Melbourne Auction Results – March 17, 2014

By Peter Sarmas on 17 Mar 2014
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Melbourne Auction Results 10th March – 16th March 2014

73%
Clearance
Rate

837
Reported
Auctions

Sold at Auction: 506 Auction Volumes: $486.9m
Passed in: 222 Weekend Last Month: 70%
Sold Before: 107 Weekend Last Year: 68%
Sold After: 2 Houses: 75%
Unreported: 132 Units: 70%

 

Inner Northern Suburbs Show Greatest Growth

It was a cooler weekend thankfully, but this didn’t cool the heels of those looking to secure their next home.

The REIV recorded a clearance rate of 73 per cent from 837 reported auctions, compared to 67 per cent last weekend and 68 per cent at the same time last year.

There is certainly a sense of confidence in the property market at the moment and this recent momentum has and will continue to result in more listings over the coming months. According to RP Data’s Robert Larocca, new listings have already surged by 11 per cent.

“A number of inner-northern suburbs in Melbourne [are] growing at a faster rate than other areas in Melbourne…”

At a more micro level, we are seeing a ripple effect come into play in Melbourne. When inner city prices rise, a similar increase usually occurs in outer suburbs a few months later.

Our avid weekly followers would have heard my opinion on many outer suburbs before. However, I saw some movement firsthand when I was asked to undertake a vendor advocacy role in Melton for a client.

Although property prices have not dramatically increased, turnover appears to have significantly improved as vendors have met market prices and investors, buyers and even those trading have been active.

Northern Suburbs Take Off

I was very interested to read that APM has seen a number of inner-northern suburbs in Melbourne growing at a faster rate than other areas in Melbourne.

The most notable were Clifton Hill, Carlton North, Fitzroy, Flemington and Preston. Interestingly, two of these suburbs have been targeted by buyer advocate Cate Bakos, so we consider these areas ‘hot,’ sought-after and good value in comparison to neighbouring suburbs.

The general consensus is that buyers are targeting several northern suburbs when searching.

Northern Suburbs Take Off

Fitzroy is one northern suburb growing at a faster rate than other areas
Photo: Mat Connolley

Employment Figures Better Than Expected

We had some good news last Thursday when the latest unemployment data was released.

Although 15,000 new jobs had been forecast, it turned out the actual number was 47,300, which is significantly better than expected. This welcome boost for the health of the economy kept our national unemployment levels steady at 6 per cent.

“There is certainly a sense of confidence in the property market at the moment…”

During a speech to the Sydney Institute last week, Deputy Governor Lowe reiterated recent communication suggesting that the RBA is comfortable with how the economy is tracking. According to Mr Lowe, “economic indicators are gradually increasing” and the lower AUD was assisting some sectors of the economy.

Next weekend, the Melbourne property market will experience another Super Saturday. A whopping 1,110 auctions are expected to go ahead.

APM Melbourne Weekend Auction Results – Week Ending March 17, 2014
(please see attached)

Advocacyad_free

 

 

 

 

 

 

 

 

 

 

 

Top 5 Houses

1. 54 Glyndon Road, Camberwell $3,430,000
2. 81 Grey Street, East Melbourne $2,410,000
3. 75 Stanhope Street, Malvern $2,370,000
4. 87 Baird Street, Brighton East $2,350,000
5. 7 Benambra Drive, Templestowe Lower $2,315,000

Top 5 Bargain Houses

1. 7 Magnolia Avenue, Kings Park $253,500
2. 3/28 De Villiers Drive, Dandenong $302,000
3. 64 Rossiter Avenue, Roxburgh Park $307,500
4. 137 Reservoir Road, Sunbury $320,000
5. 7 Greenridge Avenue, Narre Warren $326,000

Top 5 Apartment

1. 170-174 Cardigan Street, Carlton $3,400,000
2. 46A Kinkora Road, Hawthorn $2,071,000
3. 1/3 Hillside Parade, Glen Iris $1,500,000
4. 9/7 Gordon Street, Toorak $1,450,000
5. 56 Lord Street, Richmond $1,335,000

Top 5 Bargain Apartments

1. C3/85-87 Haines Street, North Melbourne $270,000
2. 15/34 Royal Avenue, Glen Huntly $272,000
3. 15/37 Vale Street, St Kilda $280,000
4. 2/51 Stirling Street, Footscray $285,000
5. 9/34 Gardenia Road, Gardenvale $290,000

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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