Real Estate

‘Onwards and upwards’ for Melbourne auction market

‘Onwards and upwards’ for Melbourne auction market
Written by The ReReport
As seen in the Source link, written by on 2019-05-24 12:07:00

5 Kristine Court in Cheltenham will test the market this weekend.

Auction action is back in business with the federal election over and buyers re-emerging across Melbourne.

Public holidays, the banking royal commission and the market downturn had all created an unusual start to 2019.

But CoreLogic Australian head of real estate Geoff White said it was “onwards and upwards from here” with the federal election the final hurdle for the market.

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“If you go back over election periods, the number of houses drop off significantly and this year was no exception,” Mr White said.

“We’re now back to where we would roughly expect to be at this time of year, despite volumes down about 10-15 per cent from last year.”

CoreLogic records show 909 properties are scheduled for auction in Melbourne this weekend, May 25 and 26, more than double the 427 held on election day.

There’s set to be a bidding battle for this mid-century Beaumaris marvel.

The property at 56 Cloris Ave has been turning heads with its 1960s style.

Last week’s 60.7 per cent final clearance rate was up from 55.7 per cent the previous week.

Mr White said while volume was down from the 1132 auctions this time last year, the market was on the right track.

“We call 1000 auctions a super Saturday in Melbourne, so to even be talking about a figure near that is positive,” Mr White said.

“The clearance rate has been consistently in the mid and high 50 per cent range and it’s been very consistent. That’s probably because there’s more underlying strength back in the market and buyers have more confidence.”

An impressive family home at 5 Kristine Court in Cheltenham will test the market for the first time in 47 years.

5 Kristine Court, Cheltenham hasn’t been sold for 47 years.

It’s had some updates by the vendors in the past few decades.

Ray White Cheltenham agent Kevin Chokshi said the vendors had extended the four-bedroom home in 1984.

“Mainly young families are interested in what was a family home for a number of years,” Mr Chokshi said.

“They really like the floorplan and the garden. The owners’ passion was looking after the garden.”

Old couple selling home

Ray White auctioneer Kevin Chokshi said many families were interested. Picture: Andrew Henshaw

It has a $820,000-$900,000 price guide.

The vendors should make a windfall if the property sells near its $820,000-$900,000 price guide.

In Nunawading, one of Whitehorse’s oldest farmhouses, at 129 Mt Pleasant Rd, will go under the hammer after a complete renewal.

Elite Women Nunawading director Elizabeth Dumonic said the house, once owned by artist Eva Schubert, was looking for love after “a bit of Botox”.

129 Mount Pleasant Rd, Nunawading has been beautifully restored.

It’s set for a competitive auction this weekend.

It’s set to go to auction with a $1.38-$1.43 million price guide.

Highlights of the renovated weatherboard include ceilings with roses and handcrafted cornices, Baltic pine original floorboards, stained-glass windows and the original stables.

Ms Dumonic said more than 40 groups had inspected the picture-perfect home during its campaign.

Melbourne’s hammer time hot spot is Reservoir, where 21 auctions are scheduled for Saturday. Bentleigh and Brighton follow, with 15 and 13 auctions respectively.

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