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.

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.