Melbourne Auction Results – March 17, 2014
By Peter Sarmas on 17 Mar 2014
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| Melbourne Auction Results 10th March – 16th March 2014 | |||||
|---|---|---|---|---|---|
|
73% 837 |
Sold at Auction: | 506 | Auction Volumes: | $486.9m | |
| Passed in: | 222 | Weekend Last Month: | 70% | ||
| Sold Before: | 107 | Weekend Last Year: | 68% | ||
| Sold After: | 2 | Houses: | 75% | ||
| Unreported: | 132 | Units: | 70% | ||
Inner Northern Suburbs Show Greatest Growth
It was a cooler weekend thankfully, but this didn’t cool the heels of those looking to secure their next home.
The REIV recorded a clearance rate of 73 per cent from 837 reported auctions, compared to 67 per cent last weekend and 68 per cent at the same time last year.
There is certainly a sense of confidence in the property market at the moment and this recent momentum has and will continue to result in more listings over the coming months. According to RP Data’s Robert Larocca, new listings have already surged by 11 per cent.
“A number of inner-northern suburbs in Melbourne [are] growing at a faster rate than other areas in Melbourne…”
At a more micro level, we are seeing a ripple effect come into play in Melbourne. When inner city prices rise, a similar increase usually occurs in outer suburbs a few months later.
Our avid weekly followers would have heard my opinion on many outer suburbs before. However, I saw some movement firsthand when I was asked to undertake a vendor advocacy role in Melton for a client.
Although property prices have not dramatically increased, turnover appears to have significantly improved as vendors have met market prices and investors, buyers and even those trading have been active.
Northern Suburbs Take Off
I was very interested to read that APM has seen a number of inner-northern suburbs in Melbourne growing at a faster rate than other areas in Melbourne.
The most notable were Clifton Hill, Carlton North, Fitzroy, Flemington and Preston. Interestingly, two of these suburbs have been targeted by buyer advocate Cate Bakos, so we consider these areas ‘hot,’ sought-after and good value in comparison to neighbouring suburbs.
The general consensus is that buyers are targeting several northern suburbs when searching.
Fitzroy is one northern suburb growing at a faster rate than other areas
Photo: Mat Connolley
Employment Figures Better Than Expected
We had some good news last Thursday when the latest unemployment data was released.
Although 15,000 new jobs had been forecast, it turned out the actual number was 47,300, which is significantly better than expected. This welcome boost for the health of the economy kept our national unemployment levels steady at 6 per cent.
“There is certainly a sense of confidence in the property market at the moment…”
During a speech to the Sydney Institute last week, Deputy Governor Lowe reiterated recent communication suggesting that the RBA is comfortable with how the economy is tracking. According to Mr Lowe, “economic indicators are gradually increasing” and the lower AUD was assisting some sectors of the economy.
Next weekend, the Melbourne property market will experience another Super Saturday. A whopping 1,110 auctions are expected to go ahead.
APM Melbourne Weekend Auction Results – Week Ending March 17, 2014
(please see attached)
Top 5 Houses
1. 54 Glyndon Road, Camberwell $3,430,000
2. 81 Grey Street, East Melbourne $2,410,000
3. 75 Stanhope Street, Malvern $2,370,000
4. 87 Baird Street, Brighton East $2,350,000
5. 7 Benambra Drive, Templestowe Lower $2,315,000
Top 5 Bargain Houses
1. 7 Magnolia Avenue, Kings Park $253,500
2. 3/28 De Villiers Drive, Dandenong $302,000
3. 64 Rossiter Avenue, Roxburgh Park $307,500
4. 137 Reservoir Road, Sunbury $320,000
5. 7 Greenridge Avenue, Narre Warren $326,000
Top 5 Apartment
1. 170-174 Cardigan Street, Carlton $3,400,000
2. 46A Kinkora Road, Hawthorn $2,071,000
3. 1/3 Hillside Parade, Glen Iris $1,500,000
4. 9/7 Gordon Street, Toorak $1,450,000
5. 56 Lord Street, Richmond $1,335,000
Top 5 Bargain Apartments
1. C3/85-87 Haines Street, North Melbourne $270,000
2. 15/34 Royal Avenue, Glen Huntly $272,000
3. 15/37 Vale Street, St Kilda $280,000
4. 2/51 Stirling Street, Footscray $285,000
5. 9/34 Gardenia Road, Gardenvale $290,000
Source: REIV
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