Melbourne’s auction market continued its streak of Super Saturdays with the city’s fourth consecutive week of more than 1000 auctions.
High demand shows no sign of cooling off, with “more stock coming on the market in winter” than ever before, agents say.
A clearance rate of 84 per cent was recorded from the 778 auction results reported to realestate.com.au.
Among the 1320 homes to go under the hammer last week was Bondi Sands co-founder Blair James’ beachside home in Blairgowrie.
The entrepreneur behind Australia’s famous self-tanning brand sold the stylish pad at 553 Melbourne Rd for an undisclosed price more than $2m.
Jellis Craig Sorrento director Emil Foller said it “well surpassed” the listing’s price guide of $1.63m-$1.79m.
He said “a famous cricketer who currently plays for Australia” and his wife had placed the winning bid to snap up the five-bedroom poolside entertainer.
The “young couple” would be using the property as their holiday home away from Melbourne.
“(Bidding) was very fast and furious and there were two main players who were in it,
but there were a number of buyers who were there but never got the chance to put their hand up,” Mr Foller added.
“Demand is just not coming off at all. Usually winter is the time when we can slow things down – in any other year it would’ve been unheard of to schedule auctions for July, but this year the market demands it,” he noted.
“More stock is coming on the market in winter than I’ve ever seen before.”
In Melbourne, a dated Viewbank home soared almost $500,000 past reserve.
The three-bedroom home at 27 Diane Cres sold for $1.401m — a massive $446,000 above reserve.
Ray White Macleod’s Brett Schembri said he was “surprised” to see how high eager buyers were willing to push the price of the retro residence.
“The couple who bought it just loved that original ‘60s style. They aren’t even planning on doing anything to it, they’ll just move straight in.”
He said more than 100 groups had come through the property during the campaign.
“Viewbank’s market has been really strong, it’s not a big suburb and there’s never too much available at the same time, but especially now with stock levels being so low.”
Buxton Mentone’s Trevor Bowen sold a three-bedroom townhouse at 1/15 Cameron St, Cheltenham for $1.172m – $122,000 more than the asking price.
The renovated period residence was in demand for its tree-lined location, access to the suburb’s public transport and local eateries.
The agent said he expected the city’s string of high clearance rates to remain throughout the colder months.
“Some people have indicated they don’t want to sell in winter, so I think the stock levels might be lower but it will help keep the high clearance rates up, as they have been for the last few months,” Mr Bowen said.
Realestate.com.au data shows another 1432 auctions are scheduled to take place this week.
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