Real Estate auction blog: Livestreams and rolling updates from Melbourne auction market
Two single-level units in Melbourne’s east have sold under the hammer on Saturday for well above their on the market prices. See the auctions we’re watching.
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Melbourne’s auction market is predicted to be relatively quiet this weekend following a break over Easter amid school holidays.
PropTrack senior economist Anne Flaherty said Melbourne’s clearance rates had dropped over the last three weeks, which she wasn’t surprised by given the large volume of homes that hit the market leading up to the long weekend.
“It’ll be really interesting to watch what happens over the next few weeks with fewer homes being auctioned in the market, settling down a bit from that big surge in properties for sale,” Ms Flaherty said.
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PropTrack records showed the last three weekend clearance rates were 64.7 per cent, 69.3 per cent, and 63.5 per cent over Easter.
She added that it could be a “quiet one” this weekend even though the recent public holidays were over as people were away for the school holidays.
“That could actually impact auction results,” she said.
Ms Flaherty said buyer sentiment had improved this year now that it seemed interest rates had hit their peak.
“There’s more conversation about a potential rate cut happening within 12 to 18 months,” she said.
“I think that people are feeling much more confident about their repayments in the sense that they’re not going to face higher repayments.”
Even though there was a lull in the auction market last weekend, there were still some vendors who got the chocolates.
25 STEVENSON ST, BROADMEADOWS
This three-bedroom house set on a 348sq m block was passed in when it went under the hammer on Saturday.
Listed for $378,000-$415,800, The Realest Estate Pascoe Vale South auctioneer Nicholas Cannavo said the buyers couldn’t go wrong with this property as homes in this price range rarely came up.
He added that it was a solid, concrete home.
The auction began with a $300,000 offer, shortly followed by bids rising in mainly $20,000 increments.
It was eventually passed in at $370,000 to the highest bidder after a total of five offers.
44 SOUDAN RD, WEST FOOTSCRAY
This mid-century home sold at its auction on Saturday afternoon for $1.357m, with an initial $1.2m-$1.25m price tag.
Compton Green Inner West managing director Adrian Butera said the house had a “great feel” and the buyers could move straight in.
He added that there were a number of family homes that lined the street and it was in a great location.
The auction kicked off with a bid of $1.1m, shortly followed by a vendor bid of $1.15m.
From there, offers rose anywhere from $20,000 to $1000 increments, with Mr Butera announcing the on the market price at $1.31m.
The West Footscray residence eventually sold for $1.357m.
23 ACACIA AVE, OAKLEIGH SOUTH
A three-bedroom house owned by one family for more than 50 years sold for $85,500 above the seller’s price hopes.
Listed for $1.1m-$1.21m, the property set on 650sq m gathered a large crowd on the morning of its auction.
Bids started at $1.1m with multiple groups throwing their offers into the ring, with bids rising between $20,000 to $500 increments.
Woodards Oakleigh auctioneer Frank Scalise sold the abode after a number of offers for $1.3455m.
1/37 ASHWOOD DR, ASHWOOD
A three-bedroom townhouse was passed in at its Saturday auction at $1.25m, initially listed with $1.1m-$1.2m price hopes.
Ray White Ashburton auctioneer Leigh Petropoulos said the home was a spectacle in the Ashwood marketplace and was blue-chip real estate.
Offers began flying in at $1.1m and went up in $20,000 and $10,000 bids predominantly.
After a brief pause in the auction, Mr Petropoulos passed the property in at $1.25m.
44A LASIANDRA AVE, FOREST HILL
This Forest Hill unit was on the chopping block on Saturday morning and sold for $80,000 higher than its on the market price.
With Woodards Blackburn director Cameron Way conducting the auction, bidding began at $700,000.
From there, offers rose in $10,000, $5000 and $2,000 bids until the home was sold for $840,000.
The two-bedroom abode attracted a large crowd of potential buyers on the day.
1/9 GORDON AVE, OAKLEIGH EAST
This single-level unit in Melbourne’s east sold under the hammer for $27,000 above its on the market price.
Listed with a price guide of $675,000-$740,000, the Oakleigh East abode was offloaded for $822,000.
Ray White Oakleigh auctioneer Robert Cincotta said everything was here for the buyer on a block of just three units.
He added that the home was located in arguably one of the best locations of Oakleigh East.
Bidding began at $600,000 and quickly rose in mainly $20,000, $10,000 and $5000 increments.
EARLIER
31 HALLOW ST, BENTLEIGH EAST
While the sale price is undisclosed, the four-bedroom house at 31 Hallow St, Bentleigh East is understood to have sold above its $1.29m-$1.39m price range to a local family who was upsizing.
There was spirited bidding on the day between six bidders all vying for the home and more than 100 people who attended to the auction.
AUCTION REPLAYS AND RESULTS
Ray White Oakleigh senior sales executive Nick Strilakos said family homes, especially those kept in good condition, were highly sought after which was why they were selling well.
An auction to watch this weekend is the four-bedroom at 22 Sarah Place, Hampton Park, which attracted the highest number of views nationally on realestate.com.au this week.
Listed with a $549,000-$599,000 price guide, the house is set to go under the hammer on Saturday at 11am.
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sarah.petty@news.com.au
Originally published as Real Estate auction blog: Livestreams and rolling updates from Melbourne auction market
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