This weekend’s auction in Melbourne achieved a 79 percent clearance rate, higher than last weekend’s 75 percent rate and last year’s 70 percent on the same weekend.
The Real Estate Institute of Victoria (REIV) recorded a total of 671 auctions this 25th of July weekend amounting to $227.72 million. Of the total figure, 531 were selling and 140 being passed in with 54 on a vendor bid.
94 properties were sold prior to auction while 436 were sold during auction and one after auction.
For private sales (PS), there were a total of 408. For auctions, there were 453 houses listed with an 84 percent auction rate, 206 flats/apartments and nine vacant land. The median price for houses was $768,500 while the median value for flats/apartments was $575,000. The median price for vacant land was $666,000.
Several Melbourne suburbs have recorded a yearly capital growth of more than 20 per cent. These are Mount Waverley (28%), Doncaster (28%), Burwood (27%) and Balwyn North (23%).
19/140 Queens Parade Fitzroy North
Auctioneer was Mike Amarant offering a 2 bedroom apartment with a fabulous entertainers balcony showcases glorious views towards the Melbourne CBD. On a cold and chilly day, 19 people and 1 dog were in attendance but no one prepared to bid. The property was passed in on a vendor bid of $540,000.
10/29 Nunan St Brunswick East
Michael Kelly was the auctioneer. Auction was held at the back of the property, which faces onto the local oval where there was a game of footy being played.
After auctioneer Michael Kelly opened with a vendor bid of $450,000, around 40 people watched the action between several bidders. The property was on the market at $540,000 and sold for $567,000.
31 Eveline Street Brunswick
Auctioneer for this property was Michael Fry. With a quote range of $650-$700K, this property attracted a large crowd. An opening bid of $660,000 started proceedings, with many more bids to follow soon after. On the market at $760,000, the property was eventually sold for $861,000.
14 Blanche Court Coburg North
Chris Kavanagh was auctioning this property. Quoting high $400Ks to low $500ks, 70 people gathered to watch the auction of this 4 bedroom home with a private covered deck. With an opening bid of $450,000, 5 bidders fought it out for the keys, with the lucky new owner willing to spend $615,000.
120 O’Hea Street Coburg
With a quote of $780-$830K, auctioneer Peter Leahy chose to conduct the auction in the quiet backyard. Around 26 people were keen to keep their hands in their pockets when asked for an opening bid, forcing the auctioneer to make a vendor bid of $780,000. 3 bidders entered the fray, with the home declared on the market at $870,000 and selling for $902,000.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less. Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2015 | All Rights Reserved
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a
