Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market
Three first homebuyer couples seized their first home’s in Oakleigh South today. Find out how they did it.
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A gripping auction event in Oakleigh South saw three units sold today, marking a win for first home buyers – selling collectively for almost $1.8m.
The success story follows that of Kath and Kim star Jane Turner selling her Elwood home under the hammer – but agents remain tight lipped on what it sold for Turner will be hoping the home will sell in the $7.5m-$8m range.
But with Victoria’s biggest auction weekend of the year with over 1700 homes going under the hammer, there’s plenty more auction action to catch up on via live streams courtesy of Gavl and market updates below.
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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.
“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.
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.”
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.
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.
AUCTION REPLAYS AND RESULTS
Bidding frenzy: Historic Northcote home shatters expectations
A 1920s home at 6 Lennox St, Northcote, sold under the hammer for $1.57m during a heated auction.
This eye-catching price far exceeded the home’s price guide of $1.2m to $1.3m.
The auction began with a slow start, as bidders initially showed reluctance.
A vendor bid of $1.1m was made – with the auction pausing for five minutes.
Once the bidding picked up pace, the auction unfolded over 26 minutes, with the auctioneer emphasising the property’s rich potential for restoration or redevelopment.
Described in its listing as a vintage gem with renovation potential, this 1920s weatherboard home offers a formal lounge, well-appointed kitchen, and three spacious bedrooms around a central bathroom. The property shines with original features like floorboards and leadlight windows, set on a 456sq m block with a rearmost right-of-way. It is a blank slate for those eager to enhance its charm or grow their family space.
Barry Plant Northcotte’s Loretta Khoo said she knew the auction was going to be fairly competitive but wasn’t sure to what end.
“When we deal with seasoned property buyers, sometimes there is a game they play in terms of price,” Ms Khoo said.
“We were very surprised with the result we got given the condition it was in, but by the end of the day, we knew because of the location it was going to be competitive. P
“Builders are starting to come back into the market and are recognising there is good value in Melbourne.”
Ms Khoo said the eventual buyer sold his very first project where he lives and flipped it – he’s realised that there are strong buyers for well-finished products and jumped on the opportunity.
“According to people interstate – Melbourne is one of the capital cities lagging behind and they’re finding Melbourne is presenting good value,” she said.
“All eyes are back on Melbourne – with the understanding there might be an interest rate reprieve.
“Developers and builders understand they need to secure something now to reap the rewards in the next six to twelve months.”
First home buyers triumph in auction frenzy
A gripping auction event at 1-3/18 Legon Rd, Oakleigh South saw three units sold today, marking a win for first home buyers.
Unit 1 fetched $620,000, Unit 2 went for $560,000, and Unit 3 sold at $619,000, all under the hammer – with a total of 10 eager bidders.
The price guide for each of the units was $500,000 – $550,000.
Ray White Oakleigh’s Leigh Kelepouris, said all of the bidders for the units were young first homebuyer couples.
“All three of the new owners are absolutely thrilled – one of the buyers bid on all three properties,” Mr Kelepouris said.
Mr Kelepouris said the sellers, having retired after owning the properties since the late 80s, following advice from the Ray White team, subdivided the estate a year ago, resulting in the result today.
“The excitement was electric, and the sellers were so happy to see all these new young owners – I am sure they will all become friends,” he said.
Ray White’s Jonathan Eaves, took charge of the auction today leading the heated bidding between the first home buyers.
The new owners of these spacious single-level units can now look forward to living within walking distance of Huntingdale Primary School, Huntingdale Station, and residing within the South Oakleigh Secondary College zone,
The units also have no body corporation involved.
Renovated Oakleigh gem ignites buyers’ bidding
A charming three-bedroom, one-bathroom house at 33A William St, Oakleigh has caught the eye of buyers and sold under the hammer for $1.235m.
The home had a price guide of $1.07m-$1.17m.
The auction opened with a bid of $1.05m and was penned as a dream home for young professionals, families, downsizers, and investors
Barry Plant Mentone and Cheltenham auctioneer Michael Care said the home was “beautiful single level living at its best” emphasising the integration of grand elegance and contemporary styling that defines the property.
“Where the home truly shines … you step into the open plan, very large living area of course, with high ceilings and the beautiful updated kitchen, meals (and) dining area,” Mr Care said.
The listing paints the property as a gem nestled in a sought-after, old-world streetscape just a stroll away from local amenities.
The home’s indoor features include Miele appliances, oak floors, and plantation shutters, ensuring it offers a seamless lifestyle for both relaxation and entertaining. T
The home was listed by Barry Plant Mentone and Cheltenham’s Eva Cumming.
Single mother scores keys to Delahey home
A single mum has claimed the coveted keys to a stunning four-bedroom, two-bathroom home at 3 Correa Close, Delahey – selling under the hammer for $723,000 a
The auction, with a starting bid of $650,000 – with two bidders battling it out home, with price guide hopes of $650,000-$690,000.
Calder Real Estate Delahey senior sales representative Mohammed Safatli, was pleased but not surprised with the result.
“For the rest of spring I’m hoping to see the consistency continue in the market,” Mr Safatli said.
The home’s features include a welcoming lounge featuring a bay window, a cutting-edge kitchen decked out with a dishwasher, and an expansive pergola perfect for all-season entertaining, this home is truly a marvel.
Upstairs – three spacious bedrooms and a master suite with a luxurious ensuite.
Complete with modern amenities like ducted heating, evaporative cooling, and a secure double garage
Burwood East home sells above expectations despite cautious buyers
A three-bedroom, one-bathroom home at 37 Pickford St, Burwood East has sold under the hammer for $1.34m and defied auction expectations despite cautious bidding and market hesitations driven by soaring interest rates.
Two active bidders participated in the auction today with the auction opening with a bid of $1.2m.
The home sold above its $1.1m- $1.2m price guide hopes.
Harcourts Judd White’s Ryan Yan said bidding isn’t aggressive at the moment and noted hesitation from buyers -with many interested at the auction but opted not to bid.
“The buyers of the home today came to buy in todays market and they paid reasonable money for this property,” Mr Yan said.
“Interest rates and property holding costs are pushing buyers – that is why I think there is hesitation.
“I think the market will keep on the high side of the peak but I worry about more supply coming on the market and softening prices.”
Mr Yan said buyers were waiting for the interest rate cuts and hoping it would make the market more accessible.
Single mother scores keys to Delahey home
A local Cheltenham has cashed in after selling their Metricon dream home for $1.802m.
The auction at 52 Jells Rd, Cheltenham had three eager bidders in the mix, and saw a nailbiting finish as the five-bedroom, two-bathroom home went to a local family in need of more space.
Ray White Cheltenham lead agent and auctioneer Angela Limanis said the property offered features like a spacious living area perfect for the need to upsize.
“The sellers were absolutely thrilled to have achieved a result at the top end of the price guide,” Ms Limanis said.
“The market is a little patchy at the moment, it is quite price sensitive.
“We are so glad that we took this one right through to auction day, rather than accepting an offer prior – it was really rewarding for everyone.”
The sellers are relocating down to the Mornington Peninsula.
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