Melbourne Auction Results – July 21, 2014
By Peter Sarmas on 21 Jul 2014
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| Melbourne Auction Results 14th-20th July 2014 | |||||
|---|---|---|---|---|---|
|
73% 487 |
Sold at Auction: | 279 | Auction Volumes: | $251.79m | |
| Passed in: | 131 | Weekend Last Month: | 919 | ||
| Sold Before: | 76 | Weekend Last Year: | 461 | ||
| Sold After: | 1 | Houses: | 73% | ||
| Unreported: | 100 | Units: | 72% |
||
Melbourne House And Unit Prices At New Record Levels
A clearance rate of 73 per cent was recorded this weekend, compared to 69 per cent last weekend and 68 per cent this weekend last year.
There were 487 auctions reported to the REIV. Of those, 356 properties sold and 131 were passed in, 66 on a vendor bid.
Since May this year auction numbers have dwindled. While we were once witnessing 1,000 property auctions on a single Saturday, we’re now seeing fewer than 500 auctions on a weekend, which is reflective of the colder months and the vendor belief that better prices are achieved during the spring selling period (though this is not always the case).
Melbourne apartment prices have climbed significantly over the last quarter
Photo: Creative Commons
House Prices Broke Records Over The June Quarter
Over the latest June quarter, some of the top price growth suburbs experienced improvements in their auction sales.
Suburbs such as Sunshine, Langwarrin, Mitcham, Malvern East and Prahran recorded strong price growth as well as above average clearance rates.
The REIV released its latest findings last week, which showed that both apartment and house prices in Melbourne have broken records in the June quarter.
“It was the city’s middle ring suburbs, highly sought after by buyers priced out of the inner-city, which showed the most substantial house price growth…”
The median house price in Melbourne is now $658,000, while the median apartment price broke its record at $502,000.
According to REIV CEO Enzo Raimondo, “The housing sector has delivered a 16.7 per cent year-on-year increase. Unit and apartment prices also grew by 9.1 per cent year-on-year.”
The most notable growth for houses occurred in the middle suburbs. Surprisingly, the most significant growth for apartments occurred in the inner city.
“Suburbs such as Sunshine, Langwarrin, Mitcham, Malvern East and Prahran recorded strong price growth…”
“It was the city’s middle ring suburbs, highly sought after by buyers priced out of the inner-city, which showed the most substantial house price growth,” Mr Raimondo said.
“Apartments in the inner-city, which had previously suffered from an oversupply, also showed strong growth as Melburnians embrace inner city apartment living.”
On The Ground
Over the weekend we were out bidding for an investor client in Melbourne’s eastern suburbs. After considerable due diligence, we set our price limit with the client.
At the auction, we waited during a typically slow start. The bidding started at its quote range of $560,000 and continued to rise in $5,000 increments to $630,000 between a buyer advocate and a private purchaser.
Once it was announced that the property was on the market at half-time, we began bidding, before reaching our limit of $660,000. The property subsequently sold for $665,000.
Top 5 Houses
1. 30 Dawson Avenue, Brighton $4,680,000
2. 46 Ruby Street, Burwood East $2,380,000
3. 1 Flinders Avenue, Canterbury $1,897,000
4. 6 Survey Street, Richmond $1,766,000
5. 18 Bennett Street, Balwyn $1,750,000
Top 5 Bargain Houses
1. 14 Yarck Court, Westmeadows $290,000
2. 10 Whitley Crescent, Craigieburn $297,000
3. 15 Dalwhinnie Crescent, Craigieburn $327,000
4. 50 Thoresby Circuit, Craigieburn $330,000
5. 28 Dorchester Street, Craigieburn $330,000
Top 5 Apartments
1. 11/55-59 Moor Street, Fitzroy $1,410,000
2. 24/15 Beach Street, Port Melbourne $1,400,000
3. 3/31 Kennealy Street, Surrey Hills $1,200,000
4. 112/18 Tanner Street, Richmond $1,200,000
5. 13B Elizabeth Street, Bentleigh East $1,117,500
Top 5 Bargain Apartments
1. 7/23 Ashley Street, Reservoir $265,000
2. 2/2-8 Knight Crescent, Roxburgh Park $280,000
3. 2/81 Cyprus Street, Lalor $302,000
4. 5/128 Inkerman Street, St Kilda $307,000
5. 1/37 Bignell Street, Flemington $307,500
Source: REIV
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