Melbourne’s auction clearance rate improved over the weekend due to fewer amount of auctions scheduled.
This weekend a clearance rate of 70% was achieved from 565 auctions. Of those properties, 321 sold and 167 were passed in, 76 of those on a vendor bid. There were also 539 private sales over the past week.
The apartment market has fared better in auctions this week, with a higher clearance rate than houses. Units achieved a 71% clearance rate, and houses resulted in a 70% clearance rate across the city.
Buyers are recognising that purchasing apartments in some of Melbourne’s most exclusive suburbs offers great buying. The REIV have noted that in “the last three months of 2017, buyers could secure an apartment in Toorak for $940,000 – less than a quarter of the suburb’s median house price of $4.6 million”. Purchasing an apartment in an upmarket suburb is ideal for buyers who don’t want to compromise on location or amenities. We believe the apartment market whilst flat at the moment, affordability of houses and units will really start to come into play and in time apartments should bounce back.
Kind Regards,
The Team at Elite.
1/10 Hynton Crescent, Kew. Sold for $961,000
Occupying the ground floor of an Art Deco duplex, this two-bedroom apartment had 60 people attending the auction. Among them were four bidders including downsizers, an international couple and a young owner occupier. The auction commenced with a vendor bid of $750,000, and the auction became heated from $820,000 when a downsizer and a Chinese couple battled it out. The property was declared on the market at $870,000 and sold at $961,000.
4/74 Kororoit Creek Road, Williamstown North. Sold for $952,000
Attracting a crowd of about 65 people, this modern four-bedroom two bathroom home sold to a pair of upsizers from Docklands. The townhouse is one of only five and filled with light. This type of property is popular with the couple’s from the CBD or Docklands area, looking to upsize.
46A Whitmuir Road, Bentleigh. Sold for $875,000
Close to Centre Road, in the tightly held Blue-Ribbon locale of Bentleigh, this property set on 450 square metres is a blank canvas of potential for the new owner. An investor won the keys after outbidding three other parties in a heated auction where the price soared $25,000 past the $790,000 – $850,000 guide price.
Another Super Saturday brings a steady clearance rate for the Melbourne property market ahead of the Easter long weekend.
This weekend a clearance rate of 67% was achieved from 1468 auctions. Of those properties, 490 were passed in, 242 of those on a vendor bid. There were also 389 private sales over the past week. Units achieved a 68% clearance rate, and houses resulted in a 66% clearance rate across the city.
Similar auction volumes of 1428 happened on the same weekend last year, however last year’s clearance rate on the same weekend was 81%.
With next weekend’s Easter break, auction activity will be minimal. Our market wrap will return in two weeks. Have a great Easter!
Kind Regards,
The Team at Elite.
56 Regent Street, Elsternwick. Sold for $1,950,000
Four bidders contested this stunning double fronted Victorian three-bedroom home on Saturday. Perfectly positioned just several doors down from the ‘The Block 2017’, the property is conveniently located just 5 minutes’ walk from Elsternwick station, Glenhuntly Rd eateries and elite schools. The auction commenced with a $1.46 million bid, and was announced on the market at $1.77 million. But it was a late bidder who secured the property with a final knockout $10,000 rise after a series of $1,000 offers.
21 Roberts Street, Keilor East. Sold for $1,600,000
A four-bedroom single-level home delivering an exceptional family lifestyle of luxury and versatility in a sought-after Keilor East pocket had three auction bidders fiercely competing to become the new owners. It was a young family who took the keys after outbidding two other groups. The sale price was $120,000 above the reserve.
622 Bridge Road, Richmond. Sold for $1,460,000
Originally the site of the Richmond Racecourse in 1907, this clinker brick English cottage was established in 1941 as part of Richmond’s first housing commission estate. The three-bedroom house received bids from two parties, but it passed in on a $1.425 million vendor bid. The property sold for $10,000 above the reserve shortly after the auction.
Auction numbers were higher this weekend after the break for the Labour Day long weekend last week.
This weekend a clearance rate of 68% was achieved from 1273 auctions. Of those properties 403 were passed in, 206 of those on a vendor bid. There were also 236 private sales over the past week. Units achieved a 70% clearance rate, and houses resulted in a 68% clearance rate across the city.
The Melbourne property market is holding strong and has only declined by 0.4% in value since it peaked in October last year. According to Core Logic, Melbourne’s median dwelling value is 18% less than Sydney’s. This indicates that Melbourne’s property values are likely to still rise as Melbourne’s population growth keeps soaring.
Kind Regards,
The Team at Elite.
53A Cavannagh Street, Cheltenham. Sold for $1,111,000
This newly built townhouse with unrivalled views in Cheltenham attracted fierce competition from four bidders on Saturday. The three bedroom property had an opening bid of $920,000 and it was announced on the market at $1.05 million. But bidding did not stop there, and the property ended up selling for more than $50,000 above the reserve.
7 McMillian Court, Hoppers Crossing. Sold for $530,000
This spacious house in the heart of Hoppers Crossing sits on an impressive 748m2 (approx.), parcel of land. The vendor of this three bedroom house only paid $410,000 just over twelve months ago and had made no major changes to the property before putting it back on the market. A first home-buyer outbid two investors at the auction to become the new owner.
37 The Highway, Mt Waverly. Sold for $1,530,000
Beautifully elevated on the high side of the street, this impressive 738 sqm (approx) four-bedroom house attracted three bidders at the Saturday auction. An opening bid of $1.45 million commenced the auction, and the property was on the market at $1.51 million. One bidder dropped out, and two families continued to compete for the keys until the hammer was brought down at $1.53 million.
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.
Melbourne’s property market passed it’s first big test of the year this weekend, with around 1485 homes going under the hammer throughout the week.
There were 1217 auctions held across Melbourne this weekend, with 722 selling, resulting in a clearance rate of 70%. 360 properties were passed in, 169 of those on a vendor bid. There were also 326 private sales.
The market appears to be very balanced at the moment, however there was a sense of buyers ‘sitting on their hands’ at some auctions over the weekend. This could be a result of buyers not understanding the value of properties at the moment due to agents pricing becoming more in line with vendors reserve prices. Agents are being closely watched by Consumer Affairs at present due to the change in Estate Agents Act 1980 on 1st of May 2017. Once this practice becomes more familiar buyers should gain more confidence again and this should occur in the not so distant future.
Kind Regards,
The Team at Elite.
1/61 Martin Street, Brighton. Sold for $1,220,000
This three bedroom unrenovated villa unit with street frontage in a very convenient and popular location of Martin Street welcomed about 60 people to the auction. Two vendor bids were put in to start the auction and the auctioneer worked extremely hard to get some participation. Finally he received a genuine bid of $970,000 where another gentleman jumped in at $980,000. The two bidders went head to head until one dropped out when it almost got knocked down to the highest bidder after being announced on the market at $1.05m. Another bidder who then jumped in, ended up winning the keys at $1.22m. $170,000 over reserve.
1/18 Allambee Avenue, Camberwell. Sold for $1,575,000
A very popular auction with over 150 people in attendance. The majority of the crowd was downsizers and Chinese buyers. The bidding started at $1.3m where two bidders fought head to head to secure the popular piece of real estate. The property was announced on the market at $1.25m and sold for $1.575m. A solid $150,000 above reserve. The determined downsizer won the auction and only two bidders were involved as no one really got a chance to put their hand up.
38 French Street, Thomastown. Sold for $885,000
This triple-fronted four bedroom home in a highly sought after location attracted strong buyer interest leading up to the auction. Quoted at $650,000-$710,000 prior to auction, the house on a 650 sqm block is completely ready for a family to move into. On Saturday, the agent informed us that there were 10 to 12 parties intending on bidding to secure the home but only three got the chance as bidding was quick and fast. The price sold for $885,000 well above the reserve price.
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.
