Alan Didak’s Kew auction stalls as million-dollar Melbourne homes boom despite wet weather | PropTrack
As Melbourne’s auction clearance rate climbed, a Magpie champion’s home struggled to fly. SEE WHY
Melbourne’s auction market is weathering the storm — literally — with rain failing to dampen demand as the city notched a 70 per cent clearance rate over the weekend.
PropTrack data shows the result came from 462 reported auctions, up one per cent from the previous week.
Middle Park recorded the city’s biggest sale, with 100 Wright St fetching $5.53m under the hammer.
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It was closely followed by 106 The Boulevard, Aberfeldie, which achieved $4.07m, and 8 Knowles St, Northcote, which sold for $3.285m.
Homes in Hawthorn East and Camberwell also surpassed $3m, reflecting continued appetite for quality family homes in established suburbs.
But not every high-profile listing found a buyer, with former Collingwood star Alan Didak’s luxury Kew townhouse passing in.
Didak, a Collingwood premiership star and Copeland Trophy winner, played 218 games in the black and white, earning cult hero status among fans.
He was inducted into the club’s Hall of Fame in 2017.
The property remains on the market with a $3.6m-$3.95m guide.
Marshall White Boroondara declined to comment.
Many auctions were moved indoors due to Melbourne’s wild weekend weather, but agents say the real heat could be yet to come.
Ray White auctioneer Jeremy Tyrell said campaign activity had surged following the federal election.
“Buyers remained highly active at auction,” Mr Tyrell said.
“There was an average of 2.3 bidders per sale (for Ray White) and some really strong results, with people keen to act before the market opens up.”
Economists are tipping a potential interest rate cut at this week’s Reserve Bank meeting, a move that experts say could spark even greater momentum in Melbourne’s property market.
PropTrack senior economist Anne Flaherty said buyers were already moving quickly.
“There’s a sense that prices may start to rise again, and if we get more rate cuts, that will only add fuel to the fire,” Ms Flaherty said.
Melbourne buyers’ advocate Simon Murphy said demand was strongest in Melbourne’s north and west, where properties in suburbs like Oak Park, Glenroy, Deer Park and Derrimut remained within reach.
“I just helped a client buy a townhouse in Oak Park for $710,000,” Mr Murphy said.
“But prices are moving fast. Some homes are jumping $50,000 in a matter of weeks.”
Mr Murphy said investors were returning to Melbourne, with many competing directly with first-home buyers for the same properties.
“Every rate cut gives buyers about $30,000 more in borrowing power,” he said.
“People know relief is coming, and they’re getting in early.”
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david.bonaddio@news.com.au
Originally published as Alan Didak’s Kew auction stalls as million-dollar Melbourne homes boom despite wet weather | PropTrack
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