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

Auction Wrap – July 17th & 18th 2010

The auction market improved somewhat this weekend in terms of clearance rate.  There were 525 auctions this weekend of which 379 sold and 146 passed in, resulting in a clearance rate of 72% – up from last weekend’s 67%.

The inner north performed quiet well, with most stock selling and solid results overall.

Of note this weekend was 79 Ramsden Street, Clifton Hill which sold for $922,500 against a quote of $790,000 – $860,000. This property attracted 3 bidders who fought it about competitively.

Stock levels remain solid with 1200 homes offered at auction over the next two weekends.

Auction Wrap – July 10th & 11th 2010

The overall clearance rate for Melbourne increased slightly this weekend to 68%. 528 auctions took place of which 361 sold and 167 passed in.

Results were varied, some good results obtained for the right property.

This weekend, 580 Station Street, Carlton sold for $972,000 against a quote of $680,000 – $750,000. The property attracted a large crowd of over 100 and 6 bidders fought it out after the property was declared on the market at $730,000.

Next weekend auction numbers to remain steady – expecting around 590.

Auction Wrap – June 26th & 27th 2010

Auction numbers remained high this weekend, with 827 taking place. Of the 827 that took place, 540 sold and 287 passed in, resulting in a clearance rate of 65% – the lowest clearance rate for some time.

Stock numbers are set to drop as we move forward into July with around 550 – 600 auctions per weekend.

This weekend 63 Newry Street, Fitzroy North was auctioned and sold for $1,455,000 after bidding was opened at $1,200,000 and it was announced on the market at $1,290,000. The property was offered for auction in 2007, but passed in at $720,000.

Next weekend is set to hold 590 auctions, providing buyers with less opportunity and will likely see an improvement in clearance rates.

Auction Wrap – June 19th & 20th 2010

With a record number of auctions this weekend, the clearance rate fell to 68%, the lowest in some time.

There were 942 auctions that took place with this weekend of which 638 sold and 304 passed in.

There is a noticeable pull back of results $1,000,000 plus.

Auctions we attended this weekend were overall very quiet, like 471 Canning Street, Carlton North which attracted a large crowd, but no bids and passed in at $1,950,000.

Auction numbers will continue to be high over the next few weekends with 880 expected next weekend.

Super Saturday

Tomorrow should see around 1000 auctions take place in Melbourne.

That’s almost double the same weekend for 2008 and 2009.

Some shifts in the market have been noticeable. Tomorrow should give opportunity to many buyers and as I don’t feel we have the buyer depth to cater for the higher turnover.

Tomorrow will tell.

Auction Wrap – June 13th & 14th 2010

659The auction clearance rate improved somewhat this weekend, as a result of the lower number of auctions taking place.

There were 268 auctions that took place this weekend, of which 207 sold and 61 passed in, resulting in a clearance rate of 77%.

Of note this weekend was the sale of 695 Drummond Street, Carlton North (pictured) which sold for $1,164,000 against a quote of $910,000 – $1,100,000.  65 Budd Street, Collingwood sold before auction for $937,500 against a quote of $650,000 – $700,000.

Next weekend is set to hold around 1000 auctions – a record number for June.

Auction Wrap – June 5th & 6th 2010

It was the highest number of auctions held on a winter weekend – ever. That shows you the choice available at the moment.

Are owners trying to salvage the good times as they feel conditions back off a little? That’s the question.

Clearances dropped again in Melbourne to 70%. The Inner North showed a number of ‘passed in’ properties over the weekend.

Admittedly, most of the stock we witnessed first hand actually sold pretty well. This was desirable property however in most instances.

Property offered over the weekend that had a few negatives on the other hand, really struggled.

Expect little auctions this coming weekend due to Queens birthday weekend, however the weekend following will see another mammoth weekend with over 1000 taking place.

Auction Wrap – May 29th & 30th 2010

auction4Melbourne’s overall auction clearance dropped to 73%, this is another slight decrease from the previous weekend.

For good quality property, we did see some solid results however.

Results like 40 O’Grady Street Clifton Hill and 4a/68 Oxford Street Collingwood show we still see the bar being raised on pricing.

Yet, any places that had a negative or two was taken to task over the weekend.

Scott McElroy (pictured) auctioned 107 Hotham Street, Collingwood. The property passed in at $800,000 after only one bid.

Tune into the auction video for more news.

Auction Wrap – May 22nd & 23rd 2010

The clearance rate for this weekend sits at 74%. The lowest clearance rate we have seen for some time, however still consistent with the last few weeks.

There were 756 auctions this weekend, of which 562 sold and 194 passed in.

Within the inner north, a number of properties that passed at auction were later sold.

Auction Wrap – May 15th & 16th 2010

The auction clearance rate has dropped again this weekend to 75%. 701 auctions took place, of which 529 sold.

Some really great auction results this weekend, however there were a number that pulled back, selling within the quoted range or not selling at all.

Of note this weekend was the sale of 206 Pigdon Street, Carlton North which sold after auction for $1,450,000. After being passed in at $1,275,000.

Also of note was the sale of 85 Kerr Street, Fitzroy, quoted $800,000-$880,000 which sold well in the quote range at $830,000.

Over the next few weekends, we can also expect to see high auction numbers with 2600 taking place between now and the Queens Birthday Weekend.

For more info on this weekends auctions, click on the video above.