Melbourne’s inner south recorded a 58.7 per cent preliminary clearance rate across 189 auctions on the second weekend of November.
The St Kilda area was a hot pocket for auctions on the second weekend of November, with a range of successes and shortcomings emerging.
Melbourne’s clearance rate fell below 50 per cent again this week, the fourth week for it to do so, with CoreLogic recording the preliminary rate at 48.3 per cent across 1141 auctions.
The inner south has a slightly higher success rate at 58.7 per cent across 189 auctions.
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10/176 Barkly St, St Kilda sold after it went under the hammer.
The two-bedder sold for $645,000.
A two-bedroom apartment with a Deco vibe at 10/176 Barkly St, St Kilda passed in for $645,000 at auction but sold for the same price a short time later.
There were two bidders who vied for the keys and the property had a $600,000-$650,000 pre-auction price guide.
Advantage Property Consulting director Frank Valentic said a young couple were the highest bidders and outbid a mum bidding on behalf of her young daughter.
“If a property is not quite right and it doesn’t tick all the boxes first-home buyers are going to walk away from it,” Mr Valentic said.
A great location wasn’t enough to get the sale of 4/20 Loch St, St Kilda West over the line.
A “fantastic” one-bedroom apartment at 4/20 Loch St, St Kilda West also passed in but is still on the market.
A $460,000 offer was made after auction, but it didn’t come close to the $490,000-$530,000 price guide.
“It was a great location but it was a company share title so that would have ruled out every one of the first-home buyers because they can’t get finance for a company share,” Mr Valentic said.
Buyers purchase a share in a company that owns the title in this situation, instead of owning the title themselves.
3/60 Carlisle St, St Kilda was one of the area’s successes.
Another Art Deco apartment on Carlisle St, St Kilda had a successful auction outcome, notching a sale $39,000 above reserve.
The two-bedroom home at No. 3/60 featured two bathrooms and one car space and had a $614,000 reserve.
A couple outbid a mother bidding on behalf of her son and secured the keys for $653,000.
The apartment sold for $653,000.
Wakelin Property Advisory director Jarrod McCabe said properties hitting the market now would be joining a large pool of existing unsold properties on the market.
“Vendors will face more competition and buyers will have greater choice,” Mr McCabe said.
“We’ve seen a smaller number of properties coming onto the market than last year, the quality of stock is lower, and recent clearances rates around 48 per cent show that buyers are becoming increasingly less willing to compromise.”
Mr McCabe said in the final weeks of the year only the very best properties with realistic price expectations would be sought after.
“We’ve passed the last public holiday weekend for the working year, which means we have a clear run for vendors’ marketing campaigns between now and Christmas,” he said.
“Traditionally, this last month of the year either sees the market suddenly kick on in a last-ditch effort to buy or sell before Christmas, or become very quiet.
“This year we suspect it will be the latter.”
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