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Category Archives For: The Wrap – Melbourne Auctions

Auction Wrap – March 8th & 9th 2008

The beach and nice weather were not to blame for the weekend’s auction results which moved down again from the previous weekend.

66% was the clearance rate for all property auctions conducted in the state of Victoria over the weekend; certainly property buyers are more cautious about making a property purchase with the latest interest rate rise having an affect.

The market is quite ‘patchy’ with some normally strong suburbs such as Hawthorn still performing well while others such as Kew, South Melbourne and Richmond were left struggling over the weekend.
Some quality property failed to sell at auction and represents an excellent buying opportunity with some prices looking exceptionally good value compared to last year.


Auction Wrap – March 1st & 2nd 2008

Well it looks like we are seeing a consistent theme in the property market for the start of 2008. For successive weeks we have seen the auction clearance rate hover in the early 70% region, this is a little over a 10% drop from last year in Melbourne.

I think we are starting to see a balanced marketplace in affect. Still some great prices being fetched for good quality real estate as well as some good buying opportunities.

Sometimes you just have to be there on the day and a good deal could come your way, certainly some good opportunities where available for property buyers over the weekend and with a another predicted interest rate rise coming, those who are cashed up will certainly be at an advantage for property acquisition.

We reviewed a property in Drummond street North Carlton last week on this very blog, I attended the auction on the Saturday and it was passed in without a single bid. Some buyers managed to buy it on the same day for $395,000 which wasn’t a bad buy. I think if the property was auctioned late last year it would have seen a competitive auction push the result past $400,000.

An interesting few weeks lay ahead of us!


Auction Wrap – February 23rd & 24th 2008

The first major auction weekend has just been and gone with some mixed results being reported for properties. The total auction clearance rate for the weekend was 73% which was well below auction clearance rates last year which mostly remained above 80%.

It was quite evident of a two track market emerging and I think this will be a continual trend for the year to come. I still believe we will see some healthy prices and growth being obtained for excellent property close to the city or property’s that are unique such as having water views etc. Outer Melbourne suburbs especially where recent sub divisions are taking place are more than likely to see some hard times ahead with rising interest rates and petrol prices pushing the limits of the average family.

During last week I mentioned on this blog that properties with the ‘double negative’ factor would struggle and most of these types of properties performed poorly overall on the weekend at auction. Good property in excellent positions still attracted much competition on the weekend with many selling strongly, however an excellent opportunity exists out there to pick up some good real estate buys!

I have seen a number of excellently priced property over the past two weeks. My advice would be to have your cheque book ready for when an opportunity comes up and pounce!


Auction Wrap – February 16th & 17th 2008

73%

The first ‘real’ auction day took place on Saturday in Melbourne. I say real because previous Saturdays have not had many auctions which were due to the Christmas break affecting four week auction campaigns from commencing.

We didn’t quite see the strength that we have been witnessing for some time especially late 2007. The clearance rate for the day was 73%, however this figure also takes into account auctions sold before the day itself as well as auctions ‘passed in’ and later sold on that day. The actual number of auction successfully sold by being on ‘the market to be sold’ is actually far lower.

The same time last year the clearance rate was hovering at 77%, it will be an interesting weekend coming up with total auctions doubling from the weekend to 1120.

Suburbs to struggle included Brunswick for its second successive weekend as well as Prahran and St Kilda while suburbs that remained strong included Brighton, South Yarra Camberwell.

Bring on next Saturday!