Melbourne Auction Results – October 28, 2013
By Peter Sarmas on 28 Oct 2013
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Melbourne Auction Results October 28, 2013
Is Melbourne Witnessing a Property Boom?
Dare I say it, absolutely!
Not since 2010 have we seen so many properties on the market in one Saturday. This appears to be due to vendors trying to time their property sale between Grand Final day and the Melbourne Cup weekend.
Melbourne Auction Results
From the 1,317 auctions reported to the REIV so far, a healthy 74 per cent cleared at auction.
This week was the biggest test all year for Melbourne’s real estate market – and it was the thirteenth week in a row that the clearance rate was above 70 per cent.
In my mind, there is no doubt the Melbourne real estate market is now in a recovery phase.
Strong prices over the past few months, coupled with renewed consumer confidence, are translating into more properties being listed by vendors.
This increase in stock levels means buyers have greater choice; however, even at these levels the appetite for property has also increased, in some cases outstripping demand, which is a very promising sign for the market should it continue.
Is Melbourne witnessing a property boom?
Photo: Kevin Tostado
Challenges Facing Buyers Moving Forward
Hints that this market is set to continue its strength this year were supported by buyer advocate Catherine Cashmore. “The challenge buyers now face is a reducing pool of listings,” she said. “Agents have already signed up most of their pre-Christmas stock.”
“Most agents are telling me they don’t have enough stock to meet demand,” she continued. “With this in mind, it is likely we’ll see further price rises when the next quarterly results are released.”
Top 5 Houses
1. 11 Hall Street, Brighton $3,820,000
2. 85 Mont Albert Road, Canterbury $3,250,000
3. 26 Norwood Avenue, Brighton $2,900,000
4. 7 Carson Crescent, Hawthorn $2,710,000
5. 3 Oakdale Avenue, Deepdene $2,704,000
Top 5 Bargain Houses
1. 10 Ince Place, Melton West $181,000
2. 1/3 Claire Court, Melton $246,000
3. 8 Blendon Avenue, St Albans $267,000
4. 14 Graydon Court, Rosebud $306,000
5. 17 Camelot Drive, Albanvale $311,000
Top 5 Apartments
1. 1 View Court, Brighton $1,751,000
2. 2B Teddington Road, Hampton $1,620,000
3. 68 Chestnut Street, Richmond $1,401,000
4. 66B Wright Street, Mckinnon $1,400,000
5. 57A Earlsfield Road, Hampton $1,365,000
Top 5 Bargain Apartments
1. 5/49 Farnham Street, Flemington $242,000
2. 4/133 Darebin Road, Thornbury $250,000
3. 1/8 Power Street, St Albans $260,000
4. 1/8-10 Joffre Street, Noble Park $260,000
5. 1/6 Arnott Street, Clayton $272,500
Source: REIV
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