Melbourne Auction Results – July 28, 2014

By Peter Sarmas on 28 Jul 2014
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Melbourne Auction Results 21st-27th July 2014

73%
Clearance
Rate

592
Reported
Auctions

Sold at Auction: 361 Auction Volumes: $305.77m
Passed in: 161 Weekend Last Month: 809
Sold Before: 70 Weekend Last Year: 566
Sold After: 0 Houses: 75%
Unreported: 0 Units: 71%

Buyers Take Interest In The Inner West

A clearance rate of 73 per cent was recorded this weekend compared to 70 per cent last weekend and 69 per cent this weekend last year.

Of the 592 auctions reported to the REIV, 431 sold and 161 were passed in, 73 of those on a vendor bid.

A number of agents anticipate a strong August with many auctions already booked for the month, as vendors try to beat the spring rush. This winter’s consistently strong auction clearance rate has set the tone for what’s expected to be a positive finish to the year.

“There has been a significant lift in housing construction activity over the past 2 years.”

Building activity data released earlier this week by the Australian Bureau of Statistics (ABS) shows that the recent boom in dwelling approvals over the first quarter of 2014 resulted in a 8.7 per cent lift in overall housing market activity; 22.2 per cent higher over the year.  

According to the results, the 48,964 dwelling commencements over the March 2014 quarter were the highest on record.

RP Data research analyst Cameron Kusher said there has been a significant lift in housing construction activity over the past 2 years.

East Vs West - Toorak and Sunshine Top House Price Growth

Toorak and Sunshine both topped the list of suburbs with the highest growth
Photos: The Homepage

East Vs West: Toorak and Sunshine Top House Price Growth

In the latest REIV June quarter median house price figures, it was a tale of two suburbs.

Affluent Toorak topped the list of suburbs with the highest median house price growth at 25.1 per cent, while in the west, median house prices in the working-class suburb of Sunshine grew by more than 20 per cent.

“This winter’s consistently strong auction clearance rate has set the tone for what’s expected to be a positive finish to the year.”

“The substantial increase indicates a significant trend in the Melbourne home buying market,” said REIV CEO Enzo Raimondo.

“First home buyers and those seeking affordable properties are snapping up homes in the middle ring as inner-city properties are priced out of their reach.” 

Auction vs Clearance Rate

The auction vs clearance rate over the last five years
Source: REIV

Also indicative of this trend was the median house price growth in several eastern and south eastern suburbs. In Mitcham, prices rose by 13.2 per cent for the quarter; in Malvern East they rose by 12.9 per cent; and in Wantirna, they were up by 10.1 per cent. 

Mr Raimondo said that price increases in inner western suburbs such as Yarraville, Seddon, Footscray and Newport had buyers on limited budgets looking further afield. Sunshine offers convenience, excellent shopping and good transport links without high price tags. 

On The Ground

Over the weekend I witnessed a very hot market in the south eastern suburb of Wheelers Hill.

The auction I attended was quoted between $700,000 and $750,000, but the property went on the market at $800,000. It then sailed past this figure as eight different bidders duked it out in front of a crowd of 50 people.

The property, which was located at 3 Cambrian Court, Wheelers Hill, ended up selling for $910,000

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Top 5 Houses

1. 8 Allee Street, Brighton $3,000,000
2. 28 Sevenoaks Street, Balwyn $2,610,000
3. 4 Roslyn Street, Brighton $2,475,000
4. 106 Park Street, Moonee Ponds $1,790,000
5. 5 Amelia Street, Mckinnon $1,725,000

Top 5 Bargain Houses

1. 44 Ribblesdale Avenue, Wyndham Vale $255,000
2. 6 Tarata Drive, Doveton $262,000
3. 17 Cleveland Street, Thomastown $265,000
4. 33 Angelique Grove, Albanvale $280,000
5. 33 Old Belgrave Road, Upper Ferntree Gully $336,000

Top 5 Apartments

1. 274B Mckean Street, Fitzroy North $1,670,000
2. 12A Malcolm Street, Mckinnon $1,386,000
3. 605/416 Gore Street, Fitzroy $1,028,000
4. 5/284 Dorcas Street, South Melbourne $997,500
5. 1/66 Walsh Street, South Yarra $960,000

Top 5 Bargain Apartments

1. 1/21 Hampton Parade, West Footscray $200,000
2. 7/14-16 South Circular Road, Gladstone Park $210,000
3. 5/68 Woornack Road, Carnegie $225,000
4. 10/77 Chapman Avenue, Glenroy $260,000
5. 3/12 Young Street, Epping $266,500

Source: REIV

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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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