Fierce competition from bidders across Australia resulted in soaring auction prices today.
With a consistent shortage of stock on the market, properties sold under the hammer surpassed reserve benchmarks and well and truly exceeded expectations.
Australia’s largest real estate group reported a preliminary clearance rate of 70 per cent nationally today.
Bidder numbers were evidently strong today, with 5.3 registered bidders per auction, and 3.2 of those actively participating on auction day.
Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said buyers braved Melbourne’s wintery weather conditions with reports of strong numbers and buyer activity across the 146 scheduled auctions.
“For sellers, competition remains strong as property listings continue to decline. On average, there were 2.9 active bidders across all auctions, with reports of some properties seeing in excess of eight bidders actively competing in the pursuit of home ownership,” he said.
“Clearance rates also remained strong, with the preliminary clearance rate for all properties sold this week coming in at 69 per cent.
“With Melbourne’s population growing rapidly amid increasing migration numbers, market conditions are proving favourable for sellers.”
108 Centre Dandenong Road, Cheltenham(buyers pictured above)
Sold under the hammer for $1,100,000
Lead agent: Trevor Bowen (0417 501 327)
Ray White Cheltenham
“Nervous sellers were put at ease today, after their property sold for $1,100,000. They had already purchased their new home out of the area, with the intention of building their dream home,” Mr Bowen said.
He said the result was the greatest the area had seen for a standard home in a long time, also drawing a crowd of 53 people to watch it all unfold.
The winning bid came in right towards the end of the auction from a young man who brought along his parents, to celebrate his success.
9 Maddingley Rd, Attwood(pictured above)
Sold under the hammer for $1,355,000 (Reserve $1,250,000)
Lead agent/auctioneer: Malek Younan (0411 504 016)
Mr Younan said it was an emotional auction, with the lucky buyer being a mum who bid her way into claiming her new home in the Attwood area.
The auction drew a crowd of 70 people with five bidders going head to head – eventually resulting in an additional $105,000 over the reserve price which the sellers will use to renovate their new home.
“We’ve been working with this local family for 17 years, and what we love the most is the trust they gave our team when it came to selling their well-maintained, family built home,” he said of the sellers.
100 Eglinton Street, Kew(buyers pictured above)
Sold under the hammer for $1,905,000 (Reserve $1,850,000)
Lead agent/auctioneer: Brad Cooper (0418 344 733)
Mr Cooper said that the winning bidder today was a lucky woman who previously missed out on three properties over 12 months, and has now finally purchased the downsized home she’d been looking for.
“The sellers were happy we were able to get the right result for them, selling $55,000 over reserve,” Mr Cooper said.
“With no need for renovations, this home is perfect for low maintenance living in a popular, higher value location.”
18 William St, Bulleen(agent Jarrod Tyler and auctioneer Jeremy Tyrrell pictured above)
Sold under the hammer for $1,405,000 (Reserve $1,350,000)
Lead agent: Jarrod Tyler
Ray White Manningham
Two buyers went head to head and fired up the bidding when it came to the end of the auction, resulting in a $1,405,000 sale price.
“The winning bid went to a man who grew up in the area and is returning back to his hometown. With his family still around the corner, it’s a very nostalgic purchase,” Mr Tyler said.
“The young sellers are ecstatic with the end result, leaving their home of 12 years as the family they raised there prepares to downsize.”