Prices below $330,000 in expensive ‘burbs to drive auctions
Affordable properties with price tags under $330,000 in some of Melbourne’s most expensive suburbs are expected to drive auction action this weekend.
CoreLogic records show the city’s auction numbers have bounced back from 50 last week to 476 going under the hammer this week.
While a 63 per cent clearance rate last week was buoyant, the firm’s expectations are figures will hold around the low to mid 50s this weekend thanks to the higher numbers.
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Among those expected to be on the sold list is 14/2A Bates St, Malvern East.
With an asking price between $260,000 and $285,000, the one-bedroom apartment is up for grabs at less than half the suburb’s median unit price — and a tiny fraction of the $1.63 million you’d spend on a typical house.
Ray White’s Tom Grieve was expecting interest from first-home buyers and investors.
In the Waverley Estate with Monash University’s Caulfield Campus across the road and a range shops, eateries and green spaces nearby, location was a significant factor for buyers.
“People always want to live in Malvern East, it’s one of those postcodes that just jumps out at you,” Mr Grieve said.
“When people see something pop up for that price it is a good opportunity.
“There should be a couple of people interested in bidding on the weekend.”
Floorboards, timber blinds and a bright interior also add to the appeal.
Even if the home stalls under the hammer, he’s expecting activity after auction with a number of buyers hoping to purchase subject to finance.
“And doing the auction gets them all there in one place at the one time,” he said.
While the suburb’s under-the-hammer clearance rate had fallen since the market began correcting, the number sold within 32 days of hitting the market hadn’t really moved.
In Brighton, Hocking Stuart’s Rowan Thompson had been watching the year slowly heat up — and expected the trend to continue as he sent a bathing box under the hammer.
Bathing Box 34 Esplanade has a $300,000-$330,000 asking price, and while it was hard to pick the genuine buyers from the tourists at the open for inspections, he was expecting interest from Bayside locals tomorrow.
“The interest is in the range, but one did sell about four weeks ago in excess of $330,000,” Mr Thompson said.
“And this is in a better spot — a higher profile spot.”
A short walk to cafes and boutiques, the bathing box comes with storage space, a front deck and a bright mural on the front.
Bathing boxes aside, Mr Thompson had also noticed interest in the Brighton area rising this year.
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“We are watching week by week as numbers increase,” Mr Thompson said.
“I’m getting a bit more confident, because the market is getting used to the adjustment and they know they are buying and selling in the same market.”