Real Estate

melbourne cup long weekendae yields sales for 50 per cent of auctions

Written by The ReReport

2 Maggie St, Yarraville sold $80,000 above the top end of its quoted range on a subdued auction weekend for Melbourne.

JUST half the field of Melbourne auctions held on a weekend slowed by the Spring Racing Carnival have resulted in sales.
CoreLogic recorded a 50.5 per cent preliminary clearance rate from 184 reported results last week.
A total of 264 homes went under the hammer, with volumes slashed from 1709 the week before, as many vendors and agents chose to avoid auctioning on Derby Day and the unofficial Melbourne Cup ‘long weekend’.


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The sale rate did rise slightly from the 48.6 per cent and 45.7 per cent recorded in the two weeks prior — lows not seen since 2011-12 — but selling at auction now appears to be ingrained as a 50-50 proposition.
“Buyers are being cautious. But then again, some are saying maybe now’s the time to get into the market,” CoreLogic national head of real estate Geoff White said.

110 Grandview Rd, Wheelers Hill was Melbourne’s top auction seller last week at $2.02 million.

Houses in Wheelers Hill, Yarraville and Frankston led the field to record Melbourne’s top auction prices last week, according to CoreLogic.
A local landmark marketed as Wheelers Hill’s White House at 110 Grandview Rd attracted four bidders to eclipse its reserve by $220,000 and fetch $2.02 million.
In Yarraville, a classic three-bedroom California bungalow earned $1.53 million under the hammer to almost double in value in the decade since its last sale.

Inside 2 Maggie St, Yarraville.

The Yarraville house fetched $1.53 million.

Hocking Stuart Yarraville selling agent Adam Welling said three bidders took 2 Maggie St well past its $1.4-$1.45 million quoted range.
Mr Welling said a Yarraville couple won the keys and planned to keep the house as an investment for a few years, before downsizing into it when their teenage children grew up and moved out.
“It’s an absolutely A-grade property in the Yarraville village,” he said.
“It had period details, was all on one level — it just ticked every single box.”
CoreLogic records show the property last sold for $805,500 in 2007.

11 Palm Court, Frankston was a rare offering, nestled between the beach and Kananook Creek.

The charming Frankston property sold right on reserve, for $1.4 million.

Meanwhile, a rare Frankston property nestled between the beach and Kananook Creek sold after auction for $1.4 million, in the middle of its quoted $1.33-$1.45 million range.
Hocking Stuart Frankston’s Paul Gilderdale said 11 Palm Court passed in to the sole bidder, a couple from the Elsternwick area, at $1.37 million with the sale negotiated soon after.
“They (houses in Frankston’s Long Island) don’t come up often,” he said.
“The buyers fell in love with it, and the vendors are really happy.
“Everything in Frankston is selling really well. Sometimes it’s just taking a little longer or we’ve got one buyer who’s keen. There’s nothing overpriced here.”
The 645sq m property last sold in 2002 for $515,000, according to CoreLogic.

Inside 11 Palm Court.

4/34 Lewis St, Frankston sold for $432,500 after having its asking price reduced multiple times.

Buyer’s agent Tony Rindfleisch of The Advocates said he was able to pick up a bargain for a client in the heart of Frankston last week.
He snapped up a two-bedroom unit at 4/34 Lewis St for $432,500.
Mr Rindfleisch said the property was originally advertised at $465,000-$511,000, with the quote ultimately reduced to $410,000-$450,000.
“This is indicative of the slowing market,” he said.
“It really is an outstanding result for the buyer.”

38/352 Canterbury Rd, St Kilda was keenly sought by first-home buyers.

6 Allessi Ave, Wollert also sold to a first-time buyer.

But Advantage Property Consulting director Frank Valentic reported ongoing strength in the affordable first-home buyer end of the market, which he dubbed “pretty rock solid”.
He watched first-home buyers dominate auctions in St Kilda and Wollert on Saturday.
The former — a modern two-bedroom townhouse at 38/352 Canterbury Rd — fetched $603,500 against a $570,000 after a contest between two first-timers. And a four-bedroom house at 6 Allessi Ave, Wollert sold above its $590,000-$615,000 quoted range for $632,500.

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