Buyers forsake weekend getaways for winter auctions in Melbourne
Positive signs in Melbourne’s clearance rate continued amid lower auction numbers across the long weekend, with buyers forsaking weekend getaways for sunny winter auctions.
A preliminary clearance rate of 64.7 per cent was recorded for the week, well above the 54.9 per cent this time last year, CoreLogic data shows.
Just 216 auctions were held due to the Queen’s Birthday public holiday, down from 730 last week when a clearance rate of 61.6 per cent was recorded.
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A stylishly updated Victorian-style home in Kensington sold for $2.165 million in the second biggest auction result recorded by CoreLogic for the week.
About 30 people watched as a vendor bid of $1.95 million kicked off proceedings at 11 Nottingham St before two bidders competed for the keys to the home.
The hammer came down $65,000 above the reserve price for the home, which last sold for $1.795 million in September 2016.
“I am expecting to see more and more results like this for well-located family homes over the next few weeks as stock levels for good quality property remain low but demand is starting to increase significantly,” National Property Buyers director Antony Bucello said.
Opting to auction over the long weekend also paid off for the vendor of 2/41 Orchard Cres, Mont Albert North, which sold $43,000 above reserve.
“We deliberately chose the Queen’s Birthday long weekend for the auction to create more competition for our vendor, and that certainly paid off,” Ray White Box Hill director Jeremy Tyrrell said.
“Since the federal election, there is noticeably more confidence in the market, and now the fear of negative gearing reforms has gone we’re seeing investors return to the market.”
A four-bedroom Safety Beach home at 14 Fairway Circle sold for $702,500 shortly after passing in to the eventual buyers — a young family — at $660,000.
Advantage Property Consulting director Frank Valentic said the result was strong, considering the long weekend.
“It’s always a bit hit and miss on the long weekends — there are lots of people away,” he said.
“There’s always a bit of a gamble — you’ll get people who are very interested that will turn up but you might not get the other buyers that would sometimes turn up on the day and bid.”
Another good result was recorded at 12B Schofield St, Moorabbin, where four bidders pushed the modern townhouse’s sale price $50,000 above reserve to $1.3 million.
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