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.
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.
