Sales records tumble
LAST week’s record auction spree has revealed the depth of buyer demand across Melbourne.
With more than 1000 homes going under the hammer, most of them on “lucky” August 8, market watchers would not have been surprised to see the clearance rate take a bit of a trim.
Instead it climbed to a preliminary 78.6 per cent.
Not even the biggest August week of auctions was a match for the number of buyers looking to snap up a new home.
WBP Property Group chief Greville Pabst said numerous bidders contested auctions across the metropolitan and plenty walked away emptyhanded.
“There was a significant number of would-be buyers who missed out — buyers who are certain to return in coming weeks,” he said.
Mr Pabst said the supply versus demand imbalance meant there was likely to be little relief for buyers heading into the peak spring selling season.
“This will mean buyers face a highly competitive marketplace this spring, particularly for both large and small well-located houses in Melbourne’s inner and middle-ring suburbs,” he said.
CoreLogic RP Data figures show last week’s 78.6 per cent clearance rate from 1057 auctions compares to 78.2 per cent the previous week when 787 homes went under the hammer and 69.6 per cent at the same time last year when 774 homes were auctioned.
The outer east produced the strongest success rate, with 85.6 per cent of auctions resulting in a sale, followed by the inner east where 81.1 per cent of auctions were cleared.
Big budget buyers homed in on Glen Iris. The leafy eastern suburb had the three top reported sales, led by the fourbedroom house at 8 Wandeen Rd that sold under the hammer for $3.06 million.
Further south, an art deco house at 146 Oakleigh Rd, Carnegie, blew away its reserve price by a whopping $270,000 when it sold for $1.47 million.
Buxton, Bentleigh, agent Chris Hassall said there were too few properties on the market to meet demand from buyers, sending prices soaring.
“I have just returned from a three-week holiday and I can’t believe what’s going on, it’s just ridiculous,” he said.
“The market has been like it for about two months but there’s been a notable increase even in the short time I was away.”
This fourbedroom house in Carnegie sold at auction for $1.47 million last weekend, $270,000 above reserve.