Melbourne Auction Results – October 12th, 2015

What is the median house price for Melbourne? Figures released this month by research house RP Data show Melbourne’s property market is leading the charge over the rest of the country for the September quarter. In this week’s property market wrap Peter Sarmas analyses our current property market.

A clearance rate of 74 per cent was recorded this weekend compared to 70 per cent this weekend last year. There were 1113 auctions reported to the REIV, with 819 selling and 294 being passed in, 120 of those on a vendor bid.

The spring auction market continues to remain strong, with two consecutive super Saturday weekends scheduled for the coming fortnight.

Photo Source: smh.com.au

Listings Begin To Flood The Market

Figures released this month by research house RP Data show Melbourne’s property market is leading the charge over the rest of the country for the September quarter. Australia’s most liveable city showed dwelling values rise by 7.4 per cent in the quarter, nearly 3 per cent higher than its closest rival Sydney. Property prices in Melbourne have grown by a whopping 14.2 per cent year on year with median house prices jumping to $820,000 (APM).

“This cycle has been much more a story about Sydney,” RP Data head of research Tim Lawless said. “But this is the first time Melbourne has outperformed Sydney on a month on month and on a quarter basis, in this current cycle.”

According to Domain, the Melbourne market is also proving to be the strongest in the nation. Latest data shows a massive surge in auction numbers and stock levels as vendors, waiting til the end of the AFL Grand Finals, have now committed to a sale in the hope of beating the expected Spring rush, which looks like running all the way up until the end of December this year.

Nearly 1300 listings were put under the hammer over the weekend with an overall clearance rate of 74 per cent. No doubt the strength of the market at the moment is in houses (76%) while the apartment market continues to lag behind (70%). Strongest areas for houses were the inner suburbs while for units it was Melbourne’s South East.

I am expecting another bumper season for property this Spring which could match or even surpass last year’s 12 weeks of Super Saturdays (more than 1000 auctions per week). If this is the case there will be some very good buying opportunities and I expect clearance rates to drop further. However, based on my experience over the weekend, the Melbourne market looks like holding up, quality properties will still sell either on the day or negotiated afterwards. Second and third grade properties and apartments will be the losers in a big way over the coming quarter.

Street Advocate

Photo Source: newkeyrealestate.com.au 10 Henley Street Pascoe Vale South

Has The Property Market Gone Mad?

We went to four auctions over the weekend and took an offer for an off market property, so a big day for us!

The first property of the day was for my clients who had engaged me to bid on a couple of properties in the Coburg area. Working nearby, my clients were looking close to the inner city and found a property they liked at 106 Reynard St, Coburg, quite a busy thoroughfare.

Quoted at mid to high $700’s the buyers tried to secure the property earlier by making an offer of $840,000, which was rejected. Fair enough but when I was engaged, the agent continued to quote the property in the same range knowing they had received an offer well above that, interesting… Read More

Top 5 Houses

1. 25 Wallace Avenue, Toorak $6,500,000
2. 4 Crossakiel Court, Hawthorn $3,560,000
3. 371 Belmore Road, Balwyn North $3,200,000
4. 40 Kerrie Road, Glen Waverley $3,050,000
5. 38 Hood Street, Balwyn North $3,020,000

Top 5 Bargain Houses

1. 12 Echuca Street, Dallas $301,000
2. 62 Willora Crescent, Cranbourne West
3. 16 Rosedale Crescent, Dallas $312,000
4. 20 Rosedale Crescent, Dallas $315,000
5. 1/12 Eureka Court, Kings Park $320,000

Top 5 Apartments

1. 1706/26 Southgate Avenue, Southbank $2,050,000
2. 2 Peacock Street, Brighton $1,840,000
3. 5B Elizabeth Street, Brighton East $1,520,000
4. 4/32 Bourke Street, Melbourne $1,470,500
5. 2/38 Aylmer Street, Balwyn North $1,355,000

Top 5 Bargain Apartments

1. 3/780 Warrigal Road, Malvern East $200,500
2. 2/28 Codrington Street, Cranbourne $220,000
3. 104/51 Rathdowne Street, Carlton $236,500
4. 2/50 Tranmere Avenue, Carnegie $265,000
5. 4/243 Gower Street, Preston $271,000

Source: REIV