Posts Tagged ‘auction results 2010’
New figures show that private sales are increasingly pipping auctions at the post.
Melbourne’s property market has put in a decidedly lacklustre performance over the last quarter, with the city’s median house and unit prices dragged down by growing weakness at the top end.
The Real Estate Institute of Victoria reports the median metropolitan house price rose just 0.9 per cent to $565,000 in the three months to September. The median apartment/unit price increased by 0.3 per cent to $470,000.
The REIV data shows that the top quarter of the market experienced price falls of 0.6 per cent for houses and 0.8 per cent for units.
Interestingly, one new trend highlighted in the data is the declining importance of auctions, which have long been the engine of price growth for the city.
‘‘The median price for properties sold by auction actually declined by 1.5 per cent in September, while the median price for those sold by private sale increased by 4 per cent,’’ said REIV
spokesman Robert Larocca.
‘‘It’s a sign that the market is now being driven by the more affordable and middle sectors of the market rather than by the upper levels of the market, which are where most auctions are concentrated.’’
But it was a trend that was hard to pinpoint yesterday, when there were some strong sales results in the higher price brackets.
The auction clearance rate was 67 per cent for the 601 properties that were available for sale, according to the REIV. (The results of 105 auctions were not reported.)
In Glen Iris, five bidders pushed the sale price of 26 Summerhill Road to $2.3 million -$450,000 over its reserve.
Hocking Stuart had quoted the six bedroom 1910 period house at $1.7 million to $1.9 million.
The auction of 1/35 Stewart Street in Ormond didn’t really heat up until the three-bedroom townhouse was declared on the market at $831,000. Two bidders had been responsible for getting it to that level from an opening at $750,000 but four new parties then jumped in and the property eventually sold for $997,000.
A three-bedroom Californian bungalowat 2 ElNidoGrove in Carnegie attracted three bidders and sold under the hammer for $842,500 off a reserve of $780,000. Buxton quoted the property at $750,000-plus.
There was a similarly strong result for 21 Bessazile Avenue in Forest Hill, a three bedroom 1960s house that hit its reserve at $735,000 but sold for $801,000. Ray White said five bidders made a play for the property, which had been quoted in the high-$600,000 to low-$700,000 range.
At the top end, a two-storey Victorian terrace at 100 Victoria Avenue in Albert Park sold for $3.27 million after being declared on the market at $3 million. Hocking Stuart had quoted it at $2.7 million to $2.8 million.
But vendors certainly didn’t get it all their own way yesterday.
In Prahran, a double-fronted Victorian at 65 Greville Street passed in without a whisper and is yet to be sold. ‘‘If someone asked me what is the most saleable style of house in Melbourne
I would say a double-fronted Victorian home with a northern aspect at the back and off-street parking, and that’s what that house had,’’ said buyer’s advocate Michael Ramsay.
The property opened and passed in on a vendor bid of $1.4 million without one raised hand from a crowd of about 60 people. ‘‘A house like that in good times would have five bidders but today it couldn’t attract one. [It] would normally be absolutely bulletproof,’’ Mr Ramsay said.
RT Edgar, which quoted the property at $1.4 million-plus, said negotiations were under way. The story was much the same nearby at 6A Aberdeen Road in Prahran, where a three-bedroom townhouse opened and passed in on a vendor bid of $850,000. The reserve is $895,000.
There are 1170 auctions scheduled next weekend, the highest number of properties available on a single weekend sinceMarch 2008.
Melbourne property prices experienced another month of near zero growth in August, with the market putting in its second weakest performance of the year.
Analyst Residex reported that Melbourne house values rose just 0.33 per cent last month (apartment values fell1.03 per cent).
That was only marginally better than the 0.27 per cent growth in house values recorded in May, when the market was commonly said to have ‘‘turned’’ after Anzac Day.
Residex chief executive John Edwards said Melbourne’s market peaked in April when the growth rate hit 3.2 per cent in a single month, declining steadily but not uniformly since then.
‘‘[The results] are not saying that the market is dreadful. Melbourne is just quieting; the rate of price growth isdefinitely slowing,’’ Mr Edwards said.
There was a strong level of demand witnessed in yesterday’s auction market as a surge of stock hit the market ahead of next week’s lull for the AFL grand final.
The Real Estate Institute of Victoria said that 72 per cent of the 607 properties up for auction this week were sold.
After tracking down a large number of unreported auction results from last Saturday, the REIV has downgraded last weekend’s clearance rate from 70 per cent to 67 per cent.
The outcome of 132 auctions from yesterday are still unknown, which may affect this week’s clearance rate as well.
In Footscray, the vendors of 2 Dawson Avenue saw the value of their double fronted weatherboard house rise
$200,000 in just over three years.
The three-bedroom property was bought for $411,000 in May 2007 and sold yesterday through Jas H Stephens for $611,000. It was quoted at $540,000 to $590,000 and declared on the market at $585,000.
A first home buyer beat an investor and two other would-be buyers at the fall of the hammer on 2/460 Middleborough Road in Blackburn. The double-storey, two-bedroom villa unit sold for $485,000 after hitting its reserve at $440,000.
Ray White quoted the property at more than $400,000.
The two-bedroom villa unit at 4/2-4 Simpson Street in Kew, one of a set of five, sold yesterday for $627,500 after being declared on the market at $620,000.
It was quoted at $500,000 to $550,000. Janet Spencer of Buyer Solutions, who was the under-bidder on the property, said a similar but unrenovated unit in the same set sold for $590,500 in August.
In Elwood, a two-way competition developed over 14 Ruskin Street after Hocking Stuart opened the auction of the three-bedroom Edwardian with a vendor bid of $1.05 million.
Declared on the market at $1.17 million, the property sold for $1.2 million after receiving about 25 bids. It was quoted at $1.05 to $1.15 million.
Six bidders fought over 1/42 Union Street in Brighton East, a renovated 1960s villa unit that sold for $650,000.
Hodges said that two bidders went tit-for-tat at the auction after the property was declared on the market at $600,000. It was quoted at $490,000 to $550,000.
The three-bedroom unit at 1/32 Loller Street in Brighton attracted enough genuine interest to open at $700,000 and rise to $750,000 before passing in.
ResCom Real Estate said a later offer of $765,000 was received but the reserve was $830,000.
In Armadale, the six-bedroom house at 28 Seymour Avenue passed in at $3.25 million after attracting just one
genuine bid, according to buyer’s advocate Michael Ramsay.Marshall White, who quoted the property at $3.5 million-plus, sold the property through after-auction negotiations but the price was undisclosed.
Elsewhere at the top end, the five bedroom house at 23 Bevan Street in Balwyn also sold through after-auction
negotiations for $3.48 million. JPP Buyer Advocates said it attracted only one genuine bid at $3.15 million before passing in.
Jellis Craig had quoted it at $3.3 to $3.6 million.
Meanwhile, the latest update on the Consumer Affairs Victoria inspection operation staged lastweek is that the regulator found only some minor ‘‘technical breaches’’ by agents at the 30 auctions they observed, instead of the 100 auctions reported by MarketWrap last week.
‘‘The vast majority of the auctions visited were all conducted in the correct manner,’’ CAV director Dr Claire Noone said.
The clearance rate for this weekends auctions was 68 per cent, a small increase from last weekend but largely in line with results this winter. Since the start of winter the clearance rate has been 70 per cent or higher twice, a remarkable contrast to summer and autumn when it was never lower than 73 per cent and frequently in the 80’s.
There was a total of 519 auctions reported this weekend of which 354 sold and 165 were passed in, of those 93 were passed in on a vendors bid.
This weekend last year saw 504 auctions held and a clearance rate of
85 per cent; interestingly this weekend is almost a repeat of 2008 when there was 465 auctions and a clearance rate of 65 per cent.
Auction listings drop next weekend to just over 300 due to the Federal Election
This weekend has seen clearance rates remain in line with the performance of the market throughout July suggesting that little will change until after the Federal Election when stock levels will increase. Unless buyer activity increases buyers will be presented with conditions that are more favourable than they have been over the past few months.
The clearance rate this weekend is 67 percent, from a total of 467 reported auctions.
There was a total of 311 homes sold and 155 passed in, 97 of those on a vendors bid.
This weekend last year saw 424 auctions and a clearance rate of 85 per cent achieved.
The REIV expects around 580 auctions next weekend and then a drop to 320 on the weekend of the Federal Election.