This weekend a clearance rate of 64% was achieved from 597 auctions. Of those properties, 318 sold and 217 were passed in, 112 of those on a vendor bid. There were also 119 private sales over the past week.
The market will quieten over the next two weeks due to school holidays but we should see stock levels rise as we enter into August. Interestingly, on the weekend we saw a clearance rate of 68% on units and apartments where houses clearance rate dropped to 62%. This also confirms what we are seeing in the market where the more affordable properties are under competition but properties with a higher price tag (generally speaking) are fewer bidders at the auction.
Regards,
The Team at Elite.
327 Young Street, Fitzroy Sold for $1,157,000
Set over several levels with an expansive roof terrace, with three double bedrooms, a spacious living/dining room open to a custom kitchen and easterly entertaining balcony, this property attracted competition between four bidders. After a $900,000 opening bid, the property was announced on the market at $990,000. The price continued to soar to $167,000 past the reserve when the hammer was brought down to a young first home buyer.
15 Laura Street, Moonee Ponds sold for $2,350,000
A large period home was in buyer’s sites on Saturday as “Ellwyn”, a grand four bedroom Edwardian went under the hammer. Located on a wide block of land in one of Moonee Ponds’ premier tree-lined streets, the property was advertised at $2,200,000 to $2,400,000. The property sold within the range of $2,350,000.
17 Urquhart Street, Northcote sold for $711,000
The four bidders at the auction of this genuine Victorian worker’s cottage knew what they would be getting into if they became the new owners of this property that have experienced some significant movement and has a Building Notice from the City of Darebin. Just a block from Merri Creek and in unlivable condition, the property requires major works. Quoted at $620,000 – $682,000 the property had a reserve of $650,000 and sold for $711,000.
This weekend a clearance rate of 63% was achieved from 710 auctions. Of those properties, 361 sold and 264 were passed in, 136 of those on a vendor bid. There were also 142 private sales over the past week.
Astute buyers are acting quickly on properties that they know are solid purchases. A sign that the market is not quite as dire as the media have been reporting.
Inner city properties offered below $800,000 were hotly this weekend, with many auctions attracting three or four bidders. The market is still very active and it will be interesting to see how long this balanced market lasts.
Regards,
The Team at Elite.
5/28 Rockley Road, South Yarra sold for $1,1510,000
Bids were flying everywhere in an effort to secure this rare style of home in South Yarra. The property was a 1960’s 3 level townhouse with large wraparound courtyard and large garage. The property needed updating but this did allow a buyer to put their own stamp on the property. A downsizer secured the property which sold for $260,000 above the top of the price range they were quoting of $1.15m to $1.25m.
247 Coppin Street, Richmond sold for $2,420,000
Directly facing Barkly Gardens, this once-charming Victorian Italianate home, offered for the first time in nearly sixty years a brilliant opportunity to secure a rarely-found 405m2 (approx.) allotment with rear right-of-way access in Richmond’s most idyllic setting. The rundown three-bedroom house soared $220,000 above the reserve with three bidders putting up their hands at the auction. A $1.7 million bid started the auction, and the property was announced on the market at $2.2 million. It was then that the bidding really took off with rises of $5000 and $10,000 increments before the hammer was brought down at $2.42 million.
13 Lansdown Street, Brighton East sold for $2,125,000
The auction of this architecturally designed home in a popular location near Landcox Park sparked interest from 3 bidders. The property was announced on the market at $2.05m and sold for $2.215m which was $65,000 over reserve. The sale price was not a surprising result as the home was on a good sized land of 775 sqm with a north facing rear.
This weekend a clearance rate of 61% was achieved from 731 auctions. Of those properties, 374 sold and 285 were passed in, 145 of those on a vendor bid. There were also 103 private sales over the past week.
Buyers are certainly welcoming the relief that the market is providing now with less bidders at auction across the board. However we believe the Melbourne market is increasingly running at two speeds. There is a widening gap between A-grade properties with quality renovations in good streets, close to schools, and less desirable properties.
Renovated period homes close to shops and transport in quiet streets, and quality villa units are attracting competition and in many cases still selling above their reserve.
Although the clearance rate has dropped, good quality properties are still selling well and should continue to do so.
Regards,
The Team at Elite.
21 Hume Street, Armadale. Sold for $2,800,000
A decent crowd of about 50 gathered in the narrow street to see a single level 10 year old 2 bedroom home go under the hammer. No surprise to anyone that the crowd was mostly downsizes (and neighbours). The lucky auctioneer didn’t have to wait long when he called for bids as an elderly gentleman politely offered his opening bid of $2.3m. Again not long before another silver haired gentleman returned another bid of $25k and so ensued a game of tennis – as the first bidder cleverly remarked. A couple of hopeful knock out bids from both until the first bidder had the gavel knocked down to him at $2.8m. Not bad for a 2 bedder!
52a Lansell Road, Toorak. Sold for undisclosed price.
A popular Sue Carr designed brand new three-bedroom townhouse had the auction conducted from the kitchen to protect the potential bidders from freezing in the Melbourne cold. The auctioneer, Justin Long didn’t bother to call for bids. Instead just opening with a vendor bid of $4.75m. From there one bid was extracted from the audience from a well dressed family. Long was about to pass the property in to the family when $5k rise was offered before the first bidder quickly hit back with another $10k. A few more bids followed until the original bidder had the luxurious home passed in to him at $4.85m. The property sold for an undisclosed price.
8 Eumeralla Road, Caulfield South. Sold for $1,750,000
A crowd of about 40 people attended the auction of this large four-bedroom home on a corner block in a prime location with approximately 613m2 allotment. It was a young family who secured the keys after a 7 minute auction with only one bid of $1.55 million. The Californian Bungalow with charming facade was passed in and sold after negotiations for $1.75 million.
This weekend a clearance rate of 62% was achieved from 843 auctions. Of those properties, 439 sold and 321 were passed in, 174 of those on a vendor bid. There were also 174 private sales over the past week.
Listing activity is quite strong across the city, and there was an increase in the number of auctions held this week compared to last week. Attendances at auctions across the board were very strong so the market is showing there is still a lot of interest from prospective buyers, but buyers appear to be holding off from bidding. This may indicate the eased buying conditions could be shortlived.
There is no doubt the Melbourne property market has turned into a balanced market which is very much welcomed by buyers entering into the market.
Regards,
The Team at Elite.
9 Stonehaven Avenue, Malvern East. Property Passed In.
About 30 gathered to see the old Edwardian go under the hammer. Renovated and extended some time ago the home sits pretty on the North side of the tree lined street and is surrounded by some old and many new, large family homes in the popular family orientated location. A vendor bid of $1.95m took some time to eventually see a rise from the crowd of $25k, to take the price to $1.975m, but then that was it. No further bids, and the property passed in to the Chinese couple on a sunny Saturday afternoon.
16 Jupiter Street, Caulfield South. Sold for $1,705,000
The auction of this four-bedroom three-bathroom home in a popular location of Caulfield South drew a large crowd of over 60 attendees and achieved some bidding competition. The first bidder was bullish and started the auction at $1.5m with another gentleman contesting his bidding, but he ran out of steam very quickly. The original party bid strong when a third bidder jumped in who then went on to win the keys. The property was announced on the market at $1.65m and sold for $1.705m.
15 McFarlane Court, Highett. Sold for $1,360,000
This substantial two-storey, four bedroom house, set with a sunny rear orientation in Highett’s quietest hidden cul-de-sac location sold under the hammer on Saturday. With a bid of $1.175 million kicking things off, two families bids pushed the price $160,000 above the reserve at the auction. The property had a pre-auction price guide of $1.15 – $1.25 million. It last sold in 1977 for $20,800 according to CoreLogic records.
This weekend a clearance rate of 61% was achieved from 551 auctions. Of those properties, 290 sold and 217 were passed in, 119 of those on a vendor bid. There were also 215 private sales over the past week.
Vendors are experiencing patchy results with some selling way above expectations and others just hitting the mark at auction. Savvy buyers are also sticking to their guns in some instances bringing to a standstill any outcome at auction and happy to negotiate afterwards with battle weary agents. Having said this there were still plenty of well-contested auctions across Melbourne with some solid results over the recent weekend.
Regards,
The Team at Elite.
526 Springvale Road, Forest Hill. Sold for $1,070,000
A retro time capsule home went under the hammer on Saturday at an exciting auction. The two storey, four bedroom brick house on 654sqm with a full length balcony and a garage for 3 vehicles showcased total 70’s charm. Bidding began at $850,000, and the home was on the market at $1.05 million. Complete with shagpile carpet, an 8 person sauna and a bedroom with a mirrored ceiling, the new buyers plan to retain the current look.
1/4 Gipps Avenue, Mordialloc. Sold for $642,000
This inviting front unit located only a quick walk from the station, cafes and the soft sands of Mordialloc beach attracted first-home buyers and downsizers alike sold well above the reserve price.
The two queen-sized bedrooms both benefit from fitted wardrobes and share an original bathroom which has been upgraded with a stone vanity,
4/7-11 Moresby Street, Mitcham. Sold for $755,000
This fully-renovated townhouse in a prized and private position in a complex of six, sold to a first home buyer at auction on Saturday for $25,000 above the reserve. The home features a soaring ceiling and an elegant timber floor in the sunny lounge. French doors open onto a private courtyard which leads down to another private entertaining area, with new timber decking.
This weekend a clearance rate of 64% was achieved from 798 auctions. Of those properties, 425 sold and 286 were passed in, 153 of those on a vendor bid. There were also 393 private sales over the past week.
The auction clearance rate remains with a percentage in the low 60’s, as predicted. Buyers are enjoying a much more balanced market that we have seen in a number of years.
The Melbourne market is experiencing a larger amount of properties passing in at auction in particular the $2 million to $4 million range. Most are being sold immediately on the Saturday, or within a few days thereafter if they are reasonably priced. The vendors that have high price expectations are likely to see their properties unsold for some quite time thereafter as less buyers are currently in the market.
Regards,
The Team at Elite.
101/21 Rose Street, Fitzroy. Sold for $957,000.
This low maintenance near-new Fitzroy residence, just a short walk to Brunswick Street cafes, two tram routes and the Carlton Gardens sold under the hammer on Saturday. Quoted at $850,000 to $890,000, and declared on the market at $890,000 with two bidders pushing their price limits. The two-bedroom apartment went on to sell for $957,000
69 Irving Road, Toorak. Sold for $4,850,000.
Marketed as an opportunity to renovate or rebuild this substantial family home situated on 480m2 approx. on a prime corner allotment in the heart of Toorak. The four-bedroom, three-bathroom 1950s house was passed into a solo bidder for $4.425 million. After auction negotiations saw the bidder increase their offer dramatically, by negotiating a sale at $4.85 million.
19 Edgecomb Street, Kew. Price Undisclosed.
Two families battled to become the new owners of this deceptively large freestanding home on a landscaped, easy-care 410 sqm allotment (approx.) close to leading schools, Kew Junction shopping, Victoria Gardens and Yarra parklands. Bidding was very slow for the two families slugging it out for the keys to this contemporary townhouse. It sold under the hammer in front of 80 onlookers.
The clearance rate dropped since last weekend which is presenting good opportunities for buyers. That being said, quality properties ticking all the investment boxes are still selling well under competition.
This weekend a clearance rate of 65% was achieved from 891 auctions. Of those properties, 478 sold and 316 were passed in, 149 of those on a vendor bid. There were also 285 private sales over the past week.
This weekend, budget properties saw increased demand as seen by the solid clearance rate for units of 67 per cent, compared to 60 per cent for houses.
It will be interesting to see what the Federal Budget announcement brings tomorrow and whether any infrastructure boosts could have any impact on properties prices in particular areas.
Kind Regards,
The Team at Elite.
7 Willow Street, Elsternwick. Sold for $2,485,000.
Recreated in 2016 on The Block, this stylish Edwardian attracted about 70 onlookers to the auction. With four bedrooms and three bathrooms, and a very high-profile renovation that attracted swarms of people through inspections, it was surprising that the auctioneer on Saturday could not tempt any hands to rise. It was only when the property passed in on a vendor bid of $2.3 million, that the buyer emerged and eventually negotiated the sale price of $2,485,000.
2 Goodwin Street, Preston. Sold for $965,000.
Designed with arched windows to complement the adjacent former church, this light-filled freestanding three-bedroom residence sold in minutes. It took six bidders and 25 bids, to help push the price $115,000 past the reserve. Quoted at $800,000 – $850,000, the property sold to a brother and sister pair who purchased on behalf of their parents.
9A Pasadena Avenue, Beaumaris. Passed In.
Set over three levels, this extraordinary four bedroom residence, also the former bachelorette Georgia Love’s family home, went under the hammer on Saturday. A crowd of about 30 people gathered to watch the auction, but bids were difficult to attain. Two genuine bids topped two vendor bids of $1.8 million and $1.9 million before the house was passed into one bidder for $1.925 million. Negotiations continued after the auction.
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.
This weekend Melbourne achieved similar results as last weekend, with marginally more properties going under the hammer.
This weekend a clearance rate of 67% was achieved from 703 auctions. Of those properties, 394 sold and 234 were passed in, 104 of those on a vendor bid. There were also 332 private sales over the past week.
The market is still fairing strong in the sub $1 million price range, with first home buyers snapping up the more affordable properties. In the $2 million-plus market, there has been less stock available, however, we expect to see auction numbers rise again in early May although we are experiencing a shortage of supply again this month.
Kind Regards,
The Team at Elite.
77 Ballarat Street, Yarraville. Sold for $1,215,000
This two bedroom house on 330sqm (approx) in the heart of Yarraville village, sold under the hammer for $10,000 above the reserve in front of a crowd of 60 onlookers. The auction commenced with a vendor bid of $1.05 million, which was met by a $10,000 rise from a young family. Bidding slowly continued with $5,000 rises between two families and an investor. But it was a couple moving from St Kilda after migrating from the UK who won the keys with their $1,215,000 final bid.
5 Collingwood Street, Sandringham. Sold for $2,216,000.
This California bungalow was last on the market in 1980, when it sold for $42,500. Stretched out on an approx 58’/17.68m frontage amongst the premier homes of this established blue-chip locale. In front of 50 onlookers, four bidders battled to become the new owners. With steady bidding for about 15 minutes, the eventual purchasers only contributed three bids before walking away with the keys.
4/88 Roslyn Street, Brighton. Sold for an undisclosed price.
This well-positioned townhouse (villa unit) struggled to achieve some active bidding at auction. Two bidders participated from $900,000 to $990,000 where the property then passed in. The final price is undisclosed but sold not too far away from where the property passed in. The stairs into the property may have deterred the downsizer market from pursuing this property.
A relatively small number of auctions were held this weekend, and the cold conditions may have affected attendance at auctions.
This weekend a clearance rate of 67% was achieved from 663 auctions. Of those properties, 376 sold and 217 were passed in, 103 of those on a vendor bid. There were also 311 private sales over the past week.
Fewer bidders at auctions across Melbourne is becoming a trend, except in the lower priced properties where the first home buyers are heavily contested.
Despite the reports of a softening market, between January and March, there were a total of 8551 auctions held in Melbourne, up from 7903 last year.
Kind Regards,
The Team at Elite.
33 Marquis Road, Bentleigh. Sold for $970,000
About 60 onlookers gathered in the rain to see the 3 bedroom, freestanding unit go under the hammer on Melbourne’s first true Autumn Saturday. Bidding opened at $830,000, and the first bidder dropped out at $930,000 just before it was announced on the market at $935,000. A third bidder joined in, but it was the second bidder who firmly stood his ground and won the keys at a healthy $970,000 – $50,000 over the reserve
11 Haslemere Road, Mitcham. Sold for $1,210,000
Situated in one of Mitcham’s finest leafy streets this truly unique property on a flat corner allotment of approx. 1068 square metres, features three separate dwellings. Bids were flying for 45 minutes from three bidders hoping to become the new owners of this clinker brick home. The hammer was finally brought down for $10,000 above the reserve to a local family.
59 Donald Street, Prahran. Sold for $1,765,000
This comprehensively renovated single-fronted Victorian house sold for $175,000 above the reserve with strong bidding from four bidders. In 2009 the property sold for $730,000. It was a generous couple who won the keys for their son who will live there after finishing his studies.
