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.
This weekend a clearance rate of 63% was achieved from 807 auctions. Of those properties, 417 sold and 295 were passed in, 155 of those on a vendor bid. There were also 538 private sales over the past week.
Clearance rates are still sliding, however, the auction market for first home buyers is performing well, with properties in the $600,000 – $900,000 range being hotly contested. In addition to that properties that are priced at market value and high quality properties that tick all the investment boxes are still experiencing strong competition.
We believe the clearance rate should remain in the 60’s percent for a little while to come as we come into the winter months. This may present buyers with some opportunities in the months to come however any drop in stock levels could send the clearance rates back into the 70’s.
Regards,
The Team at Elite.
126 Wheatley Road, Ormond. Sold for $1,102,000.
This two bedroom period home in the heart of the McKinnon College Zone holds a coveted corner position. Set on a beautiful 366sqm approx. garden block, this home attracted young families as well as downsizers to the auction. An opening bid of $850,000 started the auction, and with three bidders in the mix it was on the market at $1.055 million. The property eventually sold for $1,102,000 in front of a crowd of about 50 onlookers.
90 Newlands Road, Coburg North. Sold for $881,000.
Set well above the street, this beautifully presented three bedroom home features an elevated entertainer’s deck with tranquil leafy views and a private backyard with space for the family to enjoy. But it was the music studio/cellar which caught the eye of the new owners of this home, a first home buyer couple. They outlasted two other bidders to win the keys to the three bedroom house which was quoted at $780,000 – $830,000.
53 Kenmare Street, Mont Albert North. Sold for $1,300,000.
This single level 3-bedroom home delivers exceptional design, is idyllically positioned on a low maintenance 489 square metre allotment with its own title in a leafy and highly sought-after locale, the home is close to Box Hill Hospital, TAFE and the tram, and is within easy reach of restaurants, cafes, station and the many attractions of Box Hill Central and Balwyn. Three bidders competed, and after 15 bids the price had leapt $50,000 past the $1.28 million reserve eventually selling for $1.3 million.
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.
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.
