Consecutive Trend Hits 100% Winter
Consecutive Trend Hits 100%
Winter, a season typically labelled as subdued is striking hot with auction fever as Compton Green celebrated a clearance rate of 100% for the second week in a row. A nod in the sellers direction could be noted as results skyrocketed on the auction front past their marketed figures. The successes include 29 Regent Street, Yarraville selling for $657,000 (marketed as $560,000 plus), 1/214 Queen Street, Altona selling for $495,000 (marketed as $470,000-$510,000) and 148 Woods Street, Newport went under the hammer for $860,000 (marketed as $740,000-$780,000.)
Auction Insight:
Linking towards a rich past and pointing towards a bright future, the enduring presence of this Victorian is felt with just one single step inside. This two bedroom property dubbed ‘Yangary’ positioned at 29 Regent Street in Yarraville is where a crowd of approximately 70 people assembled on the period streetscape to witness an upbeat auction. Auctioneer, Adrian Butera’s key words dinged true right after the bell where the phrases, location and potential highlighted this period home’s appeal.
“Move straight in or maybe rent this home straight out. This is a period beauty still holding all of its character and rich charm while the streetscape adds significant value. Will you add contemporary updates? This is all about location and potential more than anything,” Adrian stated in his typical enthusiastic mood.
Although Adrian was forced to open on a vendor bid of $560,000, this auction soon really took off. A voice cried out $570,000 and within minutes, multiple biders burst onto the scene brimming with desire to secure this property. The rapid cross fire between bidders came to life at the $647,000 mark and the auction concluded with a young couple embracing each other with excitement. The buyer screamed out with a trembling voice, “Oh my gosh. I just can’t believe it’s ours!”
A relaxed crowd spread out across the street and to the sides of Auctioneer, Nathan Johnson who cited this spacious ultra family hideaway which sits on 630m2 approx. “For 25 years the owners have lived here where they have had great neighbours, excellent schools, local shopping, barbeques with friends and family by the pool. It’s all here where good bones and good structure are the trademarks,” he said. This was a tranquil auction as the home itself exuded serenity with palm trees shading a pool and the auction had a quiet crowd which watched as multiple bidders fought it out. The results confirmed that an auction rush is occurring right now and with a surge of new listings, Winter will be anything but cold in terms of the property scene.
Statistics: According to RP Data Victoria Housing Market Specialist, Robert Larcocca, there are a number of important factors which have so far defined the market. It is interesting to note how auction records have been broken a number of times throughout Melbourne this year. Source: RP Data.
Highest volume of auctions ever
Taking into account the expected auctions this week there have been around 16,236 auctions already held this year which is 30 per cent more than the previous high in 2010.
Single week record for auctions prior to June
Melbourne has broken the 1,294 auction recorded three times this year including the peak of 1,530 in the week ending on 13 April.
Most consecutive weeks over 1,000
Never before has Melbourne seen two or even three consecutive weeks with over 1,000 auctions before June.
Most 1,000 plus weeks ever
Once the planned auctions scheduled for this week are held, there will have been 10 weeks in the year when the volume has exceeded 1,000. This is more than three times the record of three weeks in 2010. Once the planned auctions scheduled for this week are held, there will have been 10 weeks in the year when the volume has exceeded 1,000. This is more than three times the record of three weeks in 2010.
