Melbourne Auction Results – December 1, 2014

By Peter Sarmas on 1 Dec 2014
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Melbourne Auction Results 24th-30th November 2014

66%
Clearance
Rate

1213
Reported
Auctions

Sold at Auction: 630 Auction Volumes: $684.71m
Passed in: 408 Weekend Last Month: 1682
Sold Before: 175 Weekend Last Year: 1440
Sold After: 0 Houses: 69%
Unreported: 262 Units: 61%

 

Not Even a Victorian State Election Could Dampen This Weekend’s Auction Results

Victorians elected a new Premier over the weekend, Daniel Andrews of the Labor Party, and ousted the first term Liberals. 

Tongue in cheek I wondered whether all the real estate agents banded together to boot out the Liberals because of the ruckus they caused about the current auction quoting system, which is so distasteful to would-be buyers. 

But not even this election distraction was enough to halt the buying and selling of homes under the hammer. A clearance rate of 66 per cent was recorded this weekend, compared to 65 per cent last weekend and 68 per cent this weekend last year. 

Victorian State Election

Politics didn’t stop buyers from flooding auctions around Victoria this weekend. Photo: ABC

There were 1213 auctions reported to the REIV. Of those 805 sold and 408 passed in; 209 on a vendor bid.

Despite the state election, auction volumes remained very strong. The top auction suburbs this weekend were Richmond, Port Melbourne, Reservoir, Doncaster East and St Kilda.

“Be careful when buying an investment in this current market, especially in the new and established apartment market…”

According to data provided by APM, the inner south had the strongest clearance rate for both houses and units at 76 per cent and 66 per cent, while the west showed the weakest results for both houses and units at 60 per cent and 59 per cent.

There has been a steady decline in clearance rates since the start of October, but there are no signs of a collapse despite the record breaking property volumes. Transactions have remained steady, and many agents are recommending vendors sell prior to auction or turn to a private sale in areas where buyer competition is waning.

St Kilda

St Kilda was one of the top suburbs for auctions this weekend. Photo: Adam J.W.C.

Street Advocacy News: Buying & Selling Property With Street News

With only 24 days until Christmas (wow!) agents are solidly booked for the next 3 weeks. Good luck!

Although buyer inspections appeared mixed – 3 of our vendor advocacy properties saw anywhere from 1 to 5 buyer inspections – those taking the time to visit appeared to be very serious about bagging their next property before December 25.

Despite the state election, auction volumes have remained very strong.”

There are definitely some good buys out there at the moment. However, I am noticing that a majority of the stock on the market is still B and C Grade. Be careful when buying an investment in this current market, especially in the new and established apartment market, as there are still many uncertainties.

Ensure you check the number of properties on the market when looking for an investment and what the rental demand is like for the area and property type you are targeting.

Speak to a local agent and ask how long it would take to achieve your expected rent and what the market will be like at time of settlement.

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Top 5 Houses

1. 38 Dawson Avenue, Brighton $8,525,000
2. 37 Elizabeth Street, Brighton East $4,345,000
3. 6 Chilcote Avenue, Malvern $3,760,000
4. 2 Barnsbury Court, Deepdene $3,700,000
5. 129 Richardson Street, Albert Park $3,510,000

Top 5 Bargain Houses

1. 83 Seventh Avenue, Rosebud $240,000
2. 11 Romsey Crescent, Dallas $270,000
3. 72 Songlark Crescent, Werribee $270,000
4. 36 Chelsworth Loop, Craigieburn $330,000
5. 15 Freda Street, Broadmeadows $330,000

Top 5 Apartments

1. 2/8 Glenview Avenue, Malvern $1,920,000
2. 4 Bosisto Street, Richmond $1,530,000
3. 105 Ormond Esplanade, Elwood $1,500,000
4. 3 Edward Street, Toorak $1,250,000
5. 72/503 Orrong Road, Armadale $1,130,000

Top 5 Bargain Apartments

1. 1/44 Brunswick Street, Fitzroy $133,000
2. 9/10 Derby Street, Fawkner $228,000
3. 36 Elinda Place, Reservoir $253,000
4. 5/216 Sladen Street, Cranbourne $255,000
5. 710/551 Flinders Lane, Melbourne $295,000

Source: REIV

For a basic snapshot of your suburb’s performance or a property report customised for your property, request a Free Market Report.

If you are thinking of buying, selling or investing and would like a FREE 5 minute chat 
with Street News Director Peter Sarmas, please contact him on 0418 740 606 
or via email at [email protected]

About the Author

Peter Sarmas is a Certified Property Investment Advisor (PIAA) and Vendor/Buyer Advocate. Before becoming the founder of Street News, Peter completed a Degree in Applied Science (Chemistry) and a Graduate Diploma in Property Valuations (Hons). Peter believes property investing is a major and potentially risky undertaking. In his view, everyone should have an independent person acting on their behalf when seeking property investment advice.

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