Mar­ket holds strong

Herald Sun - Property - - MARKET WRAP - PETER FARAGO

CLEAR­ANCE rates are hold­ing to trend as Mel­bourne’s auc­tion mar­ket ap­proaches its penul­ti­mate week­end for 2015.

CoreLogic RP Data recorded a pre­lim­i­nary 65.2 per cent clear­ance rate for last week, af­ter col­lect­ing 1487 re­ported auc­tion re­sults.

The rate was sim­i­lar to the pre­vi­ous week­end, when 65.9 per cent of prop­er­ties were knocked down.

Anal­y­sis of the four-week av­er­age clear­ance rate cal­cu­lated by CoreLogic RP Data shows the mar­ket was at a sim­i­lar po­si­tion in De­cem­ber for the past three years.

In­ner Mel­bourne sub­urbs again pro­vided strong re­sults, with a 67 per cent clear­ance rate on 323 sched­uled auc­tions, but the north­east had the best per­for­mance, with 68.4 per cent of 185 auc­tions re­ported sold.

There are 1497 auc­tions sched­uled across Mel­bourne this week, in­clud­ing 40 at Reser­voir.

WBP Property chief ex­ec­u­tive Gre­ville Pabst said buy­ers re­mained out in force with be­tween one and four un­der­bid­ders also keen to buy.

There were four bid­ders at a solid brick Fed­er­a­tion home on a 740sq m Flem­ing­ton cor­ner block, which fetched $2.112 mil­lion un­der the ham­mer, just 10 months af­ter it sold in orig­i­nal con­di­tion for $1.76 mil­lion.

Nel­son Alexan­der, Flem­ing­ton, se­nior part­ner Paul Har­ri­son, said 27 Waltham St was not a pre­med­i­tated flip, al­though the sell­ers had in­stalled a new kitchen and bath­room as part of a cos­metic ren­o­va­tion. They had been re­called to their home state for work, forc­ing the sale.

How­ever, the nearly $450,000 price growth achieved since Fe­bru­ary showed buy­ers were pre­pared to pay big prices for qual­ity prop­er­ties in Flem­ing­ton.

“They made it present a lot bet­ter than it did the first time around,” Mr Har­ri­son said.

He said buy­ers were now pre­pared to pay more than $2 mil­lion to get into the Flem­ing­ton mar­ket.

Four bid­ders were also in ac­tion at Mill Park, in the city’s north­east, where a three­bed­room home sold for $506,000 — a hefty $66,000 over the re­serve price.

Har­courts Mill Park di­rec­tor Josh Al­li­son said two young fam­i­lies were the main pro­tag­o­nists at 87 Gar­den Grove, with chil­dren at their feet as bids flowed.

This ren­o­vated Flem­ing­ton res­i­dence sold last week for $2.112 mil­lion.

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