Auction market powers on, despite the odds

Stage 4 restrictions failed to put a dampener on this weekend’s Melbourne auctions with a $1.35 million sale right off the bat through Ray White Frankston.

With a price guide of $1.25 to $1.35 million, the three bedroom Frankston South retreat at 59 Stotts Lane sold under the hammer for $1.35 million – $50,000 above reserve with both registered bidders actively participating.

Ray White Frankston Principal | Director Ashley Weston and Agent Tamara Doubovtzeff oversaw the campaign and credited the sale to some creative marketing.

“The buyer was a woman from Glen Iris who, like the seller, is part of the Australian Native Plant Society,” Mr Weston said.

“Because of the amazing native gardens the property has, we thought it might be a good idea to have the society post the house on their Facebook page and that’s how the buyer first found out about it.

“She had one inspection and just fell in love with the gardens and the house so she’s over the moon that she can now call it her own.”

The Frankston team also sold 104 Kars St, Frankston South for $926,000 through agent Ellis Schofield and 2b Munica Place Frankston through agent Brooke Wegener for $840,000 – $40,000 above reserve.

Mr Weston said there is plenty of success to be had in the market at the moment.

“The market has been buoyant. Obviously supply is a big issue – listings across the region are 30 per cent down on last year,” the Frankston Principal and Director said.

“But buyer interest is really strong and we’ve had a very busy week closing deals heading into lock-down.”

Ray White Victoria and Tasmania Chief Executive Officer Stephen Dullens said it was pleasing to see that, once again, the Melbourne property market remained “resilient and strong”.

Online auctions were conducted today from our auctioneer’s garages, spare rooms and home offices, and they all went off without a hitch and in fact, the group cleared 80 per cent of auction stock in Melbourne.

“No matter what gets thrown at us, we can handle it. Our members are well prepared and well versed at online auctions and today saw a strong level of activity across all price points.” Mr Dullens said.

“We have called almost 700 auctions online since March across Victoria. Our auctioneers have mastered the art of creating competition in isolation.

“After a week with so much change across Victoria, it has been tremendous to see such fantastic results achieved across all property segments in Melbourne.