Real Estate

Melbourne Cup reins in auction volumes in Victoria’s capital

Written by The ReReport
As seen in the Source link, written by news.com.au on 2019-11-01 11:31:49

A Richmond house featuring a bathtub in a peculiar place is among a small field of homes on the auction block as the Melbourne Cup ‘long weekend’ reins in the market.

CoreLogic expects just 218 properties to go under the hammer in Victoria’s capital this week — down from a year-high 1528 last week, when a 75.1 per cent per cent clearance rate was recorded.

CoreLogic auctions analyst Kevin Brogan said the race that stops a nation would be the last hurdle for Melbourne’s 2019 auction market, tipping solid volumes to follow right up until Christmas.

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“In previous years after the Melbourne Cup, there’s been a race to the finish line of Christmas,” Mr Brogan said.

“It’s just a matter of whether any of the positive sentiment we’ve seen on the buyers’ side comes across to the vendors’ side.

“The number of auctions has been following the usual seasonal pattern, but they’re still down on last year.”

Mr Brogan confirmed last week was Melbourne’s biggest auction week since October last year, making the 75.1 per cent clearance rate a particularly impressive result.

The figure was up from 73.3 per cent from fewer auctions (915) the previous week.

Every Melbourne subregion bar the volatile Mornington Peninsula recorded sale rates above 70 per cent, with the outer east and inner east starring with 79 per cent from 128 and 219 auctions respectively.

Mr Brogan said these results showed the “depth of the demand in the Melbourne market”.

Among the inner east’s auction offerings this week is a two-storey Richmond house topped by a rooftop terrace with a bathtub.

Buckingham & Company selling agent Sean Rice said the vendor installed the “fully plumbed” tub during her time at 34 Jubilee Place.

“She does enjoy it very much,” he said.

“The city views are exceptional.”

Young professionals and investors had been eyeing the two-bedroom home for its position on a quiet street with no thoroughfare and its “New York-style” design, Mr Rice said.

“We commonly see that style in Collingwood, but it’s a unique opportunity in Richmond,” he said.

Mr Rice noted low available housing stock levels and solid buyer interest had combined to drive a “spike in the market”.

The property has a $900,000-$990,000 price guide for its 11am auction on Saturday, November 2.

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samantha.landy@news.com.au