Real Estate

inner west properties a bright light as melbourneaes clearance rate gets hammered

Written by The ReReport

Melbourne’s inner-west produced some shining lights during an otherwise challenging auction weekend, with the weakest clearance rate seen since 2012.
Family-sized homes near the city led the way last week, when a preliminary clearance rate of just 43.5 per cent across 1411 properties was recorded by CoreLogic.
It marked Melbourne’s fifth straight week below 50 per cent. It’s down from last weekend’s final clearance rate where 46.18 per cent of homes sold at auction.
The last time a lower clearance rate was returned was the Queen’s Birthday long weekend in 2012, at 38 per cent.

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The Nicholson St property in Footscray sold for $1.5 million.

It was purchased by a developer.

But a developer’s dream in Footscray saw huge success in the tough conditions, soaring $438,000 past reserve to a $1.5 million sale.
The double-fronted period home on a 560sq m block at 35 Nicholson St drew seven bidders at auction. EYS auctioneer Manny Zennelli, who represented Ray White Seddon, described the atmosphere and competitive bidding as “electric”.

Period features remained inside.

The large corner block appealed to investors.

“It took about 45 minutes under the hammer and there was a lot of back-and-forth bidding,” Mr Zennelli said.
“The property itself needed a bit of TLC, and being a corner block on Nicholson St it was a drawcard for developers.”
A developer eventually came out on top, after more than 70 bids from the crowd.

A renovated beauty at 62 Ormond St Kensington sold on Saturday.

It first passed in for $2.02 million.

A Kensington property with a “wow-factor” renovation also produced some healthy competition, with two bidders vying for the period-era fronted home.
The five-bedroom property at 62 Ormond St sold to a family for $2.05 million, shortly after it passed into them for just $30,000 less.
National Property Buyers director Antony Bucello said the home stood out against many auctions which only had one bidder.
“Properties at this price point in many parts of Melbourne are struggling to attract multiple bidders, but this was very well located and beautifully renovated, which helped in attracting a higher level of interest,” Mr Bucello said.

It sold for $2.05 million to the final bidder.

A family buyer won the keys to the renovated property.

Another period-era home in Moonee Ponds attracted two bidders, selling under the hammer for $2.1 million.
Brad Teal Real Estate director Brad Teal said 16 Byron St was on the market at $2.02 million.
“It went to a young local family looking to be within the school zones,” Mr Teal said.
“The facade was one of the most beautiful I’ve seen in a long time and it hadn’t been sold for 35 years.”

A picture-perfect home at 16 Byron St, Moonee Pond sold under the hammer.

It sold for $2.1 million.

CoreLogic Australia head of real estate Geoff White said Melbourne’s outer-east and southeast had the weakest subregion preliminary clearance rates, both at 35 per cent.
“When the market was buoyant, these areas were performing exceptionally well, and they are now impacting the overall clearance rate,” Mr White said.
“The best performing subregion is Melbourne’s inner suburbs, which is at 52.8 per cent.”

The preliminary clearance rate dipped to 43 per cent last week.

Mr White said he expected the overall figure to remain below 50 per cent for the rest of the year.
There are 1056 properties expected to go to auction across Victoria on Saturday, the same day as the state election.

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