Melbourne Auction Results – November 11, 2013
By Peter Sarmas on 11 Nov 2013
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Melbourne Auction Results November 11, 2013
Melbourne Auction Results November 11, 2013
Melbourne Property Market Resilient But…
A raft of news was released last week, which is sure to keep people guessing about the future of our economy and therefore the future of our housing market.
The RBA met last Tuesday on Melbourne Cup day to make its much anticipated decision to keep rates on hold at 2.5 per cent.
Then on Friday, the RBA released its quarterly statement, a downgrade in next year’s economic growth forecast as a result of a growing doubt about the strength of investment in the resources boom.
Accordingly, Treasurer Joe Hockey warned that Australians’ living standards will fall unless productivity is increased.
“Treasurer Joe Hockey warned that Australians’ living standards will fall unless productivity is increased.”
All of this comes against what seems to be unstoppable consumer and business optimism. Recent retail figures for September 2013 point to a strong increase in consumer spending, the majority of this being in clothing, footwear and personal accessories (6.9 per cent).
Retail trade increased by 0.8 per cent over the month, 1.4 per cent over the quarter and 2.9 per cent year-on-year, according to the latest ABS figures. Retailers are expecting this momentum to continue through to Christmas and post-Christmas sales.
The ABS also released unemployment data for October, which remained steady at 5.7 per cent. However, this number doesn’t paint the full picture of our unemployment rate. The actual level of full-time employment has continued to fall, while part-time employment has been sharply rising.
Melbourne Auction Results
Over the weekend the Melbourne property market remained resilient, recording a 72 per cent clearance rate, from a lower number of 925 auctions, according to the Real Estate Institute of Victoria (REIV). Last week’s auction clearance rate was revised down to 67 per cent.
The next two weekends – November 23 and November 30 – will see a staggering 2640 properties go under the hammer, according to the REIV.
“There has been a pent-up supply of potential vendors thinking of putting their property on the market…”
In my interpretation, there has been a pent-up supply of potential vendors thinking of putting their property on the market, and they have held back due to unattractive prices and economic conditions. These next few weeks give these vendors the opportunity to see the close of this year with a sale.
Recent positive auction results, prices and multiple bidding has encouraged vendors into putting their property on the market in the hopes of selling. A greater selection of property has given potential upgraders the confidence to purchase.
Looking Forward
The danger moving forward over the next 6 week period and into the New Year is that vendors don’t become too greedy and outprice themselves from market forces completely.
In my opinion, due to the fact that so much property is up for auction until Christmas and so much stock is currently available, vendors will need to research their market price carefully to ensure they don’t completely kill their marketing campaign altogether.
Top 5 Houses
1. 3 Rostill Court, Toorak $3,020,000
2. 21 Arnold Road, Brighton East $2,650,000
3. 15 Grace Street, Camberwell $2,505,000
4. 86 Claremont Avenue, Malvern $2,300,000
5. 10 Empress Road, Surrey Hills $2,150,000
Top 5 Bargain Houses
1. 32 Meeking Drive, Pakenham $272,000
2. 39 Featherhead Way, Melton West $297,000
3. 45 Mcintyre Avenue, Roxburgh Park $310,000
4. 42 Toora Drive, Westmeadows $312,000
5. 4 Rearden Close, Endeavour Hills $325,000
Top 5 Apartments
1. 56 Clara Street, South Yarra $2,130,000
2. 2/14 Wilson Street, Mont Albert $1,312,000
3. 7/56 Darling Street, South Yarra $1,180,000
4. 15 Brock Place, Richmond $1,125,000
5. 124B Rochester Road, Balwyn $1,090,000
Top 5 Bargain Apartments
1. 4/101 Dandenong Road East, Frankston $227,000
2. 1/1 First Street, Parkdale $275,000
3. 11/12 St Huberts Road, Carnegie $309,000
4. C4/73 O’Shanassy Street, North Melbourne $310,000
5. 8/23 Elliott Avenue, Carnegie $315,000
Source: REIV
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