Buyers compete with confidence as Melbourne auction market improves
Buyer confidence has made a comeback, with stellar auction results and a boost in the preliminary clearance rate promising signs.
Early CoreLogic figures show the Melbourne clearance rate jumped to 64 per cent on the first weekend on winter, an almost 5 per cent rise from the week before.
There was strong competition for many of the 733 properties that went to auction across last week — with the total volume well down from the 1079 held at the same time last year.
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A three-bedroom Victorian at 13 Barnett St, Kensington sold $275,000 above reserve for $1.375 million.
National Property Buyers director Antony Bucello said there were three bidders who vied for the keys to the family home, which needed an update.
“No doubt there is a bit of buyer confidence back in the market,” Mr Bucello said.
“We’re seeing more bidders, certainly more than the one or two we were seeing just a few weeks back.”
Ray White Gladstone Park agent Malek Younan said inspection numbers at some properties in the area had doubled recently.
He sold a modern family house at 5 College Boulevard under the hammer for $961,000. It was $30,000 above the top-end of the property’s price guide.
“There were four registered bidders and they were all active in the auction, and the buyer is a local from Northcote,” Mr Younan said.
“One thing that is good is that now the election is over, there’s one less objection from buyers.”
Winter was a great time for people to sell because there was less competition, he said.
Further north, a tired house at 50 Spring St, Thomastown sold for $545,000. Advantage Property Consulting director Frank Valentic said it was an impressive result for a house which last sold for $112,000 in 1998.
One of the city’s most expensive sales was notched at 5 Lytton St, Kew. The expansive four-bedroom house sold for $3.935 million after five bidders pushed the price well above its $3.8 million reserve.
CoreLogic’s forecast shows the upcoming Queen’s Birthday public holiday will see auction numbers drop down to just 174 on Saturday, June 9.
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