sub-million category are increasingly popular in Melbourne.
Clearance Rates
Melbourne
14th October 2019
This week: 698 Auctions
Clearance: 77%
Last Year: 55% [source: REIV]
Good morning everyone!
The last weekend of school holidays saw 562 properties going under the hammer. 429 sold at auction and 71 sold before auction. In addition, there were 174 private sales. The clearance rate of 76% was significantly higher than the 55% for the same weekend last year.
The latest reduction in interest rates will increase the amount that buyers have to spend on a property, even with the 4 major banks not passing on the whole interest rate reduction. In turn, this could have an increase effect on property prices over the next few months.
Congratulations to our buyers who purchased last week in Elwood, Armadale, Heathmont, Fitzroy and Thornbury.
The Elite Team.
Clearance Rates
Melbourne | 7th October 2019
This week: 573 Auctions | Clearance: 76% | Last Year: 55% [source: REIV]
4/50 Morang Road, Hawthorn Sold for $726,000
About 60 turned out to see the auction of this park-side two bedroom apartment of which the auctioneer happily conducted in the sun, in the park! With a pre-auction quoted range of $600,000 to $650,000, a young couple stepped up with an opening bid of $625,000 putting the property immediately on the market. A buyer’s advocate was quick to join in and just those two bidders took it to $726,000 with the advocate securing the keys.
82 North Street, Ascot Vale Sold for $1,005,000
A Hawthorn brick façade in a cul-de-sac streetscape of other fine period homes was the setting for this auction. The crowd of 25 included three bidders: a single woman in her thirties, a twenty-something woman with her father, and an advocate. Bidding started at $950,000 and quickly rose to $967,000 and on the market. The hammer was brought down at $1,005,000.
130 Smith Street, Thornbury Sold for $1,500,000
This stylish three bedroom Californian attracted a crowd of 65 people to the auction. Bidding commenced with an advocate offering $1,200,000 before two other parties joined in. At $1,270,000 the property was announced on the market, and sold not long after for a neat $1,500,000.
Good morning everyone!
It was a very busy weekend with 796 properties going under the hammer. 538 properties sold at auction, 88 sold before auction and 1 sold after. In addition, there were 136 private sales. There was a significant difference in the clearance rate with houses vs units with 81% of houses selling at auction and 75% of units/apartments.
Although we are continuing to see strong sales results, on the weekend we did witness some auctions that passed in with only one bidder. The property market is still presenting the odd opportunity out there however they have become fewer and far between.
There will be very few auctions next weekend due to the AFL Grand Final and therefore the market wrap will return on the 7th of October.
Enjoy the long weekend!
Kind Regards,
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 17 February 2020
This week: 494 Auctions | Clearance: 82% | Last Year: 60% [source: REIV]
16/58 The Avenue, Windsor Sold for $658,000
This very well located, private, two bedroom apartment was auctioned in front of a 100 plus crowd. The property was quoted at $500,000 to $550,000 prior to auction so the opening bid of $575,000 clearly knocked out some buyers. It didn’t deter another 4 bidders though until one man was left standing at $658,000 where he took away the keys.
2 Ferguson Street, Ferguson Street Sold for $1,357,000
This unrenovated, two bedroom house in a popular Brighton East location was hotly contested at auction on Saturday. A buyer’s advocate opened the bidding at $1,050,000 on a property quoted at $1,000,000 to $1,100,000 prior to auction. Another four bidders decided to participate in the auction with the property selling for nearly $300,000 over reserve at $1,357,000.
66 Rosedale, Glen Iris Sold for $3,420,000
Many family homes were struggling to sell last year but this year the buyer sentiment for these type of homes has certainly changed. This one was no exception with three bidders trying secure the property. The bidding kicked off at $2,700,000 at the higher end of the price quoted and was announced on the market at $2,900,000. The bidding continued and the property sold for a huge of $3,420,000.
Good morning!
I hope everyone managed to enjoy the beautiful sunshine over the weekend.
The sun certainly brought the crowds out with big numbers in attendance at Melbourne auctions over the weekend. Of the 625 auctions held, 399 sold at auction, 80 before auction, and additional 156 private sales bringing the overall clearance rate to 77%. The clearance rate for apartments was 75% whilst houses were 78%.
We saw many properties selling well over reserve (and listed price range) which is due to both demand and competition from buyers, but also very realistic vendors. We have had many buyers asking us whether underquoting is back due to the volume of properties selling well above the listed price. Whilst there still may be a little bit of that happening, the reality is that most of the auctions we are attending, the properties are on the market (hitting reserve price) at the top of the price range or sometimes just a tad above. It is the buyers who are willing to pay more than the advertised price and some vendors who are conservative in setting their reserves (and rightly so as in some cases are no comparable sales to demonstrate they should be setting reserves where the properties are selling).
Two apartments I wish to mention that sold over the weekend for large amounts over their reserves demonstrates the importance of X Factor when buying properties. X Factor could be in the form of size of the property, floor plan, outdoor space, location and so on. It’s the X Factor that makes a property a standout (and scarce) and usually results in strong demand. Two good examples which are mentioned below in the auction results are:
705/147 Beach Street, Port Melbourne and 38/7 Drewery Lane, Melbourne CBD.
Both of these properties are located in high density locations but because they both have some very special attributes is what made them hugely popular amongst buyers. The photo above is the auction of the property in Drewery Lane which attracted a huge crowd and a lot of bidders.
We have one more weekend of auctions left before a quiet Grand Final weekend and then traditionally enter into two months of higher auction volumes so it will be interesting to see how the property market performs as stock levels rise.
Have a great week.
Kind Regards,
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 16th September 2019
This week: 625 Auctions | Clearance: 77% | Last Year: 57% [source: REIV]
38/7 Drewery Lane, Melbourne Sold for $1,335,000
A huge crowd attended the auction of this three bedroom, two bathrooms, one carpark apartment in the heart of the CBD. Bids were flying from all directions on the property quoted at $800,000 – $850,000 prior to auction. Even though the price quote seemed low, the property was announced on the market at $900,000. The bidding got fierce from there with it being impossible to count the bidders as they were bidding over the top of each other. The property sold for a huge $1,335,000.
705/147 Beach St, Port Melbourne Sold for $4,340,000
Likely to be the biggest result from the weekend this three bedroom, two bathroom apartment sold for a whopping $1,540,000 over reserve. Four bidders in total tried to secure this large apartment with city and bay views with two at the end going head to head with a downsizer securing the keys. The property was announced on the market at $2,800,000 and sold for $1,540,000. This block is highly sought after in the Port Melbourne area due to its direct beach access and large floor plans.
47 Rose Avenue, Bulleen Sold for $1,100,000
Quoting $950,000 prior to auction, this four bedroom, two bathroom single level home in good condition attracted bidding from four bidders with the auction starting on a strong opening bid from a buyer’s advocate. The home boasted a traditional floor plan and is very liveable with an opportunity to update later down the track should the buyer whish to. The buyer’s advocate took on the other three bidders and stayed strong to secure the property for her client at $1,100,000.
Good morning!
Weather conditions were not great over the weekend but it did not stop buyers from bidding or even just turning up to spectate. Large numbers were in attendance of many auctions which could mean there are many buyers out there sitting on their hands waiting to buy. Or simply could be keeping an eye on the market because the ideal property has not been listed for them to pursue.
September can historically be a quiet month in the property market due to the football season but it isn’t shaping up this way this year. Buyer enquiry is strong, numbers going through open for inspections is high and bidders at auctions has increased since last year.
There is no sign of this slowing down for quite some time now as confidence in the market remains high, interest rates are at record lows, population growth continues and the banks have relaxed their lending thresholds to allow buyers to borrow more money.
In fact, this could be just the beginning of another price growth spurt for the Melbourne property market. Is it too late to get in? Of course not, stock levels in Spring should help prevent the market going into any crazy price growth, however, we won’t be seeing the lower price results from this time last year, and quite possibly may not see those prices again. We are expecting the market to have some steady growth for quite some time so now might just be a good time to take the leap.
Have a great week.
Kind Regards,
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 9th September 2019
This week: 549 Auctions | Clearance: 77% | Last Year: 63% [source: REIV]
8 Holmwood Avenue, Brighton Sold for $3,400,000
Upto 100 people braved the cold to watch this home (or potential 699sqm land site) go under the hammer in a premier location of Brighton. Four bidders in total tried to secure the property with very low increment but persistent bidding. The auction started at $2,800,000 on a genuine bid and sold for $3,400,000 which was $200,000 over the reserve.
33 Latrobe Street, Hughesdale Sold for $1,840,000
Another large crowd turned out to the auction of this five bedroom, two bathroom renovated family home quoted at $1,550,000 to $1,750,000 prior to auction wth a strong opening bid of $1,750,000 to start things off. Six bidders were over the top of the range where the property sold for a strong result of $1,840,000. $90,000 over the reserve price.
77 Sackville Street, Kew Sold for Undisclosed
This vendor has previously tried to sell off their north facing tennis court but had failed. This time though they were able to take advantage of the market conditions over the weekend resulting in a strong sale. The 940 sqm land site attracted three bidders at auction but failed to reach the reserve price. The property was negotiated afterwards for an amount above where it passed in.
Good morning!
Corelogic has started releasing data showing the first property price rises in 18 months. June and July saw rises of 0.2 per cent and August is on track to have a 0.5 per cent rise. These small but consistent rises are demonstrating a market recovery which is also reflective in the clearance rates and a number of bidders at auction. Some experts are predicting a slow and steady rise across Spring, rather than the balanced out market the higher stock levels can often produce. Corelogic also reported that Melbourne is leading in the nation’s recovery.
585 auctions were conducted over the weekend with 382 selling at auction, 65 selling before auction and in addition, there were 152 private sales. Houses produced a higher clearance rate of 78% with units resulting in a 74% clearance rate. Overall, the clearance rate was 76% which was down on the 81% clearance rate from last week.
Have a great week.
Kind Regards,
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 2nd September 2019
This week: 585 Auctions | Clearance: 76% | Last Year: 59% [source: REIV]
1/184 The Parade, Ascot Vale Sold for $828,000
A young couple took away the keys of this two bedroom, one bathroom single level unit located within a small block of two. The opening bid was strong at $804,000 which immediately put the property on the market. It sold with participation from two bidders for $828,000. An expected result.
6 Totara Court, Lower Templestowe Sold for $1,305,000
Two bidders fought it out to secure this four bedroom, two bathroom family home. The bidding started at $1,100,000 from a buyer’s advocate when a gentleman raised the bidding to $1,120,000. The buyer’s advocate was determined to take the keys away for their client in which she did at $1,305,000.
20 Brinsley Road, Camberwell Sold for $2,410,000
This property last sold in 1978 for $96,000 which is only a fraction of the price it achieved at auction on Saturday. Essentially a land site on 649 sqm of land, park across the road and two train stations nearby, the auction attracted active bidding from seven parties to sell $310,000 over reserve for $2,410,000.
