The latest happenings in the Melbourne property market. For our Essays and The Secret Agent Report, see our Research page.

Category Archives For: The Wrap – Melbourne Auctions

Welcome to Spring

Well it’s official.  Welcome to the Spring market.

This is were 2011 becomes very interesting.   Vendors chancing the better weather conditions to reach a sale,  and buyers with more choice and better value seen for some time.

The next three months are going to be an interesting time in the property market.

Stay tuned.

Market Wrap | 29th August

The market has retreated over the weekend to a clearance rate of 55%.  This clearance figure excludes 83 auctions that were not reported.

No turning signals about the market over the weekend,  I’d expect conditions to be like this at best for the remainder of the year.

Owners that have realistic expectations and good property are managing to get a sale together.  Ambitious reserves are wishful thinking at the present.

The highest sale from the weekend was 25 Kent Avenue Brighton for $6.4 Million.

For the fill wrap,  watch here

Market Wrap | 22nd August

436 reported (up from 409 at the time of video) auctions from the weekend yielded a clearance rate of 60% with 73 auctions resultless.

512 private sales were reported for from the week.

Even ‘The Block’,  the over hyped (excuse my dig here) TV show wasn’t spared from market conditions. This is a good example for prospective vendors,  you can expose a property to the entire country,  yet everything needs to be priced well to sell in this market.

A quick fix often doesn’t result in quality.

The top sale from the weekend was 9 Salisbury Street Balwyn,  a competitive auction was a sale price of $6,620,000.  With almost 4000 sqm of land,  it was bound to attract the big money.

Moving into the inner city we witnessed 21 Little Elgin Street ($1.290m) a well fitted out townhouse close to all the action of Lygon Street while 434 Napier Street Fitzroy ($835,500) had plenty of competition at the more entry point level for Fitzroy.

A higher level of auctions for this coming weekend.  615 in total.  For the video market wrap,  just visit here.

The Weekend Ahead

The REIV has put out some good information about the year and the level of auctions.

Last weekend notched up the 10,000 auction sale for Victoria.  We are currently sitting at around 4,000 less than the same position last year.  That’s quite a large change up.

The average year on year clearance rate is down 39% from the peak of 2009 which will be remembered as a stellar year for property owners.

490 Auction scheduled for this coming weekend.  Not too many surprises should be expected from current conditions.  Good luck if you’re bidding over the weekend.

Market Wrap | Opportunities continue to open

It seems like the pool of public auctions are getting smaller and smaller.

431 Auctions took place over the weekend with a clearance rate of 57% reported.  Private Sales were at 546 for the week which is now clearly the most dominant sale method.

The separation of clearance for apartment and houses show that homes are running at 59% while apartments are struggling with a total clearance rate of 53% for the weekend.  As many results were not reported we’d also expect that the true clearance was well below 50% for both different classes.

49 Sackville Street Kew was the top result for Saturday and produced a figure of $4,310,000.  The inner city showed some resilience for good property,  especially the sale of 18 Bayles Street Parkville (831k) and 5 Haines Street North Melbourne (889k).  While a pair of terraces at 79-81 York Street Richmond struggled that’d be unusual in the best of times.

This weeks market wrap can be found here

Market Wrap – A Challenging Week for Many

Market Wrap –  A Challenging Week for Many

It was always going to be fascinating Saturday after the share market melt down over the past week.

Confidence is just such an important aspect and many other financial areas will also flow onto property markets.

The weekend had 414 auctions taking place.  A clearance rate of 57% was experienced with a high number of unreported results, 95.

Many nervous owners were eager to wrap up buyer interest if they had some,  so this would have helped aid the clearance rate somewhat.

Especially feeling the pinch was the top end of Melbourne.  Many would have seen their investment portfolios on share markets lose almost 20% of their value since April.  A rather big hit indeed.

Financial markets could rally towards the tail end of this week and conditions could deb very different over the next few weekends.  However what a marvellous opportunity over the weekend if you were buying considering the last few years.

No Market Wrap video this week.  Next video on the 13th August.

Market Wrap – Results Improving

With a slightly higher number of auctions taking place (543),  the market performed well for good quality property.

Unique propositions such as 4a Salisbury Avenue Ivanhoe (Sold $951k) proved that demand was strong for the the homes that ‘ticked all the boxes’.

We’ve seen interest evaporate for lower to middle of the road property,  yet I think we’ve seen an increase in demand for good property especially $600k – $1.5Million.

For the complete details,  see today’s market wrap video.

Market Wrap + Clearances

377 Auctions took place over the weekend producing a reported clearance rate of 56%.

About 39 auctions went unreported over the weekend.

The return of the private sale noted 425 sales taking place.   In strong times we could expect that many of these would be auction listings rather than private.

Clearance rates are stabilising not necessary due to a market that is holding,  but thanks to owners willingness to meet the market.

Better value at the entry point and higher end was observed.

26B/8 Trenerry Crescent Abbotsford ($455,000) and 65/50 King William Street Fitzroy ($437,000) were examples of the entry point better buys while 319 Richardson Street Princes Hill (Passed in at $1M Reserve $1.125M) and 28 Charles Street East Melbourne ($1.020M) were good examples of $1Million+ buying.

At auction this weekend

Auction numbers have doubled this weekend to 375 from last weekends 182 – still not at full volume just yet.

Stock going under the hammer next weekend is set to rise considerably with numbers around the 700 mark and the weekend after that at 950.

Although clearances have been somewhat lower this year than at the beginning of 2010, it’s still to early to determine how the auction market will play out for the beginning of 2011. It will however be interesting to see if we carry on the trend from last year or whether the market will improve a little.

Just a small sample of auctions taking place

A very small pool of auctions took place over the weekend.  Many of these auctions were based in regional areas.

A clearance rate of 60% was had for the weekend.  Similar to late last year while well behind the same period last year.

But wait …

It’s still too early to make a conclusion about the market just yet.

We’ve seen demand in many aspects still very healthy indeed.  Yet the market remains cautious.

Just need to give the market a few weeks to kick into gear before assuming what the current climate is.