Melbourne Auction Results – April 7, 2014

By Peter Sarmas on 7 Apr 2014
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Melbourne Auction Results 31st March – 6th April 2014

70%
Clearance
Rate

899
Reported
Auctions

Sold at Auction: 516 Auction Volumes: $538.56m
Passed in: 270 Weekend Last Month: 73%
Sold Before: 112 Weekend Last Year: 63%
Sold After: 1 Houses: 74%
Unreported: 232 Units: 61%

 

H&M Gets Swamped And So Do Certain Properties

The big news over the weekend was the launch of new Swedish megastore H&M. This global retail clothing store is breaking the Australian misconception that traditional bricks and mortar sales are going down the toilet.

But what has this got to do with last weekend’s auction results? Very little and quite a lot.

Location, Location, Location…

We have a situation in the market at the moment. There has been very strong demand and strong bidding in some inner city areas where supply is very tight.

In most cases, just like H&M have the right product and price point, having the right property in the right location means many buyers are bidding over and above the quote range whether that property is in its original state or renovated.

“If you are looking for a property priced below what renovated properties are selling for…it might be worth a look.”

Though, agents are in agreement that B-Grade properties aren’t getting as much attention because the comprehensive range of properties on the market has given buyers many options.

What I am also seeing is that units don’t appear to be attracting the same demand or supply issues as property in a number of areas.

A Renovator’s Dream

My focus over the past few weeks has been in the Caulfield and St Kilda areas, where I have been asked to analyse an area for a client. With this, I unearthed a potential gem.

Don’t all rush at once because this property isn’t for the faint hearted. This home has no ceilings or floors – less work to do.

However, if you are looking for a property priced below what renovated properties are selling for in the area and you don’t mind some work, it might be worth a look at $649,000.

Realestate.com.au show the median house price for a 2 bedroom home in St Kilda East is $831,000.

29 Brunning Street St Kilda East

Learn more about this property here.

Melbourne’s Housing Prices Soar

Interestingly enough, research house RP Data released their latest Home Value Index Data which indicated that Melbourne house prices were already up 5.8 per cent – the largest rise of all capital cities.

The strongest growth occurred in the more expensive suburbs – Hawthorn East, Balwyn, Camberwell and Armadale. This indicated that sales in the higher price bracket are getting all the attention from buyers, most likely upgraders.

“Having the right property in the right location means many buyers are bidding over and above the quote range…”

The Melbourne auction clearance rate over the weekend was recorded by the REIV at 70 per cent. So far this year the REIV says there have been about 17,500 auction and private sales in Victoria. This is about 3 per cent higher than this time last year and is driven mainly by a significant increase in the number of auctions.

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More than 5,000 homes have been sold at auction so far this year compared to nearly 4,000 this time last year.

Despite the fact that it was the start of the school holidays last Friday there are 1,500 auctions expected next weekend.

APM Melbourne Weekend Auction Results – Week Ending April 7, 2014
(please see attached)

Top 5 Houses

1. 1,3,5 & 7 Nelson Street, Ringwood $5,050,000
2. 10 Byrne Avenue, Elwood $4,840,000
3. 69 Prospect Hill Road, Camberwell $3,935,000
4. 325 Belmore Road, Balwyn North $3,000,000
5. 84 Cole Street, Brighton $2,810,000

Top 5 Bargain Houses

1. 81 Rosemary Crescent, Frankston North $251,000
2. 10 Chatsworth Avenue, Ardeer $280,000
3. 61 Langdon Crescent, Craigieburn $285,000
4. 33 Guildford Avenue, Coolaroo $290,000
5. 20 Woodworth Court, Roxburgh Park $315,000

Top 5 Apartments

1. 4/53 Finch Street, Malvern East $1,480,000
2. 95 Esplanade East, Port Melbourne $1,180,000
3. 5/83 Grange Road, Toorak $1,151,000
4. 3/430 Glenferrie Road, Kooyong $1,100,000
5. 1/55 Ormond Esplanade, Elwood $1,084,000

Top 5 Bargain Apartments

1. 6/41 Potter Street, Dandenong $200,000
2. 1/41 Potter Street, Dandenong $200,000
3. 6/11 Rathmines Street, Fairfield $281,000
4. 13/422 Cardigan Street, Carlton $304,000
5. 1006/639 Little Bourke Street, Melbourne $310,000

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
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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