Melbourne Auction Results – December 16, 2013
By Peter Sarmas on 16 Dec 2013
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Melbourne Auction Results – December 16, 2013
Steady as She Goes – But Julia’s House Sells for a Mozza
With nine days until Christmas, this weekend closed what has been a tumultuous year for property.
Though to be fair, Melbourne and most Australian capital city property markets have experienced a real turnaround.
A special mention in today’s wrap must go to the sale of Julia Gillard’s house in Altona, which raised more than the odd eyebrow after it sold for a whopping $250,000 over its expected price.
With median house values in Altona hovering at around $560,000, the 300 strong crowd and a few sentimental buyers ensured its estimated value would be surpassed.
After an opening bid of $500,000, the renovated three bedroom post-war home reached its reserve at $680,000 before eventually selling for a whopping $921,000.
According to The Age, the happy buyer is a big fan of Julia’s and was thrilled with her purchase.
Weekend Auction Results
This weekend was our last Super Saturday (when more than 1000 properties are put up for auction). The results reflected a relatively steady market, despite the fact that there have been nine Super Saturdays throughout the year.
The inner east seemed to be the best performer. According to APM, 79 per cent of 113 properties sold in the area.
It’s fair to say we have come off our mid 70 per cent clearance rate highs and seem to have settled around the mid to high 60 per cent mark (depending on which data house figures you look at – APM, RP Data or REIV).
“This weekend closed what has been a tumultuous year for property.”
The REIV recorded this weekend’s clearance rate at 70 per cent on a total of 1320 properties, with 192 unreported results.
The RBA’s focus this year – to kick-start the economy through property as mining investment began to slow – has certainly worked, as 2013 saw significant increases in sales volumes around Australia.
According to RP Data, when compared to the same time last year, house sales are up 16.7 percent, while unit sales are up 13.2 percent.
Christmas and January are great times to pick up a property that hasn’t already sold
Photo: Chris Phutully
Why Christmas and January Can Be Great Times to Buy
It’s quite typical to see property prices correct or clearance rates soften in spring when the volume of properties is so high.
It’s natural for a vendor to put their property on the market when there is an upswing in property prices, which is what we witnessed in August and early September this year.
The problem with this thinking is that other vendors are thinking the same, and if the new property being placed on the market doesn’t have any unique qualities or scarcity value, it usually struggles with interest and price.
“Buyers… who can see potential and are able to compromise on their ideal property will find some great buys in the coming weeks.”
Christmas and January are great times to pick up a property that hasn’t cleared during the year.
There have been a number of passed in properties over the last few months and there are vendors out there who would like to achieve a result before Christmas. Some vendors may have already committed to a purchase and will need to see a result fairly quickly.
Those buyers, investors or upgraders who can see potential and are able to compromise on their ideal property will find some great buys in the coming weeks.
It’s a matter of looking more closely at properties, examining different areas and even considering a different price range to find that bargain.
Top 5 Houses
1. 28 Walpole Street, Kew $2,870,000
2. 23 Jacksons Road, Mount Eliza $2,850,000
3. 29 Bayview Crescent, Black Rock $2,785,000
4. 55 Maltravers Road, Ivanhoe East $2,300,000
5. 15 Norbert Street, Balwyn $2,117,500
Top 5 Bargain Houses
1. 40 Gosford Crescent, Broadmeadows $187,000
2. 1 Roberts Crescent, Sunshine West $265,000
3. 16 Robjant Street, Hampton Park $290,000
4. 69 Ahern Road, Pakenham $291,000
5. 1 Rawlings Terrace, Epping $301,000
Top 5 Apartments
1. 2/131 Hotham Street, East Melbourne $2,400,000
2. 41/85 Rouse Street, Port Melbourne $1,525,000
3. 1B Grant Street, Fitzroy North $1,333,500
4. 2/71 Roslyn Street, Brighton $1,225,000
5. 15 Murray Street, Richmond $1,060,000
Top 5 Bargain Apartments
1. 4/49 Heather Grove, Springvale $160,000
2. 20/57 Dover Street, Flemington $220,000
3. 18/146 Power Street, Hawthorn $295,000
4. 3/95 Victoria Street, Flemington $303,000
5. 13/37 Greville Street, Prahran $306,000
Source: REIV
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