Auction Report Melbourne - Saturday the 24th of July 2010

Monday, 26th July 2010 at 10:21am

Property that is doing well and being sold on the day is not usually exceeding the vendors reserve by much and more often than not the Auctioneer still has to refer to the vendor – mid auction, meaning in most cases that an adjustment of the reserve downward is occurring in order for it to be sold under the hammer.

The market is providing a mixture of results there are still good property’s being passed in then sold later in the week.

Results
Each week we rotate a selection of 4 Auction sales across Melbourne suburbs. Typically we like to sample something from the north, east, west and south.

This is just a small snippet of what we are seeing happen in the market place as a buyer’s advocate of Melbourne real estate.

11 Comas Grove, Ashburton
Advertised $820,000 - $900,000
Sold $925,000
http://www.realestate.com.au/property-house-vic-ashburton-106650790

44 Larnook Crescent, Aspendale
Advertised $650,000 - $690,000
Sold $765,000
http://www.realestate.com.au/property-house-vic-aspendale-106650779

3 Longstaff Street, Kew East
Advertised $1,150,000 - $1,250,000
Sold $1,413,000
http://www.realestate.com.au/property-house-vic-kew+east-106619259

13 GlasshouseRoad, Collingwood
Advertised $510,000 - $560,000
Sold $570,000
http://www.realestate.com.au/property-house-vic-collingwood-106621591

Additional Comment:
Real Estate Angel attended its first Home Buyer and Property Investor Show on the weekend. It was a milestone occasion for the business of Real Estate Angel and for my own personal development, my voice box was given a real good run for its money as I would have spoken with at least 100 individuals and couples over the weekend. I would sincerely like to thank my past clients and friends who visited to check it out and say hello.

It was interesting to note that in my circulation with other companies also hosting stands, the feedback was very positive. There were many businesses who attended last year and all I spoke with held the same sense of opinion that it was busier than the previous year and of better quality potential clients, that is more people who were serious about participating in the market.

That was an interesting point a for me and one that I thought worth sharing as it indicates to “me” strong public interest in education and understanding of the Melbourne real estate market, which in turn is likely to support a short to medium term increase in buyer demand.

In other words it reduced my thoughts about the market taking a dive in spring and if anything I am now more cautious about the opposite.

REIV Update
The clearance rate from this weekend’s 560 auctions was 67 per cent, a result that is remarkably consistent with the past few weeks indicating that the market has settled at a new level this winter.

Buyers continue to have the upper hand; homes selling at auction are not exceeding vendors’ reserves in the same way that they were before Anzac Day.

There were a total of 560 auctions reported this weekend with 375 selling and 185 being passed in, 123 of those on a vendors bid.

This weekend last year saw a total of 382 auctions held and clearance rate of 86 per cent achieved, higher than this year but with fewer auctions.

The next 3 weekends have around 550 auctions each weekend with a drop the following weekend, to around 130 at this moment, due to the Federal election
Enzo Raimondo
CEO, REIV

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