Melbourne’s market is in the middle of its biggest test this year, as a super Saturday of auctions heats up.
There are 1435 properties going under the hammer this week in Victoria’s capital, making it the busiest for auctions since the same week last year.
Celebrity chef Elizabeth Chong has already cooked up the sale for her Richmond home, which she had lived at for 22 years.
Her three-bedroom townhouse sold for $1.5 million as six bidders pushed the price $200,000 above reserve.
Anna, who chose not to give her last name, bought the property after fierce competition with the underbidder.
She said it had ended a three year search for a home with her husband.
An investor snapped up an Art Deco apartment at 3/13 Peel St in Windsor, after six bidders competitor for the keys.
The two-bedroom apartment was declared on the market at $770,000 and the hammer fell $50,000 later.
Wakelin Property Advisory director Jarrod McCabe said early results on Melbourne’s biggest auction day for the year was a promising sign for the market.
“It’s showing clear strength in the market and a sense of depth,” Mr McCabe said.
“If we continue to see strong results and multiple bidders there could be another good clearance rate at the end of today.”
CoreLogic auction analyst Kevin Brogan said many vendors hoped to sell their property before the Melbourne Cup long weekend, which had caused the spike from 915 properties last week.
“It’s a phenomenon we see in Melbourne on an annual basis,” Mr Brogan said.
“What’s going to be really interesting is whether or not the increase in activity makes a difference to the clearance rates, which appear to be holding steady.”
Final clearance rates have stayed above 70 per cent for 13 consecutive weeks, according to CoreLogic data.
Last year’s bumper weekend only produced a clearance rate of 48.6 per cent from 1709 recorded auctions.
Local celebrities are among the vendors hoping to seal a deal on October 26.
Former TV and radio host Jules Lund, who has become a social media entrepreneur, is hoping to sell his Elwood investment property at 40 Milton St.
Lund has $2.5-$2.75 million price hopes for the four-bedroom property, where he briefly lived with his wife Anna.
“In the end we lived there for a short time and saw another property, which was closer to the kids’ primary school,” Lund said.
“We rented it out to some happy families and it seems like it’s done its job.”
Ex-AFL star Stewart Crameri was also due to sell his Ripponlea investment property this weekend, but an early offer could cancel the event.
Another ex-footballer, North Melbourne player Frank Goode is looking to sell his Armadale townhouse this Saturday.
Auction volumes are predicted to drop suddenly next weekend, November 3-4, as Melburnians turn to the track for the Spring Racing Carnival.
Mr Brogan said it’s possible homeowners could list their properties particularly late this year, as confidence builds.