Melbourne Auction Results – July 21, 2014

By Peter Sarmas on 21 Jul 2014
No Comments yet, your thoughts are very welcome

Melbourne Auction Results 14th-20th July 2014

73%
Clearance
Rate

487
Reported
Auctions

Sold at Auction: 279 Auction Volumes: $251.79m
Passed in: 131 Weekend Last Month: 919
Sold Before: 76 Weekend Last Year: 461
Sold After: 1 Houses: 73%
Unreported: 100 Units: 72%
 

Melbourne House And Unit Prices At New Record Levels

A clearance rate of 73 per cent was recorded this weekend, compared to 69 per cent last weekend and 68 per cent this weekend last year.

There were 487 auctions reported to the REIV. Of those, 356 properties sold and 131 were passed in, 66 on a vendor bid. 

Since May this year auction numbers have dwindled. While we were once witnessing 1,000 property auctions on a single Saturday, we’re now seeing fewer than 500 auctions on a weekend, which is reflective of the colder months and the vendor belief that better prices are achieved during the spring selling period (though this is not always the case).

House Prices Broke Records Over The June Quarter

Over the latest June quarter, some of the top price growth suburbs experienced improvements in their auction sales.

Suburbs such as Sunshine, Langwarrin, Mitcham, Malvern East and Prahran recorded strong price growth as well as above average clearance rates.

The REIV released its latest findings last week, which showed that both apartment and house prices in Melbourne have broken records in the June quarter.

“It was the city’s middle ring suburbs, highly sought after by buyers priced out of the inner-city, which showed the most substantial house price growth…”

The median house price in Melbourne is now $658,000, while the median apartment price broke its record at $502,000.

According to REIV CEO Enzo Raimondo, “The housing sector has delivered a 16.7 per cent year-on-year increase. Unit and apartment prices also grew by 9.1 per cent year-on-year.”

The most notable growth for houses occurred in the middle suburbs. Surprisingly, the most significant growth for apartments occurred in the inner city.

“Suburbs such as Sunshine, Langwarrin, Mitcham, Malvern East and Prahran recorded strong price growth…”

“It was the city’s middle ring suburbs, highly sought after by buyers priced out of the inner-city, which showed the most substantial house price growth,” Mr Raimondo said.

“Apartments in the inner-city, which had previously suffered from an oversupply, also showed strong growth as Melburnians embrace inner city apartment living.”

On The Ground

Over the weekend we were out bidding for an investor client in Melbourne’s eastern suburbs. After considerable due diligence, we set our price limit with the client.

At the auction, we waited during a typically slow start. The bidding started at its quote range of $560,000 and continued to rise in $5,000 increments to $630,000 between a buyer advocate and a private purchaser.

Once it was announced that the property was on the market at half-time, we began bidding, before reaching our limit of $660,000. The property subsequently sold for $665,000.

Advocacyad_free

 

 

 

 

 

 

 

 

 

 

 

Top 5 Houses

1. 30 Dawson Avenue, Brighton $4,680,000
2. 46 Ruby Street, Burwood East $2,380,000
3. 1 Flinders Avenue, Canterbury $1,897,000
4. 6 Survey Street, Richmond $1,766,000
5. 18 Bennett Street, Balwyn $1,750,000

Top 5 Bargain Houses

1. 14 Yarck Court, Westmeadows $290,000
2. 10 Whitley Crescent, Craigieburn $297,000
3. 15 Dalwhinnie Crescent, Craigieburn $327,000
4. 50 Thoresby Circuit, Craigieburn $330,000
5. 28 Dorchester Street, Craigieburn $330,000

Top 5 Apartments

1. 11/55-59 Moor Street, Fitzroy $1,410,000
2. 24/15 Beach Street, Port Melbourne $1,400,000
3. 3/31 Kennealy Street, Surrey Hills $1,200,000
4. 112/18 Tanner Street, Richmond $1,200,000
5. 13B Elizabeth Street, Bentleigh East $1,117,500

Top 5 Bargain Apartments

1. 7/23 Ashley Street, Reservoir $265,000
2. 2/2-8 Knight Crescent, Roxburgh Park $280,000
3. 2/81 Cyprus Street, Lalor $302,000
4. 5/128 Inkerman Street, St Kilda $307,000
5. 1/37 Bignell Street, Flemington $307,500

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.

Category
Leave your comment

Share with friendsX