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.

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.