Mrlbourne auction market: bidding wars heating up as clearance rate rises
Melbourne’s auction market is gaining momentum with buyer competition intensifying and clearance rates climbing as sellers take advantage of improving conditions.
Melbourne’s auction market is gaining mometum with buyer competition intensifying and clearance rates climbing as sellers take advantage of improving conditions.
PropTrack data showed a 70 per cent clearance rate from 456 auctions, reflecting strong demand ahead of a key Reserve Bank decision this week.
A four-bedroom Werribee townhouse has sold under the hammer for $495,000 after a competitive bidding war between three buyers.
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The property at 24 Heathwren View was listed with a $465,000-$510,000 price guide, attracting 18 inspections before auction day. Bidding opened at $480,000 and climbed rapidly before settling at the final sale price.
YPA Wyndham City’s James Cristou said the result reflected Werribee’s growing appeal, particularly among buyers looking for affordability and future growth potential.
“Werribee is still one of the most affordable places within a reasonable commute to the CBD,” Mr Cristou said.
“But as we’ve seen in other growth suburbs, that won’t last forever.”
The winning bidder is relocating from Warrnambool, drawn to Werribee’s affordable prices and lifestyle benefits.
The two-storey home features a formal lounge, open-plan living, and landscaped gardens.
Meanwhile, high-end homes also saw strong results across Melbourne, with multiple properties fetching multimillion-dollar figures under the hammer.
A five-bedroom home at 2 Jacka St, Essendon, sold for $4.27m through Jellis Craig Moonee Valley, while a Bulleen property at 75 Yarra Valley Blvd changed hands for $2.835m.
Further inner-city competition saw 79 Webb St, Fitzroy, sell for $2.55m, while a Surrey Hills residence at 16 James St achieved $2.548m. In the east, a five-bedroom home at 5 Tramore Cl, Templestowe, secured $2.5m under the hammer.
In Yarraville, a three-bedroom house with a self-contained granny flat at 4 Love St failed to sell at auction on Valentine’s Day night, but buyer interest has continued post-auction.
O’Brien Seddon director Peter Gindy said the Valentine’s Day auction helped attract more attention to the home.
“A Love Street auction on Valentine’s Day night? It made perfect sense,” Mr Gindy said.
“With Valentine’s Day celebrations on Friday, love for real estate is definitely in the air, as 84 per cent of properties found their perfect match,” Mr Tyrell said.
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Originally published as Mrlbourne auction market: bidding wars heating up as clearance rate rises
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