Melbourne Auction Results 10th August 2015

By Peter Sarmas on 9 Aug 2015
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Melbourne Auction Results 10th August 2015



Sold at Auction: 564 Auction Volumes: $668.18m
Passed in: 183 Last Weekend: 699
Sold Before: 125 Last Year: 693
Sold After: 0 Houses: 83%
    Units: 73%


A clearance rate of 79 per cent was recorded this weekend compared to 77 per cent last weekend and 72 per cent this weekend last year.

There were 872 auctions reported to the REIV this weekend, with 689 selling and 183 being passed in, 87 of those on a vendor bid.

There were about 2,700 auctions in the month of July, with 77 per cent selling. This is up 14 per cent from the same time last year, with auction sales also notably higher (up 22 per cent) in comparison to July 2014.


Was It An Auspicious Weekend For Vendors And Buyers This Weekend?

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Was It An Auspicious Weekend For Vendors And Buyers This Weekend? 

Over 1000 auctions were touted by the REIV to go on the market in what’s been one of the busiest August days on the real estate calendar. We need to consider that we are still in the middle of winter and traditionally both vendors and buyers go into hibernation this time of the year. Not the case in 2015!

This weekend was also earmarked as the luckiest day on the calendar for Chinese vendors and buyers, the 8th of the 8th, so many real estate agents were already counting their commissions before a sale had even taken place but what really happened? 

On my scanning of the results, in particular the inner, middle and outer east, the auction market was strong. The majority of properties which passed in appeared to be units, townhouses and apartments in these areas. There is no doubt apartments in Melbourne are ‘on the nose’ at the moment, whether old or new. Perhaps there is an opportunity for discerning investors looking at this market, providing all the due diligence is done.

Inner city agent Marshall White sold 21 from 23 over the weekend with some properties smashing their reserves. Agent Duane Wolowiec highlighting such an example with 1 Tragfalgar St Mont Albert, where 5 Chinese bidders fought for a stylish town house residence which hit reserve in less than 30 seconds after starting at $1.5mil, announced on the market at $1.8mil and selling just over a $2.3mil. 

Liz Walker of Nelson Alexander Ivanhoe saying about this weekend, “the market is exceptionally strong with 5 out of 5 auctions selling well under the hammer with multiple bidders. One lucky Chinese buyer managed to secure his dream home at 10a Vivian St, Ivanhoe on this lucky day!”.



Last week the Reserve Bank board met and decided to leave rates on hold at 2 per cent. Rates have been at this record low level since May of this year and have provided some stability and confidence in the real estate market, particularly in Sydney and Melbourne.

The RBA appears to be content with recent falls in the value of the Aussie dollar as commodity prices have fallen.

New figures showed retail spending rose 0.7 per cent in June to $24.3 billion, almost double the growth predicted by economists. For the June quarter, spending also rose by a stronger-than-forecast 0.7 per cent, providing a solid contribution to economic growth.

‘There is scope for consumer spending to fill in some of the hole left by weaker-than-expected non-mining business (capital expenditure)”, Commonwealth Bank of Australia chief economist Michael Blythe says.

Household retailing rose 2.2 per cent in the month buoyed by the continued strength of the housing sector, combined with demand for electrical and electronic goods, which would be consistent with small business spending to take advantage of tax initiatives in the budget.

Property values in Australia now appear ‘cheap’ when compared to when the dollar was at $US1.10. One of the outcomes of this devaluation in the dollar we are now seeing is foreign developers revisiting previously expensive projects because of this adjustment.


Rate Hikes No Deterrent Yet

Recent action by APRA to slow down lending to investors has done little to stem the tide with the latest ABS data showing an increase of $1billion in loans from last month.

It could be sometime before we begin to see the real effects the latest tougher lending standards for investors. My experience is that investors appear to have brought forward their purchases in an attempt to secure a property before rates increase further. Some even considering a buy and lock-in rate strategy to mitigate the risk of any further rate hikes, especially for investor loans.

In more news, bank stocks slumped by 2% last week after ANZ announced it needed to raise A$3 billion to boost its capital buffer as part of APRA’s capital requirements.


Street Advocate













Unit 2/67 Flinders St, Thornbury
We were out an about again this weekend looking for properties for our various investor and upgrader clients and attended an auction in Thornbury. Read More


1. 41 Atkins Street, Kew $4,325,000
2. 26 Maleela Avenue, Balwyn $4,040,000
3. 2-4 Delmore Crescent, Glen Waverley $3,458,000
4. 93 Wattletree Road, Armadale $3,000,000
5. 9 Renwick Street, Glen Iris $2,875,000

1. 11 Drouin Street, Dallas $260,000
2. 64 Barries Road, Melton $285,000
3. 25 Wattleglen Street, Craigieburn $305,000
4. 11 Matthews Court, Pakenham $311,000
5. 2 Charlton Street, Broadmeadows $321,000

1. 98 Orlando Street, Hampton $2,850,000
2. 100 Orlando Street, Hampton $2,590,000
3. 48/350 Beaconsfield Parade, St Kilda $2,020,000
4. 3/31B Nepean Highway, Aspendale $1,650,000
5. 1/58 Grange Road, Sandringham $1,282,000

1. C16/1-5 Grantham Street, Brunswick West $165,000
2. 2/6-7 Coventry Place, Melton $197,000
3. 16/16 Eastcote Street, Sunshine North $265,000
4. 3/5 Empire Street, Footscray $270,000
5. 29/34-42 Hanna Street, Noble Park $291,000

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 
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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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