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

Melbourne is gearing up for its largest auction weekend of the year with nearly 1800 properties up for grabs. See the homes we’re watching.

Jane Turner's Elwood property is one of the thousands of homes going to auctions this weekend.

A Kath and Kim star is among the thousands of Victorians gearing up for its biggest auction weekend of the year so far.

Logie Award-winning comedian and writer Jane Turner’s Elwood home is going under the hammer at 11:30am Saturday. Turner will be hoping the home will sell in the $7.5m-$8m range.

PropTrack figures show there are a whopping 1774 homes going under the hammer this weekend.

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Harcourts Judd White chief executive Dexter Prack said despite the large number of auctions this weekend, buyers across Melbourne were holding back.

“Buyers are looking at a quality property and location – we’ve been selling a lot of homes post auction and this indicates buyers are sitting back and watching to see if there’s competition,” Mr Prack said.

Inside Turner’s Elwood home which goes to auction this weekend.

“The main factor driving this trend is supply – a lot of stock is coming on the market and buyers can be more choosing.

“We’re getting around 2.3 to 2.5 buyers on average per auction, more price sensitive properties we’re getting six to seven buyers.

”As agents we are finding we have to get buyers more engaged with a property than previously.”

Mr Prack said as soon as interest rates drop buyers will regain their appetite, but cautioned against complacency.

“Buyers are thinking it’s time to stop committing and to wait and see what interest rates, the economy and banks do,” he said.

“Properties in the Glen Waverley and (the) surrounding catchment can go up overnight. A property that would normally sell for $1.4m goes up to $1.8m anytime there is a frenzy. Covid was a great example of that.

37 Pickford St, Burwood East heads to auction at 10am

The Harcourts Judd White executive said their agencies days on market 12 months ago was 28 and has risen to 36 days in the last quarter – but said the tide was about to turn for Melbourne with interest rates expected to drop in the new year.
“If you’re a betting man – I would be advising buyers to spend all of your money in Melbourne – it is so much cheaper than the other cities, it will bounce back,” Mr Prack said.

“If you think Adelaide’s median prices is going to remain higher than Melbourne’s – absolutely no chance, when interest rates drop everything will go up.

“Now with where the prices are at – what an opportunity for first-home buyers and investors to get into this market.”

AUCTION REPLAYS AND RESULTS

PropTrack senior economist Paul Ryan said buyers are expected to benefit from the busier than usual market activity continuing into November.

“(It is) typically one of the most popular months of the year to list a property for sale,” Mr Ryan said.

Reservoir will be Victoria’s auction hot spot this week, with 37 homes heading under the hammer.

Glen Waverley is next with 24, followed by Bentleigh East at 22.

7 Pacific Close, Wantirna has had a whopping 110 groups through the home throughout the open for inspection and is expecting nine registered bidders auction.

In the outer-east, 7 Pacific Close, Wantirna, is heading to auction with a whopping 110 groups and nine registered bidders expected to attend the auction.

The five-bedroom, three-bathroom home has sweeping views of the Dandenong Ranges, close to good schools and EastLink – and the home is marketed as ‘move in ready’.

In Melbourne’s northwest, a three-bedroom, one-bathroom home at 9 Jessop Crt, Gladstone Park is heading under the hammer at 11am.

Ray White’s Phil Mercieca sold the home to the current owners back in 2007 and have renovated the home inside and out and are ready to move onto their next chapter.

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