Hoppers Crossing shows the way in Melbourne auction market sweep

A WORKING class Melbourne suburb has emerged as an unlikely star of the property market, with the highest auction success rate in Australia.

18 Hastings Ave, Hoppers Crossing, sold before auction for $715,000 on October 30, 2015. Hoppers Crossing had the top auction clearance rate in the nation in the December quarter at 95.7 per cent. For Herald Sun Realestate.

WORKING class Hoppers Crossing emerged as an unlikely star of the auction market late last year.

The western suburb’s 95.7 per cent auction success rate was unbeaten not only across Melbourne but the nation.

While just 23 homes went under the hammer in Hoppers Crossing in the last three months of 2015, red hot demand from buyers ensured 22 sales at, before or just after auction.

Sweeney agent Pete Cooney said buyers were flocking to Hoppers Crossing for value and established services, including a train station, schools and shops.

“You can pick up some of the old homes, that might need a bit of a facelift, for the low $300,000s,” he said.

He said auctions had become more common in the past six to 12 months.

“Vendors used to be a bit scared off by the idea of auction but with the market growth we’ve seen and the number of buyers coming through they’re realising its an opportunity to get the best price for their home,” he said.

Mr Cooney scored one of the suburb’s top results late last year when he sold the four-bedroom house at 18 Hastings Ave for $715,000 the day before it was scheduled to go under the hammer.

New CoreLogic RP Data research reveals Melbourne’s auction action swept out of traditional strong holds in the inner suburbs and into middle and outer areas late last year.

Chelsea, Heidelberg West, Oakleigh South, Greensborough, Dingley Village and Moorabbin were among the top 10 suburbs for auction success, all posting clearance rates above 80 per cent.

This compared to an overall Melbourne clearance rate for the December quarter of 67.8 per cent from 15,438 auctions.

At the other end of the scale, up-market Mont Albert North had the worst return from auctions, with a clearance rate of just 30.3 per cent from 36 auctions.

When it came to auction volumes, Reservoir led the way with 275 homes going under the hammer in the last three months of the year.

It was followed by Mt Waverley and Glen Waverley, with 252 and 224 auctions respectively.

The trio also took the honours for the full year, with Reservoir hosting 774 auctions in 2015, Glen Waverley 617 and Mt Waverley 604.

Viewbank, in Melbourne’s northeast, finished top for clearance rates for the year, with 90.2 per cent of auctions successful.

Only suburbs with a minimum of 80 auctions are included in the full year figures, while suburbs must have at least 20 auctions in the quarterly results.

SEE SUBURB PROPERTY MARKET PROFILES: Hoppers Crossing, Flemington, Chelsea, Carlton North, Clifton Hill, Heidelberg West, Oakleigh South, Greensborough, Dingley Village, Moorabbin, Reservoir, Mt Waverley, Glen Waverley, St Kilda, Craigieburn, Preston, South Yarra, Doncaster East, Brighton, Hawthorn

TOP 20 SUBURBS FOR AUCTION SUCCESS

Hoppers Crossing 95.7%

Flemington 92.6%

Chelsea 87.5%

Carlton North 85.4%

Clifton Hill 85%

Heidelberg West 84.4%

Oakleigh South 84.4%

Greensborough 83.7%

Dingley Village 83.3%

Moorabbin 82.9%

Keilor Downs 82.6%

East Melbourne 80.8%

Viewbank 80%

Fitzroy 79.5%

Mentone 79.1%

Edithvale 78.9%

Caulfield North 78.8%

Macleod 78.4%

Thornbury 78.2%

Kensington 78%

TOP 20 SUBURBS FOR NUMBER OF AUCTIONS

Reservoir 275

Mt Waverley 252

Glen Waverley 224

St Kilda 177

Craigieburn 163

Preston 161

South Yarra 154

Doncaster East 152

Brighton 150

Hawthorn 149

Richmond 149

Kew 148

Northcote 144

Melbourne 139

Glen Iris 137

Elwood 132

Camberwell 129

Brunswick 128

Mill Park 126

Cheltenham 120

* Source: CoreLogic RP Data — December quarter 2015