Melbourne auctions: prices soar in last Super Saturday of 2019
Homebuyers making a last minute bid to wrap up their househunt before Christmas drove massive results on Melbourne’s final super Saturday, 1000-plus auction, weekend of 2019.
Massive results were recorded across Melbourne as buyers battled for some the last homes to go under the hammer in 2019.
An old commission house in Reservoir proved just how desperate buyers were for an early Christmas present.
The unrenovated property at 41 Henty St shot $220,000 above reserve to $940,000 in an auction with eight determined bidders.
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Advantage Property Consulting director Frank Valentic said all the parties who bid were young first-home buyers.
“It shows how far the market has moved, because there were two pretty comparable houses that sold only a few months ago on the street,” Mr Valentic said.
“There was one that sold for $720,000 and another one sold probably four months ago for $615,000.”
Many of the underbidders will now have to wait until 2020 for more stock to hit the market.
Realestate.com.au recorded a 76 per cent early clearance rate from 841 auction results reported so far across Victoria last week.
The figure is expected to be revised, though remain healthy, as further results from the about 1300 homes scheduled to go under the hammer emerge.
Two homes on one title at 43 and 43A Rushall Cres in Fitzroy North were among those that attracted a mammoth result.
An investor bid $440,000 past the reserve to snap up the adjoinining units for $2.24 million,
The Agency director Peter Kakos said the property was a “rare offering” which spurred on the competitive bidding from three parties.
“It suprised us all, but it really speaks volumes about the lack of stock in that pocket and how unique the property was,” Mr Kakos said.
The buyer planned to renovate the two units and rent them out, he added.
It was the first time the homes had changed hands since being built in the 1980s.
In Canterbury a townhouse tucked behind the Canterbury Rd shops at 25 Delany Close sold amid fierce competition.
The renovated three-bedroom home sold $90,000 above reserve for $970,000.
Fletchers Canterbury director Tim Heavyside said the property “raced really quickly” past its price guide.
“We had three bidders and the successful purchaser was a young couple who plan to live in the home,” Mr Heavyside said.
“The vendors are stoked and really happy that the buyers are going to live there and appreciate the work they’ve done.”
The three-bedroom townhouse previously sold for $370,000 in 2002, according to CoreLogic.
Mr Heavyside said mid-December often produced strong results for vendors, with a shortage of stock creating extra competition.
Realestate.com.au figures show there are only 435 auctions scheduled for Victoria on December 21.
Which will be the final selling Saturday of the year.
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Originally published as Melbourne auctions: prices soar in last Super Saturday of 2019