The challenge house from the TV show The Block at 246 Montague Street, South Melbourne, was among the house auctioned yesterday. Picture: Stuart Milligan Source: Herald Sun
SUPER Saturday has generated a super response from the Melbourne property market, with an interim clearance rate of 66 per cent yesterday dubbed a call to arms for those considering selling.
With 1180 properties auctioned yesterday, it was the fifth-consecutive week with clearances above 60 per cent and held several signs confidence is returning to the market.
Among the positive signs was a Yarraville house that sold $155,000 above its $780,000 reserve price.
With five bidders and more than 100 people in attendance, the auction at 30 Seville Rd was one of the day's best results.
It is the best clearance rate in a day of more than 1000 auctions since October 2010, and was described as "very strong" by Real Estate Institute of Victoria spokesman Robert Larocca.
Melbourne's biggest auction day
"Since June, there has been an improving trend in the market and today shows that it is a very strong trend and wasn't simply a result of a lower volume of auctions compared to last year," Mr Larocca said.
"It shows that both vendors and buyers are clearly both more confident, and the market has been able to absorb this significant increase in homes."
Admitting the large number of sales would have left many vendors nervous, he noted this was a good sign for the remainder of the year, with more than 900 auctions also expected in a single weekend in mid-November.
He also said it might encourage those still considering selling to join the market.
"It should show vendors who are sitting on the sidelines and wondering if they should sell, and worried about the state of the market, that the market will provide a solid base to them and a good chance of selling their home."
Further strong returns were recorded around Melbourne, including a three-bedroom brick home in Lexington St, Vermont, which sold for $620,000 - about $30,000 above its reserve price.
"It was the first time the husband had seen the property," said Noel Jones Blackburn agent Matthew Scafidi.
But it wasn't all good news as the Challenge House from Channel 9's The Block in Montague St, South Melbourne, was passed in on a vendor's bid of $1.025 million after a solitary bid of $1 million from the crowd.
Auctioneer Frank Callaghan touted its location, recent and substantial renovation and beach proximity, but saw no further bids after an initial offering of $1 million by Energy Watch boss Danny Wallis, who earlier this year bought one of the properties renovated by "the boys", Mike and Andrew.
A further bid of $1.05 million after the auction was also declined. Frank Gordon Estate Agents was negotiating with four parties after the auction yesterday.
"The reserve price lies in the range of $1.1 to $1.2 million at this stage and the furniture as inspected has now been included as a bonus, and we are currently negotiating with a number of parties - we expect to close a sale shortly," Mr Callaghan said.
Buyers advocate Catherine Cashmore also noted poor auction results including a $350,000 one-bedroom Art Deco apartment on St Kilda Rd.
"The auction was sparsely attended and the auctioneer was struggling to make himself heard above the street noise. After receiving no opening bid, he placed a vendor bid of $350,000," she said.
"A short half-time break to see the vendor also didn't help, and therefore the property passed in on his original vendor bid."
No comments:
Post a Comment