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Herald Sun features Ray White Frankston auction

By Mikaela Fowler

Melbourne property market wrap: Frankston, Swan Hill sales

Pent-up demand was reported as vendors toasted online auction success among Melbourne sales on the first weekend of October.

Just 57 auctions were reported to CoreLogic, with a clearance rate of 63.3 per cent amid stage four restrictions that now allow for private inspections.

A fire-damaged and uninhabitable house in Frankston scored a sale of $245,000 at a virtual auction, notching $105,000 above the reserve price.

Despite its damage, the property was a sought-after investment opportunity.

Ray White agent George Devic said five bidders fought it out for the chance to demolish and rebuild on the 400sq m block at 2/103 Dunsterville Crescent.

The lucky buyers were a couple from a neighbouring suburb, who planned to build a new home to rent out as an investment property.

“We had a number of builders and developers that were looking for opportunities to rebuild and on-sell, and most buyers had not physically seen the property because COVID restrictions have been in place through the whole campaign,” Mr Devic said.

He said he had seen a “big influx of inquiries” since the ban on private inspections was eased last week.

“The buyer demand is very strong based on the lack of supply to demand. Sales are outstripping listings.”

In Swan Hill, 8 El Alamein Avenue sold for $370,000 in another online auction, after bidding kicked off at $280,000.

Agents at 8 El Alamein Avenue in Swan Hill.

The auction in a sought-after area drew a crowd of 33 people and 16 registered bidders.

Wakelin Property Advisory director Jarrod McCabe said there should be more activity in the late-blossoming spring market as restrictions continued to ease.

“The market has opened with a bang from a supply perspective with plenty of properties that were planned for auction back in August ready to go, having previously been styled and photographed,” Mr McCabe said.

8 El Alamein Avenue, Swan Hill.

“This week we have seen auctions booked anywhere from Wednesday through to Sunday and as late as 7pm at night. This is due partly to the fact that online auctions can be conducted at any time, but also because many vendors need to achieve a sale sooner rather than later.”

“We expect to see supply continue to build over the coming weeks as more properties are prepared for campaigns and as the ability to conduct in person auctions approaches.”

Source: www.realestate.com.au

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