Melbourne scores highest auction success rate in two years

Melbourne scores highest auction success rate in two years
Melbourne scores highest auction success rate in two years

Melbourne's weekend auction market had its highest clearance rate since 2017 with the CoreLogic figures showing a 74 per cent success rate. 

It reflected a substantial boost on Melbourne’s recent clearance rates which have consistently been in the 60 per cent range for the past eight weeks.

But despite the improved market conditions the 119 year old Footscray and District Angling Club didn't snag a buyer for its Yarraville base.

The shopfront building at 70 Peatland Parade - with fish and mermaid murals on its facade (pictured) - was passed in on a $750,000 vendor bid after just one earlier bid.

Hocking Stuart Yarraville agent Leo Dardha advised a $780,000 reserve had been set.

There had been $790,000 to $820,000 price guidance for the 180 sqm premises marketed as poised for conversion.

The fishing club members met monthly to discuss “where we’ve been fishing, what fish  we’ve caught, what bait and lures we’ve used, and club business”, its president Lucky Pavlidis told The Herald Sun.

The club plans to move its headquarters somewhere closer to the water while staying in the western suburbs.

Melbourne had the nation's cheapest sale, but it represented a loss for the vendor.

Melbourne scores highest auction success rate in two years

The $215,000 studio apartment was sold pre-auction at 37/87 Alma Rd, St Kilda East (pictured above).

It was offered with a $200,000 to $220,000 price guidance having sold at $255,000 in 2013 and $228,100 in 2009.

It was offered as a $280 a week rental last last year.

Commentators attribute the overall market improvement to factors including low auction volumes, the RBA Governor Dr Philip Lowe advising rates would be staying low for a while, along with the restored confidence since the federal election was decided.

Melbourne's highest sale was in Murrumbeena at $2.265 million.

The 11 Wahroongaa Crescent offering through Jellis Craig was a four bedroom 1920s residence.

CoreLogic noted a 78.5 per cent preliminary clearance rate was recorded across Sydney, making it the best performing capital city.

There were 391 Sydney homes taken to auction up on the week prior when 303 homes were auctioned.

Sydney's final prior week success rate had been 72.8 per cent.

Across the smaller auction markets, Adelaide was the best performing with a preliminary clearance rate of 56 per cent, while only 14 per cent of Perth homes sold at auction.

Canberra secured a 55 percent success rate and Brisbane got a 41 percent clearance rate.

There was a pre-auction sale on the Gold Coast when $5.5 million was paid for a newly built opulent six-bedroom, seven bathroom mega-mansion on the Sovereign Islands.

Its luxury inclusions at 85 The Sovereign Mile included a "presidential master suite," an underground entertainment den, vertical garden and pool.

Ivy Wu, at Amir Mian Prestige Property Agents’ Ivy Wu, sold the house to a local family. 

There were 1,115 homes taken to auction across the combined capital cities, up from the 896 homes auctioned last week.

The national preliminary auction clearance rate sat at 71.2 percent after last week’s 65.4 per cent final clearance rate.

Over the same week one year ago 1,536 were taken to auction.

The highest residential sale across the capital cities was in Sydney where 79 Junction Road, Wahroonga fetched $3,360,000 through McGrath.

The five bedroom 2004-built home last sold in 2005 at $1.63 million.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Melbourne Auction Numbers

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