Melbourne Auction Results – April 22, 2014

By Peter Sarmas on 22 Apr 2014
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Melbourne Auction Results 14th April – 21st April 2014

N/A
Clearance
Rate

35
Reported
Auctions

Sold at Auction: 16 Auction Volumes: $205.93m
Passed in: 14 Weekend Last Month: N/A
Sold Before: 4 Weekend Last Year: N/A
Sold After: 12 Houses: 50%
Unreported: 28 Units: 33%

 

Lacklustre Long Easter Weekend but Housing Finance Up

Over the four day Easter holiday only 35 properties were auctioned in Melbourne.

Surprisingly, even this is a high number given that many appear to have headed away for a break or were busily preparing for Easter Sunday.

Unsurprisingly, due to the low auction numbers no clearance rate was recorded by the REIV this weekend.

“RP Data figures show that first home buyers continue to sit on the sidelines of the property market…”

Last week the Australian Bureau of Statistics released housing finance statistics for February 2014.

The data showed that for the month, 52,460 housing finance commitments were made to owner-occupiers, which was the highest number since 2009 and shows the strength of the recovery of the real estate market nationally.

Investors are still buying property and this was reflected in a 4.4 per cent monthly increase and a 32.3 per cent year-on-year increase according to RP Data.

On the other hand RP Data figures show that first home buyers continue to sit on the sidelines of the property market, accounting for only 12.5 per cent of all owner-occupier finance commitments.

“Unsurprisingly, due to the low auction numbers no clearance rate was recorded by the REIV this weekend.”

However, what is not evident in these figures is the number of first home buyers becoming investors instead of occupiers. They are choosing to rent out their new purchase for a number of years while either living at home or renting.

The Westpac Melbourne Institute Consumer Sentiment Index, which was also released last week, rose to 99.7 in April after 4 months of consecutive falls. A number close to 100 indicates that optimism and pessimism about the Australian economy is evenly balanced.

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APM Melbourne Weekend Auction Results – Week Ending April 22, 2014
(please see attached)

Top 5 Houses

1. 69 Kerferd Road, Albert Park $1,775,000
2. 84 Westbourne Road, Kensington $911,000
3. 6 Ivanhoe Street, Glen Waverley $900,000
4. 10 Davington Court, Wantirna $665,000
5. 31 Seaview Street, Blairgowrie $500,500

Top 5 Bargain Houses

1. 31 Seaview Street, Blairgowrie $500,500
2. 10 Davington Court, Wantirna $665,000
3. 6 Ivanhoe Street, Glen Waverley $900,000
4. 84 Westbourne Road, Kensington $911,000
5. 69 Kerferd Road, Albert Park $1,775,000

Top Apartment

1. 2/20 Shankland Boulevard, Meadow Heights $247,500

Top Bargain Apartment

1. 2/20 Shankland Boulevard, Meadow Heights $247,500

Source: REIV

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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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