Auction Report Melbourne - Saturday the 4th of September 2010

Monday, 6th September July 2010 at 11:37am

It was a great start for the first weekend of Spring, the rainfall deterred many neighbours but the Auctions we attended were still populated with good crowds and the bidding very active.

We attempted to purchase at 19 Mountfield Street Brunswick, introduced in the range of $580,000 - $630,000 it was sold for $722,500 well beyond our clients maximum of $680,000. Brunswick has been a very healthy performer throughout winter and we look to this as an indicator of buyer interest for Melbourne’s inner Northern suburbs – it has been strong.

Sample 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.

28 Federation Lane, Abbotsford
Advertised $500,000 - $550,000
Sold $593,000
http://www.realestate.com.au/property-townhouse-vic-abbotsford-106742808

3/59 Moonya Road, Carnegie
Advertised $550,000 - $600,000
Sold $676,000
http://www.realestate.com.au/property-unit-vic-carnegie-106749706

1/28 Gladstone Street, Kew
Advertised $410,000 - $450,000
Sold $466,000
http://www.realestate.com.au/property-apartment-vic-kew-106651704

49 Angliss Street, Yarraville
Advertised $500,000 - $550,000
Sold $640,500
http://www.realestate.com.au/property-house-vic-yarraville-106732770

REIV Update
If the first few weeks of spring sets the tone for the rest of the year then this spring will be one when buyers have good opportunities and vendors achieve healthy results. This is sort of balanced residential auction market Melbourne has not witnessed for a few years.
The clearance rate was 72 per cent, compared to 70 per cent last weekend. There were 603 auctions reported this weekend with a total of 433 selling and 170 being passed in, 90 of those on a vendors bid.
This weekend last year saw 568 auctions and a clearance rate of 85 per cent.
Over the next fortnight the REIV expects around 1430 auctions.

Enzo Raimondo
CEO, REIV
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