Melbourne’s homebuyers have given the city’s property market an election day vote of confidence the nation’s leaders would dream of.
Including a Bayside home sold $350,000 above reserve.
Of the 278 auction results reported today, 174 (62.6 per cent) were sold, according to preliminary CoreLogic figures.
The clearance rate is likely to be revised down in the coming days with just under 400 auctions slated for the weekend, leaving another 120 results still to be counted.
Despite this, The Agency auctioneer Peter Kakos said the figures showed Melbourne’s auction market was healthy again.
“That’s a healthy rate, when you’re above 50 per cent that’s a healthy rate,” Mr Kakos said.
“It was probably unrealistic when we had clearance rates of 70 or 80 per cent a few years back.”
Among the biggest results of the day was 1/95 Roslyn St, Brighton, which soared an incredible $350,000 past reserve.
The three-bedroom house attracted three bidders, and more in the crowd who never got the chance.
A $1.05 million vendor bid got the auction started and it quickly rose to the $1.1 million reserve.
But the bids kept coming, the hammer eventually falling on a $1.45 million sale.
Mr Kakos said the result had been buoyed by a lack of homes for sale.
One of those who never had a chance to make a bid had been the underbidder at an Armadale auction held earlier in the day — which also topped its reserve by six figures — showing buyers were willing to cast a wide net at the moment.
“Scarcity is forcing buyers to jump suburbs,” Mr Kakos said.
“That $1-$1.5 million market close to the city is incredibly strong — to get depth like that, with multiple bidders and more there who didn’t get the chance to pull the trigger, is encouraging.
“Those sellers on the market are reaping the rewards at the moment.”
With fewer than 400 auctions slated, a sunny day, and an election to force people out their front door there was also a good atmosphere, he said.
“Election day to me has always been a great day to auction, everyone is out and about — so there are crowds. And they get into the auction sport.”
The buyers, a Caulfield South couple with a young child, were first-home buyers.
The single-level residence offered multiple living spaces and a sought-after location walking distance to the beach, public transport, as well as Church St shops and eateries.