Real Estate auction blog: Replay property auctions and see all the results
A house in Melbourne’s eastern suburbs that passed in at auction on Saturday ended up selling afterwards with a twist: A sign of Chinese good luck was involved in the final result.
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A Knoxfield house that passed in at auction sold shortly afterwards with a symbol of Chinese good luck involved in the transaction, on Saturday.
Plus, a circa-1850s house in Richmond has smashed its reserve by more than $500,000.
PropTrack is expecting 1168 auctions across Victoria this week, watch live auctions back courtesy of Gavl.
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One of Australia’s big four banks is predicting Melbourne home prices are set to increase almost 10 per cent by 2026’s end.
ANZ’s latest Australian Property Insight report states that the city’s market “looks sluggish” at the moment with home values likely to fall about 1.7 per cent this year.
But the ANZ report forecasts prices are set to grow 3.9 per cent in 2025 and a further 5.4 per cent the following year, adding up to a 9.3 per cent total rise.
If the projections are applied to PropTrack’s $909,000 Melbourne median house price for September, this would add $84,537 onto the figure – taking the city’s typical house value to $993,537 by December 2026.
With many suburbs home to far higher typical property values, the forecast surge would add six-figure sums to many.
For the Victorian capital’s apartments, townhouses and flats, this would add $56,358 to September’s $606,000 median, inflating it to $662,358 within the same time frame.
ANZ Research economist Madeline Dunk said reasons behind the upward price projections included anticipation that demand would begin to outpace supply, low building approval numbers and Melbourne’s affordability, compared to Sydney, attracting more buyers.
AUCTION REPLAYS AND RESULTS
PropTrack’s latest Home Price Index, released earlier this week, showed Melbourne is now Australia’s fourth-most expensive capital city to buy a house behind Sydney, Brisbane and Canberra.
Last week’s AFL grand final made for a quiet period of action activity last week, resulting in a 55 per cent clearance rate.
“There are 1117 auctions scheduled in Melbourne this week, up two per cent year-on-year, and 1203 auctions scheduled next week, up 12 per cent year-on-year,” PropTrack senior economist Anne Flaherty said.
Propell Property managing director Michael Pell said although Melbourne was now considered affordable compared to some other Australian cities, this did not mean it was suited to all investors.
He credited the state government’s land tax increases on investment properties, introduced in
January, and a raft of rental reforms for the current “depressed” Melbourne market.
Mr Pell said that purchasing counter-cyclically, when prices were lower, was often a smart property investment strategy but buyers should target homes featuring attributes which could often help to increase chances of future capital growth.
“In Melbourne, they should be looking for three- to four-bedroom houses with good land size, as well as being close to infrastructure, such as shopping centres, schools and childcare,” he said.
245 CASTLE CREEK RD, WODONGA
An artistic retreat at 245 Castle Creek Rd, Wodonga, remains on the market after passing in at auction.
The 1.85ha block featuring a two-bedroom house, studio, clothing retail space, equestrian arena and former dairy converted to self-contained accommodation, including an outdoor claw foot bath and shower, is owned by artist and clothing designer Cornelia Selover.
One Agency Wodonga’s Judy Celin said the property was “a little slice of paradise” where the garden had been designed to be low maintenance and require minimal watering, with fruit trees among the plantings.
Ms Celin said a potential buyer from Brisbane, who spotted the “very individual and very creative” property online Saturday morning, flew in for the auction but did not end up bidding.
She is now negating with them and the home is also listed for private sale with a $975,000 price tag.
“People have been looking at doing something with boutique, short-term accommodation and other people looked at it as running a business from the shed area,” Ms Celin said.
“It’s quite flexible with the things you can do at the property.”
33 NORMA CRES SOUTH, KNOXFIELD
A country-style Knoxfield house sold shortly after passing in at auction, with an unusual twist to the sale.
Ray White Wantirna’s Sam Daryabi said the three-bedroom pad at 33 Norma Cres South initially passed in on a $750,000 bid.
However, post-auction negotiations resulted in a $798,888 sale.
“One of the parties was from a Chinese background and 888 is considered very lucky in that country,” Mr Daryabi said.
The listing was also advertised as “lucky number 33 in Chinese feng shui”.
Mr Daryabi said the new owners, a first-home buyer couple, loved the home’s location and quiet spot on a no-through road.
He said there were plenty of first-home buyers in the market at the moment, hoping to buy a home before the year’s end – although some are reluctant to put their hands up to bid at auction.
Mr Daryabi said that with experts predicting an interest-rate cut next year, even more first-home buyers would likely enter the market after that, increasing competition among purchasers.
1 BROUGHAM ST, RICHMOND
An early Victorian-era house in Richmond wowed auction spectators after it sold $550,000 above its $2.7m reserve.
Jellis Craig Richmond director and auctioneer Elliot Gill said he was surprised by the massive result for the three-bedroom abode, built in 1857 at 1 Brougham St on Richmond Hill.
A $2.6m opening bid kicked off the action as three buyers vied for the property, which the owners of more than two decades renovated after they moved in.
Mr Gill said there were not many Richmond houses built prior to the 1850s.
He described the “very unique house” as having a great location close to Bridge Rd, Swan St, Chapel St, restaurants, shops, parks, schools, the MCG and public transport.
The abode ended up fetching $3.25m.
“It sold to a local family and they really loved the home,” Mr Gill said.
Mr Gill said the owners were “over the moon” following the auction.
“We weren’t even expecting that result but it’s a really good sign for quality properties on the market,” he added.
He said while there were plenty of homes for sale in surrounding areas, there was currently a small number of top-notch homes on the market in Richmond itself.
6 EAST RD, VERMONT SOUTH
A bidder who attempted a last-minute $500 bid lost out on a Vermont South house.
The four-bedroom home at 6 East Rd, opposite Morack Public Golf Course and within walking distance of Vermont Secondary College, proved popular with buyers.
The owners built the residence almost three decades ago and have enjoyed hosting plenty of special family occasions with their children and grandchildren, and walking to the nearby golf course, the auctioneer said.
Bidding started at the bottom of the $1.45m-$1.55m advertised range and rose to $1.9m.
The hammer almost came down at $1.906m but a woman jumped in with a $500 bid, prompting good-natured groans and exclamations from the watching crowd.
But the another buyer countered with a $1.91m bid and secured the house.
McGarth’s Robert Simpson and Cherie Sun had the listing.
34 DIOSMA WAY, MILL PARK
A five-bedroom house listed with $1.15m-$1.245m price hopes passed in on a vendor’s bid.
The property, featuring a main bedroom with a walk-in wardrobe and ensuite, formal lounge, formal dining area, outdoor spa and pool and a remote-controlled double garage, failed to attract any bidders, passing on a $1.15m vendor bid.
Barry Plant’s Con Kara and Larry Li have the 34 Diosma Way listing.
7 ALDEN ST, SUNSHINE WEST
Two buyers engaged in “very fast and fierce” bidding for a three-bedroom house in Sunshine West.
Ray White Sunshine director Marcus Fregonese said the first bid for the home at 7 Alden St was $700,000.
“It ended up selling more than $100,000 over the reserve,” Mr Fregonese said.
“The owners were rapt, it has been in the family for more than 30 years.”
A local couple purchased the house for $857,000.
Mr Fregonese said they were keen to buy into Alden St after friends of theirs had also purchased a residence in the street.
A total of four bidders registered for the auction but only two had the chance to bid, he added.
2/48 ELLIOTT ST, CHELTENHAM
A Cheltenham unit fetched more than $1m after being listed with a $860,000-$945,000 asking range.
Multiple bidders threw their hats in the ring for the home at 2/48 Elliott St.
Bidding started at $860,000 with one buyer quipping, “I’ll give you ten ($10,000) because I’m in a good mood,” before offers rose to $890,000.
A new bidder entered the fray at the $965,000 mark.
Ray White auctioneer Greg Brydon announced the house on the market just before a $1m bid.
The unit, on a block with no body corporate and featuring a stone-fitted kitchen with stainless steel appliances, rear dining area, patio and office, sold for $1,031,500.
Listing agent, Ray White’s Trevor Bowen, said there were 23 schools within a 5km radius of the residence.
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