Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market

Buyers have paid close to $200,000 more than the expected price at a Greensborough auction, but the home’s retro charm might not save it from the bulldozer. See auction replay videos here.

Retro charm and an enviable location had buyers clamouring to bid for 19 Willis St, Greensborough, under the hammer this afternoon.

Victoria’s top auctioneer tipped this week’s rate pause to encourage homebuyers sitting on the sidelines to tackle the market.

The prediction put family homes at the top of buyers’ wish lists and there was plenty of action for properties in that category.

But there have been mixed results for less family-friendly listings, with an apartment in an old Yarraville theatre that appeared in Baz Luhrmann flick Strictly Ballroom and an ex-church in regional Victoria among those to stall under the hammer.

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Real Estate Institute of Victoria senior auctioneer of the year for 2022 Luke Banitsiotis said the reserve bank’s decision to pause interest rates at 4.1 per cent this week would “drive some confidence” into auctions today.

And with PropTrack figures showing 594 auctions scheduled across Victoria this week, 561 of them in Melbourne, more confidence and more buyers was tipped to be good news for sellers.

“I think that anyone who was in the market the week before is seeing it as a welcome relief, but it might spur some people on who have been sitting on the sidelines and waiting,” Mr Banitsiotis said.

While the RBA this week indicated there could still be future hikes, the Woodards Blackburn auctioneer said a hint that the end of rate rises was near could encourage those who had been going through open homes but waiting to see the finish line of rate hikes to “kick into gear”.

He added that renovated family homes and those in need of work or replacement in very desirable locations were likely to be the weekend’s best performing properties, with a five-bedroom offering in Blackburn recently attracting the eye of 110 families before selling in a competitive auction.

Mr Banitsiotis said it was the only home of its kind on the market at the time.

AUCTION REPLAYS AND RESULTS

However, he said unrenovated listings that need work might still be caught up in ongoing consumer concerns around the health of the building sector and the cost of renovating or bulldozing to build a new home.

The last time the RBA put interest rates on hold, at 3.6 per cent in April, Melbourne’s auction market was effectively in shut down for the Easter long weekend.

But a week later the market responded with a rising clearance rate that climbed for most of the next month to a 68.2 per cent peak the weekend before May’s 0.25 point rate hike.

PropTrack’s final clearance rate for last weekend came in at 63 per cent from more than 500 sales, revised down from 72.8 per cent on preliminary figures based off 268 results last Saturday.

Nicole Jacobs Property buyer’s advocate Nicole Jacobs agreed buyers would feel more confident and “breath a sigh of relief”, but warned a rate pause would not have changed their borrowing capacity, and said she did not think auction prices would surge significantly.

19 WILLIS ST, GREENSBOROUGH

19 Willis St, Greensborough, sold $200,000 above reserve but is expected to be replaced with a new home.

In Greensborough, Ray White’s Jamil Allouche was expecting competition for a well-located four-bedroom house at 19 Willis St.

The home on a 1231sq m block was listed with a $1m-$1.1m asking price ahead of its noon auction.

But with 117 groups of mostly families through the Fasham Johnson-designed house in the lead up to auction, what happened under the hammer was a complete surprise.

A $1m opening bid hit the bottom of the quoted range and with three bidders active the price quickly rose.

At $1.17m Mr Allouche tried to call the home on the market, but an impatient bidder made an offer over the top of him.

“Stop talking and take my money,” the auctioneer responded.

With a flurry of bids behind the offer, he didn’t get a chance to call the home on the market until $1.2m — noting it had been for some time.

Bidding continued, rising in mostly $10,000 increments to $1.275m. A knockout bid brought the figure to $1.3m, but wasn’t enough to derail other bidders.

Offers continued in $10,000 increments until the hammer came down at $1.31m — about $200,000 above expectations.

Despite plenty of retro charm with exposed brick walls and timber ceilings, Mr Allouche said before the auction that most bidders would look at building their dream home in its place.

52 MEMORIAL RD, GLENTHOMPSON

A church at 52 Memorial Rd, Glenthompson, is still seeking a buyer.

An old church in a town just outside of Ararat passed in on a $340,000 vendor bid this morning.

But Elders’ David Jennings who is selling 52 Memorial Rd, Glenthompson, which comes with an old Sunday school included, has faith a deal isn’t too far away.

“We are negotiating with a few parties,” Mr Jenning said.

With two bidders lined up on the phone a higher offer has already been confirmed, but remains below the vendor’s reserve.

The church has had little done to it since it was decommissioned about five years ago.

The property had a $660,000-$690,000 asking price ahead of auction.

The church sold for $330,000 in February last year.

7 ISHAM ST, POINT COOK

7 Isham St, Point Cook, sold under the hammer at an indoor auction.

It took a while for Archi Altan to illicit a bid for this four-bedroom house in Point Cook.

But the Everywhere Real Estate auctioneer persevered long enough to get a $710,000 opening offer that he took behind closed doors to the vendor.

At the bottom of the 7 Isham St home’s $710,000-$760,000 price guide, it wasn’t enough to tempt the seller and bidding continued.

Two rises later at $720,000 it was on the market.

A $5000 rise from a second bidder was enough to scare off the competition and claim the keys at $725,000.

5A MORLOC ST, FOREST HILL

5A Morloc St, Forest Hill, sold well above expectations.

With work needed and just a two-bedroom floorplan on hand, REIV Senior Auctioneer of the Year Luke Banitsiotis said this Forest Hill home was going to be a hard sell in a market where the properties that do the best are renovated family residences.

But he got a pleasant surprise as multiple bidders turned out for 5A Morloc St.

On the market within its $570,000-$610,000 quoted range, the home inspired consistent fast bidding in $1000 and even $500 increments as it climbed past $660,000.

Eventually there was a shout of joy, followed by a hug from a friend and tears as a woman claimed the keys at $663,000.

25 BOND ST, CLAYTON SOUTH

25 Bond St, Clayton South, was on the market while still in its quoted range.

Ray White auctioneer Robert Cincotta also had a Clayton South home on the market inside its $580,000-$630,000 price guide.

But with multiple bidders the price wound up topping expectations by tens of thousands of dollars.

The two-bedroom weatherboard at 25 Bond St climbed to $655,000 with a final $4000 rise enough to silence bidders who had been moving in $1000 increments prior.

Around the corner from a park and close to shops and the train station, it attracted a mix of downsizers, investors and first-home buyers.

10/40 MURRAY ST, YARRAVILLE

The auctioneer was left dancing alone for the auction of 10/40 Murray St, Yarraville, built in the former St George theatre where Strictly Ballroom was filmed.

A piece of Yarraville film history, built into the old St George theatre where Baz Luhrmann filmed parts of Aussie film classic Strictly Ballroom, has passed in.

Compton Green auctioneer Gerard Hannan opened the sale for the 10/40 Murray St property with a $610,000 vendor bid.

But he had to make his own theatre for the small crowd, with a few jokes and requesting bids from observers.

Even as the two-bedroom apartment, which had a $590,000-$649,000 asking price, passed in Mr Hannan was still hopeful, saying: “third and final call, hoping for a random stranger to come past” before he closed the auction.

All wasn’t lost, however, with a prospective buyer who had watched without bidding went in to negotiate for the home after the hammer came down.

308/300 VICTORIA ST, BRUNSWICK

It only took one bidder to get an auction going and sold at 308/300 Victoria St, Brunswick.

One buyer was enough to get a sale as a two-bedroom apartment on Victoria St, Brunswick, went under the hammer this morning.

Buyers were initially reluctant to make a move on the home with a $480,000-$520,000 asking price.

But after a $480,000 vendor bid, one party offered a $10,000 rise.

The auctioneer countered with a $500,000 bid. The prospective buyer bid back at $510,000 and the home was called on the market.

A few moments later it was sold.

Ray White’s Matthew Schroeder had the listing.

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