Herald Sun - Property

Market steams past pre-COVID levels

Multiple bidders on most properties drive prices higher, writes Alanah Frost

- Alanah.frost@news.com.au

Melbourne home values hit a record high this week, hot on the heels of Victoria hosting its biggest auction blitz on record. CoreLogic found house and unit values had regained all ground lost as a result of COVID-19, and surpassed their previous peak from last April by 0.2 per cent to hit a $736,478 median.

“Following a decline of 6.1 per cent through COVID-19, values have since grown by 6.7 per cent,” CoreLogic research director Tim Lawless said.

Harcourts Judd White director Dexter Prack — who operates in Melbourne’s southeast — said he had “not seen a market this hot in more than a decade”.

“(We’re seeing) fierce bidding and multiple bidders at most auctions,” Mr Prack said. “And open home numbers are through the roof, with some properties averaging 150 to 200-plus at inspection­s.”

His agency sold 17 Wilton Crescent, Wheelers Hill, for $1.602m — about $300,000 above its reserve — last week as about 2000 homes went under the hammer across the state.

Realestate.com.au recorded a 90 per cent preliminar­y clearance rate for last week, based on 1391 available results. It expects only 185 properties to go to auction this week, as Easter temporaril­y slows down the market.

Last Saturday, a bid ending in 99c won the hotly contested auction of a humble Caulfield South villa unit

The 2/11-15 Roselea Street property fetched $1,299,999.99.

“It was down to the cent,” Gary Peer agent Darren Krongold said.

“We’d had a bid of $1.29m and (the auctioneer) said, ‘would you like to round it up (to $1.3m)?’

“She went to 99c, and that was the end of the auction.”

Mr Krongold said the buyer of the three-bedroom property — who had been looking for quite some time — gained a laugh from the crowd with her offer, as well as the keys.

In Dromana, a four-bedroom family home with views of the ocean and city soared about $100,000 above reserve to sell for $1.223m.

Barry Plant Mornington director Danae Eden said the vendor of 6 Kent Street was “absolutely thrilled” with the sale.

“She was so worried (it wouldn’t sell), she was very emotional,” Ms Eden said. “But we had a big crowd and about four actual bidders, and she now has an extra $100,000. It was a great result.”

Meanwhile, investors and downsizers after a “town base” pushed a two-bedroom East Melbourne apartment $150,000 past the top of its quoted range.

The 2/62 Simpson Street pad sold for $920,000 due to “strong competitio­n from several bidders”, Wakelin Property Advisory director Jarrod McCabe said.

And in Hoppers Crossing, a four-bedroom house on a 750sq m block at 51 Doris Drive eclipsed its reserve by $30,000.

The 2000-built property had been advertised for $670,000$700,000 before achieving a $730,000 sale, Reliance agent Pratik Shah said.

Mr Shah said there were seven potential bidders, including firsthome buyers in the crowd.

But only three — all upsizers — had the chance to put their hands up.

The winner was a “lifestyle buyer” from Torquay.

 ??  ?? 6 Kent Street, Dromana, sold about $100,000 above reserve.
6 Kent Street, Dromana, sold about $100,000 above reserve.

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