Melbourne Auction Results – September 9, 2013

By Peter Sarmas on 9 Sep 2013
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People Head for the Polls but Auction Clearance Rates Steady

Unless you were hiding under a rock, you wouldn’t have missed out on one of the most anticipated days on the calendar this Saturday.

No, it wasn’t the preliminary final between the Swans and the Hawks (which by the way the Hawks won convincingly). The public went to the polls and voted for the Coalition in what appeared to be a landslide victory.

For the first time in a number of years, we have a majority government with the ability to rule without compromise.

Let’s hope this brings an end to negative politics and puts a focus back on building a stronger nation.

Melbourne Weekend Auction Results

Not much changed from last week’s 74 per cent clearance rate. However, this week’s result was recorded on lower numbers and an unusually high number of reported sales, which gives it some additional credibility.

Positive Signs in the Melbourne Property Market

Some positive signs came out of the Reserve Bank’s regular meeting last week.

The board did not reduce the cash rate any further and instead decided to wait and see how the latest rate cuts are affecting the Australian economy.

There is no doubt the cuts have helped boost growth in Melbourne property prices, and, as mentioned previously, consumer confidence. Now, as we usher in a new government, many expect a revitalised economy and a surge in consumer sentiment.

Also last week, the latest GDP numbers were released, surprising many experts. The Australian economy demonstrated a 0.6 per cent growth, which isn’t bad. There were also some positive signs out of the US – the unemployment rate fell slightly.

Looking Forward

The Real Estate Institute of Victoria (REIV) anticipate big auction numbers over the coming weeks. They expect some Super Saturday auctions where 1000-plus properties are set to go under the hammer.

According to RP Data, Melbourne is set to have its strongest selling season since 2009. Demand is strongest in outer eastern areas such as Boronia and Ringwood, and inner suburbs like Abbotsford, Kensington and Fitzroy North.

Top 5 Houses

1. 51 Wattle Valley Road, Canterbury $3,400,000
2. 32 Murray Street, Elsternwick $3,195,000
3. 21&23 Truganini Road, Carnegie $2,540,000
4. 88 Manning Road, Malvern East $2,530,000
5. 18 Woodside Crescent, Toorak $2,360,000

Top 5 Bargain Houses

1. 7D Rokewood Crescent, Meadow Heights $290,500
2. 12 Pittosporum Grove, Doveton $296,000
3. 7 Clunes Place, Epping $297,000
4. 6 Neerim Street, Thomastown $330,000
5. 32 Baileyana Street, Frankston South $334,000

Top 5 Apartments

1. 401/28 Tanner Street, Richmond $1,155,000
2. 1/170 Peel Street, Windsor $1,100,000
3. 1/17 Antibes Street, Parkdale $1,032,000
4. 1/36 Scott Street, Elwood $992,000
5. 3/58 Relowe Crescent, Mont Albert North $961,000

Top 5 Bargain Apartments

1. 5/18 King Street, Dallas $140,500
2. 7/24 Ormond Road, Ascot Vale $251,000
3. 12/32 Richardson Street, Essendon $258,000
4. 12/67 Coorigil Road, Carnegie $305,000
5. 5/524 Moreland Road, Brunswick West $311,000

Source: REIV

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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