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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 – May 8th & 9th 2010

The clearance rate this weekend, dropped to below 80% – for only the second time in the past 12 months.

There were 841 auctions this weekend, of which 655 sold and 186 were passed in resulting in a 78% clearance rate.

Noticeably, we did see a pull back on many results.

Of note this weekend was the sale of 4-6 Canning Street, Carlton. The auction began at $2,000,000 on a genuine bid and was announced on the market at $2,550,000 and sold well for $2,710,000 with 4 bidders fighting it out.

Also of the note, the sale of 935 Park Street, Brunswick which sold for $1,157,000 against a quote of $800,000 – $880,000.

Auction numbers will remain high over the next few weeks, with around 2400 to take place. We really are in for a good test.

For more info on the auction wrap watch the video above.


Auction Wrap – May 1st & 2nd 2010

The clearance rate remained stable this weekend at 81%, however dropping slightly from last weekend. Auction numbers were up, almost double the amount of last weekend.

812 auctions took place, of which 659 sold and 153 passed in.

This May is set to be the busiest on record in terms of auction numbers.

Of note this weekend was the sale of 112 Park Drive, Parkville which sold for $1,850,000 against a quote of $1,300,000 – $1,450,000.

Also of note, the sale of 6 Daly Street, Brunswick West quoted $950,000 – $1,050,000 and selling for $1,290,000.

Auction numbers to remain high next weekend, with 840 auctions scheduled to take place.

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


Auction Wrap – April 25th & 26th 2010

The auction clearance rate remained solid this weekend at 83%. 470 auctions took place of which 389 sold and 81 passed in.

Although the clearance rate remained steady, results did drop off a little, providing for some good buying opportunities.

Of note this weekend was the auction at 181 Gipps Street, East Melbourne which was passed in at $5,900,000 on a genuine bid, after an opening vendor bid at $5,800,000. This being the second time the property has passed in throughout the past few months. It was passed in late last year at $6,110,000 after originally looking for an opening bid of $6,500,000.

2 Birkenhead Street, Fitzroy North was passed in on the weekend at $750,000, with a reserve of $809,000, which appears to be pretty good value considering it was purchased in 2006 for $611,000.

Auction numbers are set to increase over the next three weeks.


Auction Wrap – April 17th & 18th 2010

Yet another solid weekend in the auction market. There were 875 auctions that took place of which 739 sold and 136 passed in, resulting in an 84% clearance rate.

Of note this weekend was the sale of 112/459 Royal Parade, Parkville which sold for $700,000 against a quote of $570,000 – $630,000. Parkville overall has been performing exceptionally well in terms of apartments, over the past month.

Also of note was 17 Reid Street, Northcote a large period family home, which sold for $1,420,000 against a quote of $1,000,000 – $1,100,000, after being purchased just last year for $890,000 – with some updates since.

Next weekend auction numbers will decrease a little, due to Anzac Day. 476 auctions are expected to take place, with numbers back up the weekend after to around 840.

To find out more, watch the video above.


Auction Wrap – April 10th & 11th 2010

This weekend 488 auctions took place of which 413 sold and 75 passed in, resulting in a clearance rate of 85%.

Overall results this weekend appeared solid, yet there weren’t many real ‘run away results’ like we witnessed the week before Easter.

Of note this weekend was the sale of 7 Fitzgibbon Street, Brunswick West which sold well for $800,000 against a quote of $580,000 – $630,000.

Apartment sales performed well in terms of clearance rate, reported at 87%.

1-5/41 Davies Street, Brunswick a block of five, two bedroom villa units, sold for $2,000,000, equalling $400,000 per unit.


Auction Wrap – April 4th & 5th 2010

Only 40 auctions took place over the weekend, of which 29 sold and 11 passed in. This resulting in a 72% clearance rate.

The clearance rate this weekend should not be taken as an indication of the market, due to such small numbers.

The total volume of all auctions this weekend sits at just $22,470,000, compared to almost $1,000,000,000 last weekend.

Of note was the sale of 145 Palmerston Street, Carlton which sold well before auction on the 17/03/2010 for $725,000 against a quote of $600,000 – $660,000.

Next weekend there’ll be more to report on with auction numbers back up to around 450 auctions.


Auction Wrap – March 27th & 28th 2010

Another strong weekend in terms of both clearance rate and results.

Although clearance rate dropped a few percent this weekend to 84%, results were much stronger this weekend compared to last.

There were 1004 auctions reported of which 842 sold and 162 passed in.

Of note this week was the sale of 24 Victoria Grove, Brunswick, a five bedroom double front Californian, quoted $950,000 – $1,050,000 which sold for an undisclosed sum – a fair way over the quoted range.

Also a bench mark result this week was the sale of 27/422 Cardigan Street, Carlton, a one bedroom apartment well cared for, but in need of some updates, sold for $460,500 against a quote of $320,000-$350,000. The last one bedroom sale in the block was recorded at $267,000 at the beginning of this year – a studio however in better condition.

The auction at 269 Canning Street, Carlton drew a large crowd. The prominent, renovated family home sold for $2,610,000 and was fought out between just two bidders from $2,000,000.

Only a small number of auctions set to take place next weekend due to the Easter long weekend.


Auction Wrap – March 20th & 21st 2010

This weekend 884 auctions took place, of which 769 sold and 115 were passed in, resulting in an 87% clearance rate – up from last weekends 83% clearance.

While clearances were very strong, we didn’t see the same ‘runaway prices’ that we’ve experienced over the past few weeks.

Of note this weekend was the auction at 333 Canning Street, Carlton North – a very substantial home, quoted $2,400,000 – $2,600,000. A good crowd of about 250 gathered to watch the icon property go under the hammer, however large crowd numbers did not mean large bidder numbers, with only one bidder. The sole bidder started the auction at $1,900,000, but was quickly knocked back with a vendor bid of $2,500,000. No further bids were made and the property was passed in at $2,500,000. A later offer of $2,550,000 was reported to have been put forward. Reserve sits at $2,950,000 – still a long way from home.

Also of note this weekend was the sale of 33 Elm Street, North Melbourne which sold for $1,670,000 – an imposing facade and big land, however in need of a renovation.

Next weekend over 1000 auctions are set to take place, this should really give us a feel as to which was ‘we are heading’ in terms of pricing and demand.


Auction Wrap – March 13th & 14th 2010

Melbourne overall experienced a slight drop back in clearances for the weekend with 83% selling at auction.

The eastern suburbs was very different to Melbourne’s inner city market which witnessed some dazzling results.

In particular the sale of 935 Drummond Street, Carlton North which sold for $1,580,000 against a quote of $1,250,000 – $1350,000. A very competitive auction and some very colourful bidding: more on this later.

115 Edward Street, Brunswick sold for $720,000 in a short auction of only 4 minutes! Six bidders fought it out from the opening bid of $510,000. A vendor bid of $400,000 opened proceedings at 4 Donald Street, Brunswick, quoted  $540,000 – $570,000. Bidding moved quickly between three bidders, with the successful bid sitting at $702,000. The auction was wrapped up within 6 minutes.

Over the next two weekends 2000 auctions are set to take place. Get ready for another good tester.


Auction Wrap – March 7th & 8th 2010

Earlz

The long weekend is generally always a flat patch in terms of numbers, this was no different!

A decrease in auction numbers however did not mean a decrease in clearance rate this weekend. 238 auctions took place, of which 208 sold and 30 passed in, resulting in an 87% clearance.

Buyers appeared unconcerned about the latest rise in interest rates and competed quiet strongly, for the right property.

Some property which did not quite ‘tick the boxes’ did appear good value in some instances. Long weekends can either work fantastically well sellers, or it can go the other way and some listings may struggle which can work well for buyers.

Of note this weekend was the sale of 3 Earl Street, Carlton North (pictured) which sold well for $988,000 under competitive conditions.

Over the next three weekends, there are set to be around 2500 auctions taking place.