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Category Archives For: The Wrap – Melbourne Auctions

Auction Wrap – 25th & 26th of September 2010

A rather resultless weekend for both auctions and grand final alike.

Just the 65 auctions on the weekend due to the grand final. Hardly any ‘real’ numbers to look into here. What was more fascinating was the actual game played on Saturday and the impact it’ll have on this coming Saturday’s auctions.

585 Auctions are expected next Saturday with 50 auctions scheduled at a time of 2.30pm or later. Some tough decisions will need to be made today about whether auction times are moved or not. I’ve always thought that you could have your auction time at midnight and the outcome will still be okay, however positioned in the midst of a grand final reply might just be too distracting for most people.

It’s nice to see things get a little shaken up from time to time.

Auction Wrap – September 18th & 19th 2010

Making the case for A grade property at the moment, the market is not just holding but flourishing in this distinct class of property.

We noticed many examples of solid interest and multiple bidding for these sorts of places on the weekend while also being involved ourselves on a few of these competitive auctions.

Two good suburbs to watch are always Hawthorn and Richmond. The reason here is the often turnover is dramatic and can give a good sense of market sentiment. Both those suburbs witnessed much of its inventory clear over the weekend.

Also watching more conservative suburbs such as Ivanhoe sent good signals especially results like 489 The Boulevard which sold for $1,740,000 against a quote of $1.4m – $1.5m. A month ago that might not have been possible.

Yet it’s not all rosy. Anything with a negative or two still lacks plenty of buyer depth and this is were the ‘pass in and negotiate’ is the major way to conclude negotiations. In fact I don’t think demand has really changed in this class of property.

Noticeable as well are vendors expectations which are becoming more realistic. It takes a while of the market cooling for owners to re-adjust and maybe just now we are finding that sweet spot. The words ‘Ladies and Gentleman we will formally pass the property in to the highest bidder……..’ sends a shock to the system of most sellers and maybe just now, we are seeing sellers and buyers finding it a little easier to give up ground to gain agreement.

Auction Wrap – September 11th & 12th 2010

The auction clearance rate remained solid this weekend, sitting at 70% – just down from last weekends 72%. The clearance rate has lingered over that 70% mark for the past few weeks indicating a strength in the market.

There were 612 auctions that took place this weekend, of which 427 sold and 185 were passed in.

Results were also solid this weekend, with most of the auction we attending selling at good prices. Auctions were well attended, however bidder numbers are not going through the roof – sitting at around two at most auctions.

32 Grattan Street, Carlton attracted a large crowd of around 100 and just the two bidders – the lack of bidders didn’t stop fierce competition with the property selling for $1,490,000 after bidding was opened up at $1,250,000.

Next weekend there are 760 auctions scheduled to take place.

Pictured – Tom Roberts, from Nelson Alexander goes through his paces for 42 Barkly Street, Fitzroy North.

Auction Wrap – September 4th & 5th 2010

The first week in the spring auction market has performed quite well with the auction clearance rate up this weekend to 72% – from last weekend’s 70%.

There were 603 auctions reported, of which 433 sold and 170 passed in, 90 of those on a vendor bid.

Results also appear solid this weekend – 26 Westgarth Street, Northcote sold for $1,151,000 after bidding began at $900,000 where four bidders fought it out to secure the weatherboard family home.

Over the next two weeks there are scheduled to be around 1430 auctions.

Auction Wrap – August 28th & 29th 2010

Auction numbers increased this weekend, however this did not stop the clearance rate from remaining solid.

This weekend 687 auctions took place, of which 488 sold and 199 were passed in resulting in a clearance rate of 71%, this compared to the 72% achieved last weekend from 343 auctions.

A number of auctions that we attended over the weekend that were passed in were later sold, like 113 Millswyn Street, South Yarra which was passed in at $1,750,000 Vendor Bid after having no bids on the street. The property later sold for $1,825,000.

Next weekend around 600 auctions are scheduled to take place.

Auction Wrap – August 21st & 22nd 2010

With a low number of auctions this weekend the clearance rate increased to 75% – the highest we have seen for some time.

There were 300 auctions reported this weekend of which 225 sold and 75 were passed in.

This weekend saw some strong results in and around the inner north, particularly 32 Napier Street, Fitzroy which sold for $1,365,000 against a quote of $1,100,000 – $1,250,000.

Also of note this weekend was the sale of 111 – 119 Fitzroy Street, Fitzroy – a row of five unrenovated terraces – which sold for $3,200,000.

Next weekend auctions numbers are right back up, with around 740 expected to take place.

Auction Wrap – August 14th & 15th 2010

There were 535 auctions that took place this weekend, of which 364 sold and 171 passed in, resulting in a 68% clearance – a little increase since last weekend, however still very much in line with results over winter.

Since the beginning of winter the clearance rate has only been above 70% twice, this compared to summer and autumn where the clearance rate was rarely below 80%.

Although clearance rates are down, results appear more solid this weekend. Family homes didn’t struggle as much as last weekend, with most within the inner north selling and some performing quiet well.

13 Loyola Avenue, Brunswick sold for $1,075,000 against a quote of $870,000 – $930,000, however 392 Barkly Street, Brunswick was one that did struggle, passing in on the weekend at $930,000 Vendor Bid, against a quote of $950,000 – $1,030,000.

Next weekend auction numbers will drop to around 300 due to the election.

Auction Wrap – August 7th & 8th 2010

This weekend’s clearance rate remains in line with the results for the month of July. A clearance rate of 67% was reported from the 496 auctions that took place.

There were a total of 331 homes sold and 165 passed in, 106 of those on a vendor bid.

Very few ‘run away’ results were present this weekend and quite a few homes sold within the estimated selling range.

Of note this weekend was the sale of 452 Rathdowne Street, Carlton North which sold for $1,169,000 against a quote of $900,000 – $990,000.

Next weekend there is expected to be around 580 auctions taking place and then a drop to around 320 on election weekend.

Auction Wrap – July 31st & August 1st 2010

The auction clearance rate is back up this weekend to 70%, from last weekends 66%.

There were 561 auctions that took place this weekend, of which 393 sold and 168 passed in.

Overall the inner north’s performance on the weekend was solid. There were a number of passed in properties, however some good results for desirable property.

Of note this weekend was the sale of 42 Bayles Street, Parkville, which sold for $1,701,000 after 67 bids from four different bidders. The bidding opened up at $1,200,000 and was on the market at $1,610,000.

Next weekend there are set to be 520 auctions to take place. Numbers remain steady until election weekend, where we’ll see a big drop to around 130.

Auction Wrap – July 24th & 25th 2010

The clearance rate for this weekend has dropped back to 67% – down from last weekend’s 72%.

There were 560 auctions that took place across the state, of which 374 sold and 185 passed in, 123 of those on a vendor bid.

Overall this weekend results were solid, however again very few ‘run away’ results occurred.

39 Woodside Street, Fitzroy North attracted a small crowd on the weekend where 6 bidders emerged. Bidding opened up at $700,000 on a genuine bid and sold for $890,000 under competitive and enthusiastic bidding.

The next three weekends are set to hold around 550 auctions each, with a drop the following weekend to 130, due to the election.