Melbourne Auction Results – March 24, 2014

Increasing Stock Levels a Buyer’s Paradise

There is no doubt stock levels are rising as I notice a higher than normal level of properties are up for sale or heading to auction over the next few weeks.

Venders are eager to beat the Easter Break rush.

More Homes Being Sold  at Auction This Year

How is the health of the property market? Well good if you take clearance rates as the barometer.

The REIV recorded a 75 per cent clearance rate from 892 auctions. So far this year there have been 26 per cent more homes sold at auction than last year, the highest in 6 years.

“A recent rise in property levels means more choice for buyers and increased competition for vendors.”

But do do these results tell us the real story? A number of inner city properties are drawing the big crowds and strong bidders.

In some instances reserves are being surpassed, however there are signs of softening in certain areas where properties were being passed in with no result.

Recent Rise in Property Levels Means More Choice for Buyers

With more than 180 properties yet to be accounted for by the REIV, we would expect a further downward bearing on the clearance rate.

A recent rise in property levels means more choice for buyers and increased competition for vendors. The next few weeks hold an excellent opportunity for buyers to secure a property before we head into winter and real estate agents go into hibernation.

According to Research Data Provider RP Data, Melbourne house prices are up 11.7 per cent over the year and 5 per cent higher than the peak in 2010.

Due to a rise in property levels the next few weeks hold excellent opportunities for buyers.
Photo: Steve Davidson

Vacancy Rates are Showing a Significant Decline

The number of new properties listed on the market in Melbourne is 9,396 up 23.2 per cent from 12 months ago.

The average time on market for a Melbourne property is 37 days for houses and 44 days for units. Vendor discounting is at -5.5 per cent for houses and -5.2 per cent for units.

“Venders are eager to beat the Easter Break rush.”

According to SQM’s latest research vacancy rates are showing a larger than normal decline, now sitting at 2.4 per cent.

In contrast, East Melbourne had a vacancy rate of 1.9 per cent while Melbourne’s CBD vacancy rate was down on last year.  It still appears to be struggling  at 3.5 per cent.

Next weekend the REIV predicts the biggest auction weekend this year with approximately 1,350 auctions to take place around Melbourne.

APM Melbourne Weekend Auction Results – Week Ending March 24, 2014
(please see attached)

Top 5 Houses

1. 34 Christowel Street, Camberwell $2,900,000
2. 8 Winifred Crescent, Toorak $2,850,000
3. 858 Drummond Street, Carlton North $2,550,000
4. 114 Male Street, Brighton $2,150,000
5. 82 Hall Street, Ormond $2,120,000

Top 5 Bargain Houses

1. 10 Georges Road, Ringwood $300,000
2. 55 Mulhall Drive, St Albans $300,000
3. 604 Main Road West, Kings Park $305,000
4. 134 Centenary Drive, Mill Park $320,777
5. 31/337 Station Street, Thornbury $331,000

Top 5 Apartments

1. 2/7 Kara Grove, Aspendale $2,025,000
2. 6 Keys Avenue, Brighton East $1,500,000
3. 3/55-57 Manningtree Road, Hawthorn $1,380,000
4. 1/11 Park Street, Brighton $1,330,000
5. 7A Talbot Crescent, Kooyong $1,280,000

Top 5 Bargain Apartments

1. 2/93 Glenhuntly Road, Elwood $210,000
2. 3/15 Navigator Street, Maribyrnong $230,000
3. 1/43 Jamison Street, Altona Meadows $258,000
4. 2/831 Park Street, Brunswick $262,000
5. 3/37 Boldrewood Parade, Reservoir $271,000

Source: REIV

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