“The vendor had been there for about 10 to 12 years … he did quite a bit of work on it over the years and he was over the moon.“
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It was one of 856 auctions scheduled across Melbourne on Saturday.
By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 62.9 per cent from 579 reported results, while 60 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Ray White chief economist Nerida Conisbee described Melbourne’s market as challenging given scheduled auctions were soaring compared with this time last year, but noted clearance rates were stable.
“Our auctions scheduled are 40 per cent up year-on-year … and active bidding is down nine per cent for July too,” Conisbee said.“But [Ray White’s] clearance rate is at 69 per cent and that’s stable so stock is clearing.
“There are still 2.6 active buyers on average for each auction which isn’t terrible.“
Conisbee said spring would see a fresh flurry of listings that would keep pricing across the capital moderate.
In Hawthorn, a four-bedroom, one-bathroom home on a rare 921 square metre block fetched more than $1 million over its reserve on Saturday.
It sold for $3,851,000 after a young family muscled out an investor with a final $1000 bid.
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The property, at 28 Mason Street, had a reserve of $2.71 million and a quoted price range of $2.8 million to $3 million and attracted three active bidders.
Ray White Ferntree Gully selling agent Rene Mawad said the outcome was because of the home’s block size and location.
“Honestly, it’s a one in 10 market right now. Nine homes are quite hard to put together and need price adjustments ahead of the auction. But then you get a standout one,” he said.
“This home sold for a touch more than 30 per cent over its reserve.“
The property was a deceased estate handled by two siblings. Their parents lived in the home for 47 years.
The auction opened with a vendor bid of $2.5 million and continued with a second vendor bid taking the home to $2.6 million. Mawad then threatened to pass the home in, only to get a bid of $2.6 million which he rejected.
“I held firm, and this set the tone. It then went in $100,000s until it dropped down to $50,000s,” he said.
“The buyers got it with a $1000 bid. They had been looking on and off and for six months.”
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At 8 Kingshott Close, Williamstown, a four-bedroom, two-bathroom brick home in the Williamstown High School catchment fetched $1,565,000 after a young couple outbid two other punters.
Of the five auctions reported in the suburb on Saturday, it was the only one to sell.
Bidding started at $1.4 million and shot up in $25,000 increments until $1.5 million. It had a reserve of $1.54 million and a price guide of $1.45 million to $1.55 million.
“The buyers had two young children, and they were really wanting to get into that high school zone,” said the Agency selling agent Leigh Melbourne.
“One of the downsizers was a middle-aged couple living nearby and it was their first time bidding at auction, and the other buyer had just recently sold in Williamstown and were looking to upsize.
